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STR 208: Turning a 500% Profit. Welcome Back Fordy!

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STR 208: Turning a 500% Profit. Welcome Back Fordy!

I’ve hung out with this guest multiple times and I can speak with first hand experience he is a quality individual. Mike, or better known as “HeyFordy” in the chatroom, has been on the show two times before, but like I said, he’s a great guy so why wouldn’t we want an update from him? Him and I talk about some pretty profound areas that really can only be discovered from personal experience or from listening to someone who talks publicly about them, which is what Mike does. Setting all exaggeration and hype aside, please listen very closely to what Mike has discovered after his multiple year journey, it truly is the key to finding your comfort zone in this crazy world we call trading. This was truly an epic episode, don’t miss it. Let’s go!

Notes

  • Today we talk to Mike who goes by ‘HeyFordy’ in the community. This is his 3rd episode with us which is a testament to his skills considering he has been doing this consistently for quite some time.
  • Mike has realized over the years that trading absolutely affects the quality of his life when he puts too much weight on his performance. He has had large accounts and small accounts but the main takeaway is he found a comfortable spot where he allows himself to withdraw gains while still growing his account.
  • The biggest change in his trading is that he became content with smaller winners more often instead of going for the grand slam every day. The market doesn’t present huge opportunity often but it does present smaller opportunities more often and Mike has been making a great return since this realization.
  • Clay and Mike discuss the importance of actually pulling money out of the trading account to pay yourself and remove it from ‘harms way.’ It is a fool’s errand to think that someone’s one month’s returns will repeat every single month. Pay yourself and do what makes you comfortable regarding your account.
  • Mike mentions that trading is not for everyone. Stress was a huge topic in this week’s podcast and not just strictly from a trading perspective. If you don’t feel well mentally and also physically, what chance do you think you stand competing against the best in the world in the arena known as the market?

Quotes

  • I found my comfort zone. I don’t get really big winners anymore but I’m happy with it.
  • I was chasing those big wins a majority of my trading experience. I have this new state of mind regarding not having to hit a big win every time.
  • These small wins are small wins but they add up. If you made a profit there is no shame in taking that little bit out.
  • I use options much like I use equities. I use them on extremes.
  • I’m looking to grow my account just not by leaving money directly in my account. I know that may sound weird but it’s probably a mental thing for me.
  • Enjoy your life. Life is not trading. Trading should be a small little part of your life.

Links

Thanks for Listening!

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