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The Trader's Journey
Side Hustle to 7-Figure Trading - Matthew Monaco
Dec 14, 2024
Matthew Monaco, a consistently profitable trader, recounts his inspiring transition from college side hustles to seven-figure trading. He shares valuable lessons from his early struggles, emphasizing risk management and discipline. Monaco discusses the importance of community support during the leap to full-time trading and explains the nuances of trading both OTC and listed small-cap stocks. He provides actionable insights on trading strategies, stock selection, and the critical role of patience and ongoing learning in achieving long-term success.
58:26
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Quick takeaways
- Understanding the importance of managing losses is essential for traders to build resilience and enhance their overall performance.
- Matthew emphasizes that developing strict risk management rules is crucial in minimizing the impact of significant losses on trading success.
Deep dives
The Importance of Learning to Lose
To achieve consistent success in trading, it is crucial to first learn how to lose. Acknowledging that losses are part of the trading journey can foster resilience and a better understanding of risk management. A notable quote by trader Michael Hudson emphasizes that becoming a consistent winner requires understanding the process of losing. This mindset helps traders navigate losses, thereby reducing the emotional toll and improving overall performance.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode