243: Your Day Job “Exit Plan”… $700k Funded Trader Reveals How w/ Blake Robinson
Sep 6, 2023
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In this engaging conversation, Blake Robinson, a $700,000 funded trader who balances trading with his day job, shares his journey from college to successful day trading. He reveals the pivotal role of mentorship and highlights the emotional challenges that come with transitioning from backtesting to live trading. Blake discusses mindset mastery, emphasizing self-awareness and adherence to personal trading rules. He also reflects on the importance of a trade journal and risk management strategies, showcasing how discipline can lead to consistent success.
The speaker transitioned from network marketing to day trading, igniting his passion for Forex after initial rapid gains and subsequent losses.
Mentorship with QBanks was crucial for the speaker's development, emphasizing the importance of community in mastering trading techniques.
Successful trading requires a disciplined mindset, emotional awareness, and consistent journaling to track progress and understand decision-making.
Deep dives
The Journey into Trading
The speaker shares his introduction to trading, which began in college around December 2014 after a friend suggested day trading as an alternative to his unsuccessful ventures in network marketing. Initially skeptical, he developed an interest in Forex trading, attracted by the prospect of making money without hefty capital. Starting with a $300 account, he experienced rapid gains, turning it into $900 in a week before subsequently losing it all, which ignited his passion for trading. Despite early struggles and losses, he found camaraderie with fellow traders and began to explore different strategies that would shape his trading journey.
Learning from Mentors
Mentorship played a crucial role in the speaker's development as a trader, particularly through his collaboration with a trader named QBanks. By joining QBanks' group, the speaker gained valuable insights into technical trading, which provided him with the structure he lacked in his initial approach. This relationship underscored the importance of community and mentorship in mastering trading strategies, which he supplemented with various resources. Over the next few years, he experimented with different methods while refining his emotional and psychological approach to trading.
The Transition to Consistent Trading
The speaker recounts a pivotal three to four-year period during which he honed his trading skills and began achieving consistency. By focusing on risk management and emotional discipline, he shifted from a results-oriented mindset to one centered on mastery and habit formation. His journey included setbacks, including blown accounts, but he emerged with a structured trading strategy that proved effective. By analyzing his experiences and learning from both wins and losses, he cultivated a robust trading methodology that allowed for sustainable growth.
Navigating Prop Firms and Funding Challenges
The speaker shares his evolution from trading personal accounts to exploring the world of prop firms, which he discovered in 2018. Experienced initial setbacks with time-limited challenges, which often led to over-trading and emotional stress due to the pressure to meet targets. Acknowledging these challenges turned into learning opportunities, he adapted his strategies and gradually gained proficiency in managing larger accounts. By maintaining a focus on meticulous risk management and consistent growth, he ultimately secured significant funding, landing a $700,000 account.
The Importance of Mindset and Continuous Improvement
Mindset is emphasized as a critical factor in trading success, with the speaker recounting how personal tendencies influenced his trading behavior. Recognizing traits like impulsivity and a desire to 'be right' became pivotal in shaping his strategies. Journaling played a significant role in his progress by tracking emotions and trade outcomes, fostering a deeper understanding of his decision-making processes. He reinforces the idea that successful trading is akin to a marathon, advocating for patience, continuous learning, and persistent effort in developing one’s skills over time.