Replace Your Income with Options Learning How To Break Out Of Those Pesky Boom & Bust Cycles with Mike Lamothe, Ep # 124
Michael Lamothe is the founder of MARA Wealth, and is a successful author and trading coach. Mike’s trading journey began in the late 90s as a self-taught, part-time trader. Mike learned the hard way that there’s a lot more to trading than putting money in and simply waiting for more to pop out. After failing miserably on his own for nearly a decade, Mike discovered William O’Neil's book, “How to Make Money in Stocks”, and the Investor’s Business Daily Meetup in NYC. Learning from like-minded traders and professional money managers, Mike began taking trading more seriously, his confidence grew, and within a year, he not only became profitable, he became a Co-Leader of the NYC Investor’s Business Daily Meetup. In this episode of How To Trade It, Mike shares how he finally broke free from the vicious market cycles of gain and loss by shifting his mindset. You don’t want to miss it!
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You’ll want to hear this episode, if you are interested in…
- [06:58] Getting a system that works for YOU
- [10:24] Boom & Bust cycles
- [16:54] Finding your own style
- [24:00] Knowing when to break the rules
- [30:13] Mindset
Fresh out of high school
Mike tried trading on his own, on and off for nearly a decade, all-the-while getting bashed by the markets. It wasn’t until he discovered the O’Neil method when reading a book, that he began to understand the ins and outs of trading. Within a year, things finally turned around and brought some profitability.
When can I break the rules?
The usual answer is “NEVER”! Having trading rules to follow is an important part of being a successful trader. Be disciplined, in the moment. Follow the rules, in the moment. But afterwards, when you are doing your post analysis, if you discover that your rules aren’t working, or aren’t producing the results you want, THEN, and only then, is it time to change the rules. Again, this should be done in an orderly fashion, with a goal in mind. It cannot be done in haste or out of revenge, or anger, or fear.
Resources & People Mentioned
- How To Make Money In Stocks by William O’Neil
- Mark Minervini
- Van Tharp
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