Prioritizing personal well-being and mental health is crucial to becoming a successful trader.
Carefully managing drawdowns and controlling risk can help maintain a consistent equity curve.
Deep dives
Taking Care of Mental Health and Well-Being
Jack Kellogg shares his journey as a trader and discusses the importance of focusing on personal well-being. After experiencing mental exhaustion and burnout from solely focusing on trading, Jack made changes to prioritize self-care. He began going for daily walks, hired a therapist and coach, took breaks from social media, and focused on maintaining a healthy diet. By prioritizing his mental health, Jack was able to improve his overall energy levels and reduce emotional attachment to trades.
Managing Drawdowns and Trading Risk
Jack highlights the importance of managing drawdowns and controlling risk in trading. He explains that after big wins, there can often be a period of losses or lower profits. To mitigate drawdowns, Jack resets his trading approach by reducing risk and starting from a lower base. He emphasizes the need to build confidence and momentum in trades, treating trading like a game of basketball where confidence and energy play crucial roles. By carefully managing risk and scaling up trades during profitable periods, Jack aims to keep his equity curve consistent.
The Impact of Environment and Seasonal Changes
Jack discusses how environment and seasonal changes can affect trading performance. He mentions that during winter months, when he couldn't be outdoors as much, his mood and motivation were impacted. To combat this, Jack sought opportunities to engage in outdoor activities like skiing. He also recognized the influence of environment on mental health and moved to a more comfortable living space to create a better trading environment. By considering the impact of environment and taking steps to maintain a positive mindset, Jack was able to improve his overall trading performance.
Jack Kellogg is joining us today to pick up on our conversation from last year and share the changes he has made to his life as a trader. Last year Jack found himself experiencing habitual burnout, with his main focus being the market. Jack has implemented many habits to rid of this feeling. He walks through his feelings throughout these slumps and the impact on his trades. There are many distractions; however, focus is key to becoming profitable. We walk through many of these distractions and Jack shares tips to help traders avoid losses. Jack is an incredible trader with a wealth of knowledge to share. Tune in for this conversation and learn from one of the best of my generation.