Mind Over Markets

In today’s episode, we will be speaking on one of the most common fears in trading; the fear of missing out!  FOMO is one of the biggest account killers that we’ve seen as educators in this industry, so we believe it is important for you to understand what it is and how to manage it before you you fall victim to it.  Have you ever jumped into trades early without confirmation because the market was moving and you didn’t want to miss out on potential profits? How about scaling up your size to catch up to other people’s results in trading groups that you are part of?  If this sounds familiar, then you have already experienced the fear of missing out to some extent in your trading. It's only natural as humans for us to want to be part of the action especially when volatility starts to pick up!  If you stick around for the full show, you will learn what FOMO is and how it manifests so that you can be better prepared to manage or even avoid it!  So what exactly is the fear of missing out?  Well by definition, it is the "fear of not being included in something (such as an interesting or enjoyable activity) that others are experiencing".  In other words, the fear of missing out is a social anxiety that extends beyond the realms of trading; it is present in everyday life! It is characterized by a desire to stay continually connected with what others are doing - translated to trading - it is the equivalent of wanting to continually be in a trade so that you don't miss out on any market action. Falling victim to FOMO can be devastating to your trading account and your psychology - traders that suffer from FOMO trading will typically experience the following cycle repeat time and time again: Buying into market tops when experiencing excitement to get into a position and letting greed turn winners into losers. Selling out of losing positions into market bottoms when experiencing peak fear and anxiety about losses. This cycle repeats every time the trader loses patience with their trading plan and can be incredibly frustrating - to the point that many go bust and exit the industry at this stage. Now that you know what FOMO is and the typical cycle that a FOMO trader experiences, let’s take a moment to discuss some common things that a FOMO trader says. This is important because if you can catch yourself saying or thinking these things in real-time, then you will be able to adjust your emotions on the fly and avoid FOMO altogether! "Everyone else is making money, it can't be that bad" "Just think about how much money I could have made on that trade" "Meh..I'll just give it a go" "I knew that was going to happen" "They must know something else that I don't" "I can't miss out on the next great opportunity" "XYZ stock looks like a pretty safe bet, everyone's trading it, why wouldn't I? " What you should realize by this point is that FOMO is an internal feeling and the words you speak can and will affect your psychology - with that said, there are some external factors that can also trigger the FOMO process! These include: Increase in market volatility Coming off of a long winning streak Taking repetitive losses Social media, especially Instagram and Twitter News and rumors While it's great to understand what FOMO is and how it can be triggered, the last piece of the puzzle is how to manage or avoid it altogether! We've put together the following tips and tricks to help you eliminate FOMO from your trading experience: Have a trading plan - know EXACTLY what you’re doing and your role - find low-risk high probability setups and only trade those  Accept that trading has its ups and downs - understand that you can’t win every trade  Be present - focus on the next best trade ALWAYS The first stock exchange in the U.S. was formed in Philadelphia in 1790 In the last 230 years...how many trades have you missed? You’ve missed more trades then you’ll ever take! Focus on the process and setup, not the end result (the score) Keep a daily gratitude journal Keep a trading journal with your emotions and thoughts pre/during/post-trade Don’t compare your results to others (learn from their approach, not their fills) Some Things We Also Discuss in Today's Show:  The fear of missing out in everyday life 04:31 How the fear of missing out shows up in trading  06:40 The typical cycles that a FOMO trader experiences 09:15 Is there really such a thing as a FOMO trader? 12:52 The seven things that a FOMO trader often says 16:50 The external factors that trigger the FOMO process 36:30 Several solutions you can implement to manage FOMO 46:50 Why tracking your emotions pre/during/post-trade can help you identify patterns 55:30 Why you should not compare your results to anybody else's 60:02 Resources Connect with our community online: Trade Pro Academy Catch up with our earlier episodes: Mind Over Markets Podcast Check out Matthew McConaughey's speech here on Youtube 

In today’s episode, we are going to be speaking on the topic of trading while traveling! It’s no secret that one of the major benefits of trading the markets successfully is having the ability to work anywhere in the world (being location independent) while making a full-time income.  While there are several benefits of trading while traveling, there are also a number of challenges that you will face on your journey that are not often marketed on social media.  It is important to first understand the pros and the cons of trading while traveling before determining whether it is something you can consider as an option for yourself! So what are some of the benefits of trading on the road? You can trade for a few hours and then use the rest of the day to fulfill other purposes You get to see the world and experience cultures while making a full-time income Being on the road forces you to simplify things (You only keep the essentials vs overdoing it with charts on the office desktop)  Now that we've identified some benefits, here are the most common challenges traders run into when trading on the road: Finding the right place to trade (At home you have a high-performance trading environment which you will have to replicate while on the road)  Bringing the right equipment (Laptop + portable monitors)  Internet connection limitations (How to ensure you have a fast and reliable ISP when you are traveling)  Balancing the line between work and play - managing your time (Can you walk away when it’s time to shut down the monitors?)  Adapting your routine - time zone changes and giving your mental state time to adjust While there are certainly a number of challenges to trading while traveling, the benefits often outweigh them - after all, if it was easy, everyone would be doing it! With that said, it's an important point to make that there are some times when you should consider not taking the portable setup with you altogether. This is especially important if you struggle with letting emotions from your trading leak over into your personal life - good or bad! Sometimes it's better to just disconnect, recharge the batteries, and come back with a renewed sense of opportunity and we discuss these times in more detail. If you're still committed to giving this a go, then the first thing you will need is a mobile trading setup! We've put together a handy list of some of the hardware and software requirements for traveling traders which you can reference below:  Laptop  Backup battery for laptop or external power supply Portable monitors (USB -C) LAN cable for hardwire connectivity A nice portable and comfortable mouse USB hub with monitor support VGA to HDMI converter Software Download your trading templates to your laptop Move over any data you have captured in last 30 days (these files can be huge and take hours to load if you don't do this before you leave)  Once you have your portable trading setup ready, the next step is to plan ahead for your travels! The first thing you will want to do is to identify your "working hours" in the time zone of your planned destination. For example, if you live in Toronto and trade between 9.30 am - 11.30 am EST and you are planning to travel to Sydney, Australia (which is 14 hours ahead), then your working hours would effectively become 11 pm - 01:30 am. Knowing your working hours at the destination you plan on visiting will help you decide whether trading on the trip is actually a good idea or not! If you are happy with your "new" working hours, the next step is to find accommodations with access to high-speed internet so that you can actually connect to the market and trade when you arrive at your location. There are a couple of websites and apps available these days to help with this research and we've included a list of some of them below: WifiMap (Available for iPhone and Android) Hotelwifitest.com Nomadlist.com  You can also call the hotel and ask them to provide you with a screenshot of the internet speeds from their location using Speedtest.net! Now that you have put together your mobile trading office and planned ahead for your travels, you are prepared to trade while traveling! You'll walk away from this episode with a concrete understanding of trading while traveling, including what to bring along with you, how to plan ahead, and how to adapt once you arrive at your destination! Some Things We Also Discuss The benefits of trading while traveling  03:50 The challenges that traders will face when traveling  10:15 George's experience trading from the beach 14:20 Mark's most memorable experiences trading while traveling 22:16 The situations when it's not a good idea to trade while traveling 30:20 The hardware and software requirements for a mobile trading setup 36:25 Identifying your "working hours"  at your travel destinations - timezones matter! 43:40 How to research wifi hotspots and hotel internet speeds for your travels 47:35 How to pack for convenience as a traveling trader 56:10 Leveraging the benefits of travel rewards cards 61:20 How to adapt to trading while traveling 65:05 Resources Connect with our community online: Trade Pro Academy Catch up with our earlier episodes: Mind Over Markets Podcast Check out George's Portable Trading Setup on Youtube Check out the ASUS portable monitors on Amazon

In today’s episode, we are going to be talking about something we feel strongly about and how overconfidence can really ruin your trading success. This pattern occurs when you've been on a stretch of above-average performance and suddenly your mindset shifts out of alignment and causes greed. If you've had multiple winning days or weeks at a time only to erase all of that progress in a single session, this is an episode meant for you! At TRADEPRO Academy, we refer to this overconfidence in your trading ability as the "God complex". It's called the God complex because you start to feel indestructible - it’s a point during a hot streak where you start to develop the belief that everything you touch turns to gold or said differently, you just can't seem to stop winning trades. This is where the mindset of a trader shifts from confident to cocky - the trader bypasses the process mindset which has given them confidence in their performance and turns everything into a matter of trading based on feelings. By this, we mean that a trader may start to loosen up on their trading process and begin to trade based on gut feelings and opinions on what they feel the market should do - not necessarily what the market is actually doing. Overconfidence after a hot streak is a mental aspect that really exposes the human mind and ego for how easily it is affected by results =whether success or failure! So how does the God complex start to manifest? In our experience, many traders don’t get into the God complex until they actually realize the streak that they are on! For example, Victorio shares a story of when this happened to him back in September 2019. After realizing he was up 20 days in a row, the God complex kicked into his mindset and ended up costing him a couple of week's worth of gains within a handful of sessions. If Victorio hadn’t come to that realization that he was doing really well,  he would have continued to trade seamlessly throughout the rest of the month - in a state of flow - however, he ended up losing 25% of those gains in 5 days. What is interesting is that the God complex is actually rooted in a lack mindset - it's not that you think you are above the market, rather, you are so used to everything you touch turning to profit that you've convinced yourself that taking losses is not part of your trading business. When you do take that first loser after a hot streak, it will trigger your lack mindset into wanting to "make my money back" as quickly as possible. This is where it can get dangerous for you and your trading account especially if you are a relatively newer trader and going at it on your own. If you have been on a winning streak over the last couple of days or weeks, it's important to know what the God complex is so that you can avoid it if possible -that is the best-case scenario! Your second option is to accept it, make your mistakes, and fight back and your final option is to blow out your account and accept defeat (avoid this at all costs!!) Here are a few tips on how you can work through the God complex or avoid it altogether: Remind yourself and re-affirm your skillset Constantly review your trading plan Review your hall of fame trades Take a day off to recharge your batteries Constantly work on your personal development You'll walk away from this episode with a lot of value and a solid gameplan on how to manage and avoid overconfidence from wreaking havoc on your trading! In This Episode You Will Learn The difference between confidence and cockiness in trading 02:20 Why success in other areas of life doesn't necessarily translate to instant trading success 08:25 What is confirmation bias and attempting to predict the market 11:04 How to know when overconfidence is starting to creep into your trading 20:55 How being part of a community can help you manage overconfidence  27:36 The 5 steps you can take to avoid falling into the God complex 43:15 Some Things We Also Discuss The psychological challenges of going from being a breakeven trader to a profitable trader 05:45 How to use prior success and confidence and adapt it to trading 09:25 Victorio's first experience with overconfidence creeping into trading 15:05 How this God complex cycle can stem from a self-worth issue 23:50 The three paths that classify the God complex 33:05 Resources Connect with our community online: Trade Pro Academy Catch up with our earlier episodes: Mind Over Markets Podcast

In this episode, we're excited to bring to you a new guest interview on the Mind Over Markets Podcast! We recently sat down with our colleague and former prop trader, Brad Alcini, for a great chat on what it's like to be a professional trader. Brad shares some great insight into how big traders stay alive, what's required to be successful in this business, as well as examples of seven-figure traders and what they do to win consistently! If you are looking to level up your trading mindset, this is an interview that you will not want to miss! Brad's trading journey started back in the pits of the Chicago Board of Trade as a clerk in 1995. In his time as a clerk, Brad worked for several successful traders and was able to learn a lot about trading and mindset from people that were winning on a daily basis. In 1996, only one year after joining the CBOT as a clerk, Brad was hired on by Goldenberg Hehmeyer to trade firm capital in the 10-year T-note pits as an interest rate trader. During his time at Goldenberg, Brad was actually at the forefront of the industry's transition from the open outcry pits to electronic trading on the screens (known as "Project A" in those days). In fact, he was part of a group of traders that was the first to be able to open a position in the 10-year T-note pit and then close it out (flatten the position) electronically at the end of the session - fungible from pit to screen. Brad stayed on with Goldenberg Hehmeyer for a full year before making the decision to trade his own capital with the backing of Gelber Group, a Chicago-based prop firm in February 1997. When he joined on with Gelber, Brad had pretty much transitioned to electronic trading and would meet his mentor - a gentleman that would end up introducing Brad to the world of spread trading. With the help of his mentor, Brad went on to develop his trading strategy and psychology to a point where he was able to put on trades with size that would make the palms of most retail traders start to sweat just thinking about it! Brad stayed on with Gelber for four years until an exciting opportunity presented itself out of the blue in 2001. One of Brad's old colleagues from the pits that he had a relationship with, Harris Brumfield, was a large angel investor in Trading Technologies at the time.  Harris had some patents on a revolutionary product and was looking to build a team of senior sales managers to become the software of choice in the industry as the transition to electronic trading was in progress. What was the product you might be wondering? It was called the "Verticle Market Up Trader Ticket" at the time, however, these days it is better known as the DOM or Depth of Market! Brad spent 5 years in this capacity with Trading Technologies and was part of tremendous growth during that time! By February of 2006, Brad was running a CPO (Commodity Pool Operator) with a partner while simultaneously consulting to Ransquawk - a news aggregation service for traders. Brad and his partner decided to go separate ways - his partner became the COO of a well-respected proprietary trading firm in Chicago, while Brad took over the consultancy business to Ransquawk. In November 2019, Brad become a shareholder of Ransquawk and rebranded the business to Newsquawk, which is our go-to news source here at TRADEPRO Academy. These days, a majority of Brad's time is spent on developing and growing the Newsquawk service while passively managing his own investments. Brad has offered listeners of this podcast an exclusive 10-day free trial to the Newsquawk Multi-Asset Channel! If you want access to the same news service that is used on institutional trading desks then make sure to claim your free trial in the resources section below! Here is a summary of what we discussed:  How Brad started his trading career 01:15 "Project A" & Globex - the transition to electronic trading 02:10 The mentor that introduced Brad to spread trading  04:00 The exciting opportunity that got Brad to leave trading 06:10 How Brad got involved as a consultant to Ransquawk 07:30  How Brad dealt with the initial intimidation of trading in the pits  10:00 The one thing that helped Brad scale up his trading in the beginning 12:25 The power of scratching trades and learning to not lose money 15:45 The factors that led to Brad's decision to leave the pits and trade electronically 20:00 Finding a trading style that suits your personality - the difference between outright and spread trading 24:00 Why big money traders consider themselves professional loss takers 27:00 How professionals adjust their strategy for high volatility environments 30:36 How the average investor can use futures to hedge their portfolio 39:45 The qualities Brad would need to see from a trader in order to fund them 41:30 The characteristics and behaviors that you want to avoid as a trader 44:55 Why you must get rid of emotional baggage if you want to be a good trader 46:32 Routine, Exercise & Eating Healthy - The trifecta for protecting your mental capital 48:28 How Brad uses visualization as a reset switch 51:35 The Newsquawk service and what it is 57:15 What TRADEPRO likes about Newsquawk 60:00 Resources  Connect with our community online: Trade Pro Academy Catch up with our earlier episodes: Mind Over Markets Podcast For more information on the Newsquawk service click here    Claim Your Exclusive 10-Day Free Trial Here

In today’s episode, we discuss how your physical environment influences your trading performance, as well as the components that go into building a high-performance trading environment so that you can put together a space that inspires you every time you sit down to trade!  Working from home has its obvious benefits and these include: Avoiding the daily commute Working flexible hours Relaxed, comfortable environment With this freedom comes great responsibility! It becomes increasingly more important to separate your trading environment from where you spend the majority of your day at home when not trading because failing to do so can lead to a lot of distractions that will throw you off of your game..and that's the opposite of what we are after here! So what are the components that make up a high-performance home trading environment? (1) A quiet, dedicated space for YOU. (2) A comfortable desk. (3) A comfortable, ergonomic chair. (4) A computer with solid specs (5) Monitors (2 at a minimum if day trading) Now understand that having a quiet space and the equipment to run your trading business operations is not enough to qualify as a high-performance environment... this is only the first piece of the puzzle! There are some additional tips and hacks that you can implement in order to really optimize your space for high - performance. To start, you will want to ensure that the office space is clutter-free because clean and organized spaces tend to have higher energy to them - which you will need! A cluttered space leads to a cluttered mind,  so make sure that your desk area is clean so that you are not starting the day or the session with clutter on your mind! As we mentioned earlier, the best trading environment is one where there are no distractions! A great way to mitigate them [the distractions] is to put any and all of your electronic devices on airplane mode or silent when you are at your trading desk. Let that sink in! One of the ways many athletes get into the winning mindset is by using visualizations! This is something we would highly recommend you outfit your trading space with so that you can always remember why you are doing this (trading) when you eventually run into challenges and obstacles. If there are any experiences that you want - print them and post them in your space. Material things too? Perfect - print em and post them up. This is something that is unique to YOU - whether its positive messages, quotes, posters, or reinforcement - if it inspires you, you should have the visual readily available in your office. Another little psychological hack is to include memorabilia, trophies and/or success symbols in your office. This can be anything that reminds you of times you won, felt high vibes, or just generally felt at your best and blessed. By doing so, you will be priming your mind with the emotions related to winning and success so that you bring that same winning attitude to your trading desk with you! Stick around until the end and you will have all of the components that you need in order to build the high-performance trading environment that will take your trading to the next level! In This Episode You Will Learn The two types of trading environments for traders  02:24 How long it takes to get into a flow state for high-performance 07:40 Why the TRADEPRO team uses standing desks in the TPA office 13:45 How many monitors you need in your trading office 21:00 Why a clean office space leads to a clear mind 33:00 Visual reminders as a method to attract the results you're looking to achieve 39:04 The finishing touches on comfort and productivity 52:00 Some Things We Also Discuss How work-life balance can blur when working from home 04:00 Why a quite space is crucial for performance 12:15 How a comfortable ergonomic chair can protect your mental capital 17:30 How to choose which computer you should get for the office 29:50 Why our phones have become a dopamine hit for us 37:50 How to replicate the feeling of winning in your trading office 47:00 Resources Connect with our community online: Trade Pro Academy Catch up with our earlier episodes: Mind Over Markets Podcast Check out our trading setups here 

In today’s episode, we are going to be speaking on some of the morning routines and rituals that traders can use to put themselves into the right mindset for high-performance trading!  Routines and rituals are actually an integral part of daily life and every person has their own that they have developed over the years - both consciously and subconsciously - that allow them to get through the day.  Traders are no different, we are creatures of habit and require routines in order to complete our jobs effectively.  So let's unpack this topic in deeper detail and along the way you will learn how to build a powerful morning routine that you can implement right away!  When studying successful individuals (whether athletes or business moguls), a majority of them swear by their morning routines that they use to get into the required state for action which is necessary for achieving high-performance.  Some common traits of the morning routines of these high-performers include the following: They set alarm clocks to wake up early, the same time every day and especially on weekends and days off They start the day with a few minutes of meditation (quiet time) They establish a routine for morning exercise They sit down for breakfast with the family* They start the day with a to-do list When you look at how high-performers start their days, they are effectively priming themselves to win from the get-go! And it makes sense because there are plenty of benefits to implementing morning routines such as: They bring you into a positive mental state  They inspire confidence and clarity  They increase energy levels  They kick start your brain  They encourage self-reflection So now think about your morning today? How did it start? What did you do to prepare yourself for the day? As a trader, it can be beneficial to establish some similar routines in order to be in the best position to perform at a high level when you sit down at your desk for the session. But why a morning routine you might ask? Because at the end of the day, what the market does is out of our control but what we CAN control is how we think, feel, and behave! It's no secret that trading is a high-performance sport and that we as traders exert a lot of energy and resources to win!  If you are constantly depleting these resources without following a routine to replenish and recharge your batteries, you will burn out very quickly and your performance is likely to follow suit. It is a constant balance of depleting and recharging these resources for optimal performance so it should go without saying that you will want to stay away from any negative routines that are not conducive to your goals!  The bottom line is this: Your body and mind need to be on their A-game to synchronize and deliver strong performance, this is why athletes train so much, so often, and why you need to also as a trader.  So now that we’ve got a better understanding of the benefits of morning routines and how successful individuals use them to win, let’s put together a morning routine!  When crafting a morning routine, you will want to replicate what high-performers are doing in order to level up your day. In the Morning Routine by Hal Elrod, he suggests that there are six components that make up a powerful morning routine. These are better known as the SAVERS: Silence (Meditation) Affirmation Visualization Exercise Reading Scribing (Journalling) Stick around until the end because we break down each component and provide trading-related examples so that you walk away with a morning routine to win the day! In This Episode You Will Learn The common traits of morning routines of high-performers  04:45 The one thing we can control in the universe of trading 10:15 The two aspects of performance: the mental and the physical 17:20 Why Mark starts his day by making his bed 28:51 The root of meditation and why it is so recharging 38:05 The 6 components of a powerful morning routine 44:15 How to visualize your way to a successful day 50:57 Why a little exercise in the morning goes a long way 55:56 How journaling in the morning can clear your mind for the day 60:00 Some Things We Also Discuss Why morning routines can be useful for traders 09:30 The fine line between exerting energy and burning out 15:11 The benefits of implementing morning routines 25:57 What George's morning routine looks like 33:01 How to use affirmations to create your state 48:01 Using books for morning inspiration 57:00 Resources Connect with our community online: Trade Pro Academy Catch up with our earlier episodes: Mind Over Markets Podcast Check out The Miracle Morning by Hal Elrod on Amazon  Check out the Tool of Titans by Tim Ferris on Amazon  Check out Mark's favorite guided meditation on the Insight Timer website

In today's episode, we are going to be speaking on the benefits of being part of a trading community!  More specifically, we will be looking at some of the challenges that new traders face when learning to trade on their own, and how being part of a trading community can provide them with the resources to address each of these challenges.  We’ve experienced the benefits of being in a community first hand and when speaking with many other successful traders, they often mention that having a community to lean on was one of the key factors that influenced their own paths towards consistent profitability! It's that important for your success!  So what are the challenges that new traders face when they start trading live capital? Well, it's easy to get lost when you first start out because there is a sea of information out there on trading strategies and indicators.  Most of it is useless and irrelevant but there are some hidden gems if you know what to look for!  You can learn how to read candlesticks on YouTube, find free strategies on Google, and put it all together into a plan and then go and trade it with some success on demo. But here's the catch!  When you go live, the results are going to be a lot different because emotions will inevitably start to creep into your trading and sabotage your plans.  Finding a strategy or making a plan is not the hard part of this journey! The difficulty lies in the execution which comes with a whole bunch of psychological challenges that most new traders are not prepared for!  The issue here is that when you are new and don't have any guidance, you are more prone to make some of the common newbie mistakes. And it might not be clear to you where you are going wrong, so that makes it even more difficult to find a solution. This, in turn, leads to even more confusion, frustration and unfortunately, this is the phase at which most new traders remain stuck in before they decide to quit after a streak of losses. Whether it’s with us here at TRADEPRO Academy or somewhere else, there are plenty of benefits of being part of a trading community!  The Impact of Community on Humans  The people we surround ourselves with are the biggest influence on our behavior, attitudes, and results.  Who you are around — what they’ve got you thinking, saying, doing, and becoming — sets the course of your life. In the words of motivational speaker Jim Rohn: “You are the average of the five people you spend the most time with.” The people you spend the most time with shape who you are.  They determine what conversations dominate your attention. They affect which attitudes and behaviors you are regularly exposed to. Eventually, you start to think as they think and behave as they behave. Human beings are intrinsically tribal What sports teams are you a fan of?  Which ones do you dislike? Why? What gym or fitness club do you belong to? Why? What associations do you belong to? Think of your friends, what do you all have in common? What unites you? Now think about trading….  What do you want to be part of?  You are a part of a community everywhere else!  In This Episode You Will Learn The challenges that new traders face when learning to trade on their own  04:33 The away motivations that cause people not to want to join a community 10:40 How human beings are tribal by nature 22:25 The benefits of being in a trading community 25:30 How trading communities act an emotional stop loss on drawdown days 37:00 Using trading communities as a feedback mechanism for your trading development  51:02 Some Things We Also Discuss George's experience with learning to trade before the digital age of information 06:30 How an opinion that you accept can shift your entire reality 14:10 How your current environment can be wearing you down 18:45 How everything we learn is from somebody else 28:13 How trading communities can provide you with a much-needed sense of accountability 42:15 How a community can show you what's really possible to achieve 55:10 Resources Connect with our community online: Trade Pro Academy Catch up with our earlier episodes: Mind Over Markets Podcast Check out our friend Danny Riley on Twitter Check out our friend Anthony Drager on Twitter

In this episode, we continue our discussion on full-time trading and how to know when its time for you to go full-time with your trading! You will learn some of the common mistakes that many traders make when transitioning to full-time trading, which ironically enough, often sabotages their chances of a successful career from the get-go! By being aware of these mistakes, we aim to help prevent you from making the same ones on your journey. These mistakes include the following: Unrealistic expectations - expecting smooth sailing from the get-go Putting themselves in a situation where they NEED to make a certain amount of money Trading randomly - no plan, no tactics, no results Overlooking the progress - not appreciating how far you have come After breaking down the above mistakes in detail, we also take some time to speak on the two scenarios below: (1) When you should you NOT consider taking your part-time trading hustle full-time If you have been recently laid off and have more time available to daytrade If you've only traded SIM and are doing well When you are bored - especially relevant during the COVID-19 quarantine (2) When it might make sense to take the plunge into full-time trading If you have several months worth of savings in the bank (3-6 months minimum) When you are using trading capital that you DO NOT rely on for survival (to pay for necessities) When you have a record of live trading success (about 6 - 12 months of consistent returns) If you have completed enough personal development to believe that you can succeed - any doubt is dangerous! But that's not all! We've got your back here at TRADEPRO Academy and we want to see each of you succeed so we also put together a set of actionable steps that you can follow to give yourself the best possible chances of success as a full-time trader! You'll walk away from this episode with a lot more clarity on where you stand on your pursuit towards full-time trading as well as some steps that you can implement to get yourself closer to your goal! In This Episode You Will Learn The common mistakes that traders make when going full-time  05:00 Why you have to start at the entry-level in trading regardless of external success 12:30 3 situations where you shouldn't consider full-time trading 19:60 When it would make sense to go full-time with your trading 29:30 How shifting towards living at cause puts you in control of your life 44:50 Why reviewing your trades daily is important for growth as a trader 56:00 How trading is a lifelong journey of constant adaptation and growth 61:00 Some Things We Also Discuss Why tomorrow money is more valuable than today profit 07:30 George's experience with his first month of full-time trading 14:45 How sim trading can bring you a false sense of confidence 26:30 A story about scarcity and relying on the outcome to work  41:30 Why setting up visuals in your trading environment is vital for your success 51:15 Why more time spent working does not lead to more pay in this industry 58:25 Resources Connect with our community online: Trade Pro Academy Catch up with our earlier episodes: Mind Over Markets Podcast

In today's episode, we discuss the things that no one tells you about full-time trading! As a bunch of guys that have been trading full-time for the last several years, we are able to share some of our own insights on the benefits and challenges of trading for a living. If you look on Youtube or on social media, the marketing tactics from charlatans are to pinpoint your problems (time or money) and try to solve it with trading. It's a magic pill industry and we have a problem with that at TRADEPRO Academy so we're here to set the record straight We reflected on our own experiences as full-time traders and put together the following  list of thirteen things that no one tells you about full-time trading: You are becoming an entrepreneur You have to embrace uncertainty You have to constantly look at challenges as opportunities You will become more self-aware and reflective You will look at everything as risk versus reward It can be lonely to trade full-time alone You will have a lot of extra time to pursue other hobbies and interests Your traditional nine to five career diminishes over time You will need to focus more on your health You have to focus on personal development Money stops making sense You have to be or become a fighter It really changes your life! You will walk away from this episode with a deeper understanding of the realities of full-time trading so that you are best prepared to determine whether this is a career where the risk versus rewards lies in your favor! In this Episode You Will Learn: How full-time trading is a form of entrepreneurship 04:30 Why uncertainty is our business and you have to embrace it  11:00 How you deal with challenges can affect your chances of success 15:20 Why being self-aware and reflective allows you to give yourself the feedback to continue to progress 21:00 Why trading alone can get really dark fast 28:00 Why you need hobbies and interests to pursue outside of trading 38:00 How your career resume gets stale quick as a trader 42:12 How your mental and physical health impact your trading performance 47:00 Why personal development is important towards your growth as a trader 50:15 How money stops making sense after a while 54:15 Why you've gotta release your inner fighter 59:50 How trading really changes your life 62:00 We Also Discuss: How being in a community of traders helps you embrace uncertainty 13:04 Why full-time trading is not for everyone 16:50 How life is all about filling gaps 24:00 Georges experience trading alone 30:00 Why stagnation is not a good approach to trading 52:00 Resources Connect with our community online: Trade Pro Academy Catch up with our earlier episodes: Mind Over Markets Podcast

Let's face it, nobody takes a trade with the intention of eating a stop..but it happens and sometimes when things don't go your way, you can end up hitting your daily stop limit early on in the session. This can leave you in a very vulnerable position if you do not have a plan of action and that's exactly what today's episode is going to focus on! Whether you should stop trading for the day after hitting your daily drawdown limit or if you should reset and fight back. The truth of the matter is that many traders have difficulty with this decision in real-time and not knowing when to walk away can lead to a downward spiral in performance and trading results. Don't worry though because we've got you covered over here at TRADEPRO Academy! We've put together a two-step process for you to follow in order to ensure that if you are going to be resetting your daily stop, you're in the best position to do so and fight back! You’ll walk away from this episode with a better understanding of how to manage your drawdown days like a professional trader so that you can protect your capital and live to fight another day! In This Episode You Will Learn How proprietary traders manage drawdown days   07:00 The three factors that risk managers consider when resetting daily loss limits 09:30 The two factors to consider when deciding whether to fight back or walk away on the session 16:45 Three mental check-in exercises you can use to objectively identify your mental state  19:20 Which market conditions present the best opportunity for you to bounce back  24:25 Some Things We Discuss Accountability to your trading plan and being both the employee and the boss 13:35 When it makes more sense to walk away for the session with a loss 21:00 The bonus question to ask yourself before the final decision 32:48 Resources Connect with our community online: Trade Pro Academy Catch up with our earlier episodes: Mind Over Markets Podcast