Successful traders are not overnight successes but individuals who have persevered and never given up.
Setting clear and achievable goals, outlining specific steps, and periodically reviewing progress are crucial for trading success.
Deep dives
The importance of perseverance and determination
The podcast episode highlights the key point that successful traders are not overnight successes but rather individuals who have persevered and worked hard to learn the markets. The guest, Adam Ryan, shares his personal journey of facing struggles and challenges but never giving up. He emphasizes the importance of determination and perseverance in the trading journey, and how it ultimately led him to success.
Setting goals and achieving them
Adam discusses the significance of setting clear and achievable goals in trading. He advises traders to not only set the goals but also write them down and outline specific steps to achieve those goals. He emphasizes the importance of reviewing these goals periodically to track progress and make necessary adjustments. Adam also emphasizes the focus on the process rather than the dollar amount, encouraging traders to concentrate on developing consistent trading habits and strategies.
Avoiding the search for a 'holy grail' and excessive indicator usage
Adam cautions traders against the common mistake of obsessively searching for a 'holy grail' trading system or relying too heavily on indicators. He advises traders, especially beginners, to focus on understanding price action, market structure, and key reference areas. By developing a solid foundation in these areas, traders can rely on their own analysis rather than being overly dependent on indicators, leading to better trading decisions.
Mentorship and the importance of learning from experienced traders
Adam highlights the crucial role of mentorship in a trader's journey to success. He discusses his own experience of seeking guidance from experienced traders who helped him in times of struggle. He encourages traders to find mentors who have already navigated the challenges of trading and can provide valuable insights and guidance to shorten the learning curve. Adam also points out the importance of persistence and not giving up, even in the face of setbacks and losses.
Just like the majority of those who make it, Adam will not hesitate to tell you, he was no overnight success. He went through the same struggles and faced the same challenges that many of us can relate to.
However, the one thing that set Adam apart was the fact he never gave up. And it was that determination and perseverance that landed him in the hot seat with a trading mentor, who was able to steer him in the right direction.
Jumping forward a few years Adam has forged his own method for success, and actively trades Crude Oil, Gold, and the S&P 500 futures.
During this interview you will hear about his journey on a much deeper level, and you’ll pick up many great pointers, especially around the topic of setting goals and how to actually achieving them.
