E027 - The Trading Expert: How To Get RICH In Your 20s *my trading method* | Umar Ashraf
Dec 14, 2023
01:25:49
auto_awesome Snipd AI
Umar Ashraf, a 28-year-old day trader, shares his journey from a $20,000 investment to $18 million. Topics discussed include trading, forex, crypto, risk management, dealing with stress and loss, social media influence, role models, networking, and journaling progress.
Read more
AI Summary
AI Chapters
Episode notes
auto_awesome
Podcast summary created with Snipd AI
Quick takeaways
The trading space is cluttered with image-focused brokers and influencers, highlighting the importance of skill and expertise over appearance.
Continuous learning, journaling, and self-reflection are crucial for improving trading strategies and achieving long-term mastery.
Forex trading is cautioned due to market inconsistencies and lack of centralized regulation, emphasizing the value of understanding buyer-seller relationships over relying on patterns or jargon.
Managing stress is essential in trading, with practices like meditation, exercise, and financial allocation being effective coping mechanisms.
Deep dives
The Trading Space and its Challenges
The trading space has become cluttered with brokers and influencers who prioritize image over skill. The speaker considered quitting due to the difficulties faced. They discuss the negative perception of being labeled a trader and why it's important to adapt the label based on the audience. This led to a conversation about the speaker's journey into trading and their initial fascination with hedge funds and the stock market.
The Importance of Building Trading Skills
The speaker shares their decision to pursue trading and their experience of learning through books, YouTube videos, and online resources. They emphasize the importance of practice, application, and continuously learning from successes and failures. Journaling and self-reflection played a crucial role in acknowledging mistakes and improving trading strategies. By focusing on skill development rather than quick profits, the speaker highlights the value of long-term mastery in trading.
Distinguishing Trading from Investing
The speaker highlights the differences between trading and investing. Trading involves buying and selling intraday movements, aiming to profit from short-term price fluctuations. In contrast, investing focuses on long-term holdings and fundamental analysis. The speaker expresses caution towards Forex trading due to market inconsistencies and lack of centralized regulation. They favor trading methods where the focus is on understanding the relationship between buyers and sellers, rather than relying on patterns or jargon.
The Challenges of Trading: Stress and Managing Finances
The speaker acknowledges the stress associated with trading and highlights the importance of finding ways to manage it. Practices such as meditation, sauna sessions, exercise, walks, and runs help in coping with the pressures of trading. They also describe their approach to managing finances, including investing a portion of their earnings back into the markets, predominantly in stocks and Bitcoin. Additionally, they allocate significant funds to their software business, aiming to prioritize growth and avoid external investments or partnerships.
Trade Zella's profitability and growth
Trade Zella, the trading platform, is already profitable and has achieved significant growth within a short period of time. They have not spent any money on ads and have relied on organic traffic to attract customers. The platform allows traders to track and analyze their performance, providing valuable insights for improved trading strategies. With plans to expand into additional markets, Trade Zella aims to continue its growth trajectory and become a leading trading tool.
Building Black Line Trading
Black Line Trading, a trading firm based in Dubai, is set to launch in early 2023. The company has faced legal challenges and licensing requirements, causing some delays in the launch. However, the team is working towards bringing traders on board and creating a trading floor environment. The goal is to provide a structured and accountable trading experience for individuals who want to improve their trading skills and performance.
Progress and future plans
The founder of Trade Zella, Umar Ashraf, has been investing capital into the company and plans to continue doing so. He has assembled a strong team, including experienced traders, to manage the day-to-day operations. Umar's focus is on product development, ensuring that Trade Zella remains a powerful and user-friendly tool for traders. He envisions scaling the team and considering external capital in the future to further accelerate growth. Alongside that, Umar is also planning to launch new features and expand into different markets. Overall, his goal is to continue building Trade Zella and Black Line Trading to their full potential.
Umar Ashraf is a 28 year old entrepreneur and veteran day trader who has dedicated his life to the markets. With over 10+ years in the industry, Umar has managed to grow his initial investment of $20,000 into an impressive $18 million through day trading stocks. Emerging as a trusted voice online, Umar generously shares his trading insights and occasionally reveals his earnings & losses. In today’s episode, Umar opens up about life as a full-time day trader, including the hardships, surprising truths behind forex, crypto and more.
» Topics « Trading Forex Crypto Markets & Investing Risk management Skill sets Dealing with stress & loss Influence & social media Role models & mentors AI Networking & distractions Journaling & monitoring progress
