We decided to celebrate episode number 75 by bringing on a well known member of the community, “h00ch”. There was not any agenda predetermined for the show as our goal was to stumble down as many different rabbit holes as possible. The one topic that we got stuck on for quite a bit was full time trading. Trading full time is a goal that many people have, and while it is certainly possible, there are many dynamics that go into it. If you’re end goal is to become a full time trader and work from home, then this episode is definitely for you.
Notes:
This episode we have a round table discussion with community member h00ch.
We start off talking about how trading isn’t something that changes very often since charts are a reflection of human emotion and human emotions generally make the same mistakes over and over (which provide great trading opportunities for us).
The fools gold dilemma presents many problems for newer traders who are attempting to take shortcuts. There are no shortcuts in this industry just like there is no ‘holy grail’ indicator. Do yourself a favor and take this seriously.
We discuss the reasons that led us to the market. Whether it’s to get out of a dead end job, to increase income, etc., there are many opportunities available. This ties into the pressure of HAVING to make money and how it can negatively impact your trading.
An unfortunate reality in trading is that people view education as something to just check off the list. Just because you bought a course does not mean you should be trading live yet. You have to practice and find your edge to prove that you do know what you are doing.
Quotes:
“With trading, because it’s just human emotion at the end of the day, humans are humans and emotions are emotions.” tweet this quote
“You need to be educated before you dive in. They’re just setting themselves up for fools gold.” tweet this quote
“Some people are thrown for a loop when they join and we say ‘you probably shouldn’t trade with real money yet.’ “ tweet this quote
“It’s been the biggest fight with myself. I have only just now felt like I finally have things in check regarding size and risk.” tweet this quote
“You don’t realize how much outside stress can affect your trading and mindset.” tweet this quote
“95% of society just wants to throw money at something and wants their problems to be solved.” tweet this quote
