In today's episode, we discuss how to bounce back after blowing your trading account! Because let's face it, blown accounts are sort of considered an "initiation" if you plan on sticking around this industry for any amount of time. In fact, we don't personally know of any traders that have reached a level of consistent profitability that haven't blown an account (if not many accounts) on their path towards profit. This is a very common stop on the journey towards becoming a consistently profitable trader and how you decide to proceed once you've blown your account will determine your future success or failure in this industry. If you blew your account and did not learn anything from it, then wiring some more funds to your broker and topping it back up will likely lead to the same disastrous result. So if you find yourself in this position, fear not! We've got your back here at TRADEPRO Academy so we've put together a structured, 5-step process that you can follow in order to put yourself in the best position to recover your account and take it to new equity highs! So what exactly is the process? STEP 1 - Accept your responsibility for the losses STEP 2 - Analyze your results (losses) STEP 3 - Make a plan STEP 4 - Take action STEP 5 - Absorb like a sponge It looks easy on paper, however, many people live their lives in effect meaning that they tend to blame external factors for failures as opposed to taking responsibility for their circumstances. This makes accepting responsibility for the realized losses extremely difficult. Most don't ever get past this stage and will throw blame towards the markets and even their brokers for the losses in their account. Without accepting responsibility for your current situation, the chances of you making a lasting change greatly decrease. If you can commit to living at cause and accepting responsibility, then the next step is analyzing your results and looking for strengths and weaknesses in this data. If you are not already keeping a trading journal and recording your trading activity, then we suggest starting immediately! You CANNOT grow as a trader unless you have data to review! At this point in the process, you will want to identify whether the machine (trading strategy) or the operator (you as a trader) is broken. Once you do this, the next step is pretty simple. It's time to build out a trading plan! A trading plan is extremely important because it will be your operation manual for trading the markets. Without a trading plan, you are essentially gambling, so if you want to treat this like a business you've gotta do the heavy lifting here. If you are not sure what a trading plan is or how to make one, see the resources below for a link to our Youtube Series on this topic! So you've spent some time putting together a trading plan, now what? It's time to take action! Spend some time in a simulated environment testing out the strategy for a week or two with success before transitioning to the micro contracts to get some skin in the game while testing out the strategy in a live setting. Once you rebuild your confidence and get comfortable getting paid, then you can scale back into the mini's and work from there. What's the final step in the process to recover your blown account? Joining a community of successful traders and becoming a sponge. Look for things other traders are doing that you may not be! You will always be a student of the markets trying to constantly refine your trading edge in these markets and there is no better way to do this than to be part of a community of real traders. In This Episode You Will Learn George's experience with his first blown futures account and how he bounced back 6:50 Mark's experience with blown accounts and lessons from the bounce back 8.25 Why accepting your losses is so important for moving forward 14:25 The two types of categories that are causing you losses 22:45 Why you need a trading plan for a chance at success in the markets  30:00 How to put this whole 5-step process into action 35:00 Why joining a community of successful traders can accelerate your development 44:40 Some Questions We Discuss Why accepting responsibility for your losses helps empower you to make a change? 16:45 Why the majority of traders have a difficult time analyzing their losses? 22:05 What are you planning to achieve without a trading plan? 33:10 What to ask yourself before every trade in order to mitigate emotionally trading? 36:15 Why it's important to take trades that you are proud of? 40:00 If you're trading against someone, doesn't it make sense to trade with someone? 48:30 Resources Connect with our community online: Trade Pro Academy Catch up with our earlier episodes: Mind Over Markets Podcast Check out our Youtube: Trading Plan Series

Things get controversial on this episode of Mind Over Markets. As the title suggests, we’re discussing demo trading and why too long on the stock market simulator can really hurt your chances at being a successful day trader.  In all honesty, your success in demo does not guarantee your success in live trading. There’s no real risk involved in sim trading, so it can lead to you developing some really bad habits when it comes to trade strategy. This doesn’t mean you’re a terrible stock trader - you just need to learn how to use demo trading properly. We typically see new traders overstay their welcome in demo. It’s a comfortable and safe place for you to practice day trading. Unfortunately, live trades are anything but safe and comfortable. Too much time in demo means too much time fake risking fake money. When you have real money on the line, your reactions can change pretty quickly. If you don’t have a well-practiced strategy in place, your first few live trades could blow up in your face. We know because we’ve been there. We’ve made those mistakes and lost real money when we really didn’t have to. That’s why we’re doing this particular episode. We want to guide you away from these mistakes if we can, and we want to guide you out of them if you’re stuck in the middle. To start, here are five signs you’re overstaying your welcome on sim mode -  You’re trading at a bigger contract size than you plan to use when you go live You don’t have a checklist  You’re winning most of your trades most of the time You’re not journaling any of your trades  You reset your simulation data very often  If you see yourself in any of those five signs, you need to start weaning yourself off of sim trading sooner rather than later. You don’t have to leave just yet. If you aren’t ready to trade in real-time, there’s no pressure to start. Here are some steps you can take to use simulation mode properly while you continue to learn: Learn how the price ladder moves and acclimate yourself with the trading interface Learn how to move, adjust, and cancel orders Get a feel for the volatility of the markets so you aren’t surprised  Practice your analyzation skills and learn the right time to execute your strategy The trick to using stock market simulators is developing your strategy ahead of time. You never want to start demo trading without a clear plan in mind. Otherwise, that’s when all the bad habits start sneaking in. Instead, use demo mode as a way to test your strategies before you go live. That way, you’ll have a better understanding of what works, what doesn’t, and what you can look out for you so you don’t get scratched in your first live trade.  We go into those 4 steps and more in this episode. Tune in now for our 2 BONUS STEPS on how to use simulation mode properly. If you’re a trader who’s ready to enter live trades, these bonus steps are for you. We tell you how you can get out of demo mode quickly without risking your savings account and start trading live today. There’s never been a better time to start day trading than right now, and with us here to tell you how to start using demo mode properly, you don’t have a single excuse not to start.  In This Episode You Will Learn An overview of how new traders typically think demo works 2:59 The biggest pitfall in demo trading 11:34 Five signs you’ve overstayed your welcome on sim mode 18:20 The six steps to using stock market simulators the right away 31:52 Ways to learn how to start with multiple lots without sim mode 49:50 Some Questions We Discuss How does demo trading hurt your development as a trader? 4:42 What kind of bad habits was Mark developing in demo? 15:47 Why do we love micro contracts so much? 40:40 How can you use demo mode while you’re live? 44:20 How do you start trading live quicker without spending too much time on demo? 47:30 Resources Connect with our community online: Trade Pro Academy Catch up with our earlier episodes: Mind Over Markets Podcast

Are you keeping a journal? We get it - stock trading and journaling seem like they’re on the opposite ends of the spectrum, but we’re here to tell you that that’s just not true. Keeping a journal is the one thing you need to do if you want to be a successful stock trader. Think about it this way - all businesses keep a record. As a stock trader, you are your own business. It’s important that you keep a record of your wins, your losses, and your bank account. But keeping a journal is more than just tracking your performance metrics. Journaling helps you recognize patterns, inventory emotions, and build your confidence. In fact, actually writing in a journal can help remove the stress and mental blocks that are affecting your trades. Take a look at some of these other benefits of keeping a journal:  reduces depression and anxiety cultivates gratitude helps with recovery from trauma  strengthens emotional function keeps memory sharp improves self-awareness and confidence enhances learning and development Your personal journal will reflect and shape your reality, and we go into more on how this works in this episode. For example, if you keep a journal when trading, you’ll be better able to define your strengths and weaknesses more clearly. You’ll know where to make improvements, and it will help you set better goals that will keep you away from those questionable trades.  Successful stock traders keep a certain kind of journal, and we go into the different ways you can journal to get the most out of the experience. We discuss which apps to use, which metrics to measure, and also which patterns of emotions to track. There’s more to keeping a journal than you think, and we’ve put together a list here that will help you get a headstart on this episode: Which Performance Metrics to Track: Asset traded Position size Time/date and entry/exit price Screenshots of the trade Notes and performance grade Emotion tracker Which Patterns of Emotion to Track:  Negative thinking Impulsivity Fear The most important thing to remember when keeping a journal is to track your emotions before, during, and after the trade. We share techniques on how to do this and what to look for so you can keep an emotional inventory in real-time. Journaling like this has the power to shape healthier environments for our bodies and our minds, which makes it crucial to successful trading. At the end of this episode, we want you to start keeping your own trade journal. Consider your journal as feedback on not only your techniques but also on the patterns in the market. Too many stock traders don’t take the time to master a technique, but if you start keeping a journal right now, you’ll be well on your way to becoming a real success story in this industry.  In This Episode You Will Learn The one thing you need to be a successful trader 4:51 How to write a solutions-focused journal 17:02 Some of our biggest emotional triggers on the trading floor 28:05 The ways journaling can improve your trade performance 42:33 Our favorite ways to keep a trade journal 44:35 The three patterns of emotion traders should track in a journal 54:00 Some Questions We Discuss Why is the failure rate so high among traders? 3:29 What are the benefits of journaling? 9:23 How do these journaling benefits work for traders? 22:10 How can journaling keep you out of questionable trades? 37:23 What should traders actually be journaling about? 48:01 What is the most important element of a trader’s journal? 49:37 Resources Connect with our community online: Trade Pro Academy Catch up with our earlier episodes: Mind Over Markets Podcast Check out these journaling insights: 'Trade Journals that Work' by Dr. Brett Steenbarger  Here’s the journaling process: YOUTUBE LINK The book that Mark keeps re-reading: Think and Grow Rich by Napoleon Hill Try journaling with these resources: Evernote, Google Docs, Microsoft OneNote, Tradervue, Verbal Journal

P&L. This term gets thrown around a lot in stock trading, but what does it really mean? Profit And Loss is the obvious answer, but the P&L means a lot more to many different traders. In this episode, we’re going deep into why focusing on the P&L can be detrimental to your trading strategy. For stock traders, especially new traders, focusing on the P&L will only lead to emotional trading. Emotional trades will force you off of your intended plan and will almost always end up in losses. We know this from personal experience. George used to be one of those traders, staying glued on the P&L, completely ignoring the rest of his charts. This is so common among traders. Since we’re in a competitive situation, we instinctively want to keep score. How else will we know if we’re winning or not? But that’s the problem - you can’t keep score if you want to win.  Keeping score is for the fans. The players - the traders - they need to create the score by focusing on what needs to be done to make the best trade. A good trader focuses on the steps they need to take to follow their plan in order to make the best trade possible. When you think about winning, or worse - breaking even, then you’re missing out on what the markets are really about.  In this episode, we take a look at why the P&L is important to sock trading and why it’s even more important that you don’t pay attention to it. We take a closer look at some of the most common trade scenarios we’ve seen fall down the spiral of a P&L mindset and offer up a few strategies you can use to pull yourself out of that hole.  There are 6 techniques we talk about in this episode that you can build into your trade plan right now, and we tell you exactly how many you need to master in order to get the most out of your trade strategy. Remember - trading isn’t a solo activity. We want to hear about how these techniques are working for you. Visit us at Trade Pro Academy to talk strategy, join the community, and catch up on all of our latest episode of Mind Over Markets.  In This Episode You Will Learn The real definition of P&L 2:08  Why traders need to stop saying “I just want to break even” 15:20 One trade cannot make or break a trader’s P&L 31:32 6 techniques to prevent the destructive P&L mindset altogether 45:40 How to focus on your next best trade instead of worrying about the last loss 55:00 A little bit about Canadian hockey, courtesy of Mark 58:57 Some Questions We Discuss What is up with our psychological fixation on the P&L? 5:40 When does the P&L mindset start creeping into your trade strategy? 24:15 Which toward-motivated techniques can traders use to stop that mindset? 26:25 How can you keep your mindset positive even after a string of losses? 38:21 Can you remove the P&L column from your trade station? 50:00 How many of our solution set-ups should you master first? 61:08 Resources Connect with our community online: Trade Pro Academy Catch up with our earlier episodes: Mind Over Markets Podcast Sharpen your mental toughness with this episode: #8 Mental Toughness Leave us a review on iTunes: Mind Over Markets on Apple

Learn how cultivating patience is key to trading success. Discover the impact of instant gratification on trading outcomes and the benefits of having a strategic plan. Explore the power of patience in making informed decisions and managing emotions. Avoid the dangers of impatience in trading and focus on quality over quantity. Strategies for developing patience include mental priming and goal setting for long-term success.

Fear is one of our most natural subconscious responses, but it’s also one of the most important elements of trading. In this episode of Mind Over Markets, we’re sharing our own experiences with the fear of loss and how our own personal risk management strategies help us - and will help you - overcome the fear of loss in trading.  The important thing to remember about fear is that it will never go away. There will always be a little element of fear in everything you do, especially when the risks are high. That’s because fear is an innate defense mechanism. Fear exists to keep us alive, and fear helps us recognize and react to perceived threats. For early humans, these threats were more likely large predators, but for those of us in the modern age, these threats can come in many forms. In trading, the threat could be to our income, our livelihood, even our emotional well-being. George believes in two different types of fear: fears that we need to listen to, those ones that truly threaten our wellbeing, and fears that are just a precaution or warning system. Understanding the way your brain responds to these two types of fears is your first step to overcoming the fear of loss when you’re trading.  Fear of loss is a real thing. In fact, loss in trading is an unavoidable reality no matter how good of a trader you are. You can’t win everything all of the time, and learning how to accept these losses will make you less fearful on the trading floor. We both know that working for a variable income like this is scary, and we’ve devised our own strategies for managing trade fears that will work for you, too.  If you’ve never had a risk management strategy in place, then right now is the time to start. This episode will help you understand the psychology behind your fear, including the brain functions behind it all, and give you tips for managing your own fear of loss so you can take on trading with confidence. It might be scary to step out of your comfort zone and risk your own money out here with the rest of us, but it’s also an opportunity to take control of your own success. Don’t be afraid of it. In This Episode You Will Learn: Why fear is more powerful than greed 0:50 Fear is an unconscious, automatic reaction 8:00 The five areas of the brain that control your fear 9:23 How your value system can influence your fears 16:57 Mark’s top tips for managing fears while trading 25:29 How to design a risk-management strategy 29:20 How AI and automation is changing the way we all work 36:18 Some Questions We Discuss: What is the purpose of fear? 4:27 Are all fears the same? 6:53 What is the high road fear? 12:13 What about the low road of fear? 13:23 What kinds of people make the best traders? 32:56 What are the trading mind-hacks for managing fear of loss? 42:05 Resources Connect with us online: Trade Pro Academy Catch up with our earlier episodes: Mind Over Markets Podcast

On this episode of Mind Over Markets, we are taking a closer look at our emotions and - most importantly - our emotional awareness. Emotional awareness is more than just being aware of what moods you’re experiencing. It’s about being able to manage and maintain these natural feelings. All of our emotions lead to thoughts, and you have to be able to manage your emotions before they start to negatively influence your decision-making on the trading floor. Think back to our earlier episodes. Remember when we said all emotions are based in the subconscious mind? That’s because our lizard brains are designed to react to perceived threats with a fight-or-flight response. Emotions trigger this kind of response, but fight-or-flight is really dangerous if you’re a trader. What we’re talking about on this episode are ways you can learn to identify and interrupt this natural pattern before it takes over and starts controlling you and the way you trade.  We’re both sharing our different strategies for maintaining emotional awareness, but first you have to understand what emotions we’re talking about. Take a look at the 8 basic human emotions, and ask yourself which ones often get the better of you: Anger Sadness Fear Joy Interest  Surprise Disgust Shame No matter who you are, you’ve experienced at least one of these emotions this week - if not already today. You can’t really detach the integration of these emotions with your thoughts, but you can control your reaction to these emotions, and that’s what we’re diving into today. Whatever emotion you bring into the trading space, that’s the emotion you’re going to operate in. If you’re an optimistic person, you’re going to have a more optimistic trade experience. But if you’re an angry person, you’re going to be an angry trader, and you might not be too happy with those results. So tune in right now if you’re ready to learn more about your emotions, where they come from, and how to manage them. Because maintaining emotional awareness as a trader is the first step in developing that peak performance state of mind we all need to be the best day traders we know we can be. In This Episode You Will Learn Why and how emotional awareness influences our thoughts and our decisions 0:52 The eight basic human emotions we all experience 12:00 2-WEEK POWER CHALLENGE: The negative emotions you need to control most 25:40 The importance of journaling your emotions while trading 32:02 George’s MCM and other strategies for managing emotions while trading 36:06 How to interrupt your negative emotions at the neuro-physical level 44:32 Some Questions We Discuss Why is fight-or-flight mode so dangerous to traders? 3:03 Why is too much joy just as dangerous as too much fear? 16:35 How can we fight off these negative, forced emotions? 28:25 What are the 5 main components of our emotions? 33:30 What strategies does Mark use to manage his emotions? 39:20 What are session check-ins and why are they important? 48:32 Why is it so hard for humans to be emotionally aware? 51:12 Resources Connect with us online: Trade Pro Academy Catch up with our earlier episodes: Mind Over Markets Podcast George’s favorite book from today’s episode: Power vs. Force by David R Hawkins

Exploring the subconscious influences on decision-making in trading, balancing value and habit-based decisions, common challenges for new traders, importance of developing good decision-making habits, analyzing high-volume trading challenges, conflict between gut feelings and trading plans, making informed purchase decisions, individualized trading strategies for success

Get ready! We’re flipping the script completely today here on Mind Over Markets. Your host, George Papazov, just finished writing his first book and we’re asking him all about it. You’ll discover the inspiration behind his book and the motivations that led him to finally put pen to paper. You’ll even find out how he came up with the title - Path to Profit: A Trader’s Journey to Success. What George shares with us today is that writing a book is a very vulnerable project. But being able to share his story and his journey with fellow trade pros like us is worth every bit of the struggle. Back in our day, when we were first stepping into professional trading, it was really hard to access other successful traders and learn from their stories. Being able to learn through Geroge’s story and what he’s been through is an extremely empowering process and can make you a better trader.  That’s why George included personal questions and exercises at the end of each of his chapters, and we go into some of those exercises today. Path to Profit is more than just an autobiography. Reading this book is like a mindset meditation that can help you on your own journey to trade success. We all know that everyone’s journey is different, and rather than force one kind of strategy on you, George opens the floor to let you explore your options and learn from his experiences. You’ll also hear about some of the big challenges George faced while writing, including how hard it is to actually think of a title. Some of the surprises he faced during this process might surprise you as well, so listen carefully to the nuggets George is sharing today. Especially if you’re considering writing your own book. It’s always hard to open up and reveal your personal story, but George is proof that sharing it with others is the best way to learn, and you can learn a lot just by listening to this episode. Tune in now for the big secret that George reveals at the end of this podcast, and also in the end of his new book Path to Profit: A Trader’s Journey to Success! In This Episode You Will Learn: That your host George Papazov wrote his first book 1:06 How to find the inspiration to write a book 6:33 Your personal journey will never be a straight line 7:50 The significance behind the title of the book “Path to Profit” 12:20 What kinds of questions and exercises are at the end of every chapter 16:45 All about George’s sense of hustle and how it’s impacted his trading 24:30 The biggest highlight of Path to Profit: A Trader’s Journey to Success 31:36 Where you can leave us a review on iTunes 39:18 Some Questions We Discuss: What do you think makes a good story? 2:10 What was George’s favorite chapter to write? 5:45 When did George realize he wanted to write a book for other trade pros? 9:46 What challenges did George face while writing his book? 13:28 What surprised George the most while writing Path to Profit? 19:11 What is George’s biggest motivation? 28:25 Will George spill a secret this episode? 34:00 How can you flip the script on failures and look at them as feedback? 36:13 Resources Connect with us online: Trade Pro Academy Catch up with our earlier episodes: Mind Over Markets Podcast Read George’s New Book: A Path to Profit: A Trader’s Journey to Success Other books mentioned in today’s episode: Market Wizards: Interviews with Top Traders by Jack D. Schwager

If you never thought of trading as a sport, this episode of Mind Over Markets is going to blow your mind. Because you’re more like a professional athlete than you think. Just like playing a professional sport, pulling off trade strategies requires a lot of mental strength and acuity. There’s a lot of competition - and a lot of pressure - out there on the trade floor, and your mental toughness is going to make or break your trading success. Mental toughness is at the core of today’s episode. It’s a term we picked up from one of our favorite books - The New Toughness Training in Sports. In this book, mental toughness is likened to a psychological edge athletes have which allows them to take on the mental, emotional, and physical challenges of the professional arena. Trade pros can develop this same psychological edge by strengthening their inner selves. What do we mean by “inner self”? Well, that’s another concept we’re going into on today’s episode because your mental toughness depends on the strength of your inner self. Think of it this way - inside of you are two people: one is the performer, and the other is the real you. When you’re trading, you’re in performance mode, but that doesn’t mean the real you isn’t participating. Your success on the trade floor depends on how in sync your performance self and inner sef are. When you strengthen your inner self, you give yourself the ability and, more importantly, the confidence to take on those challenging trades and cope with any snags or losses that might come your way. We’re sharing a few techniques today to help you develop your mental toughness, and these strategies will give you the tools you need to strengthen your inner self. Here’s a closer look at the 12 Key Attributes of Athletes that we go over in this episode and how they apply to trade pros: Switching your focus between performance mode and real mode to hone your competitive edge Remaining fully focused in the performance arena despite personal life distractions Thriving under pressure and using competitive energy to bring out the best in yourself Ignoring social media and not being adversely affected by others’ performances Accepting that competition is inevitable and planning ahead Pushing boundaries and battling back through physical and emotional challenges Regaining and maintaining psychological control, even after a particularly bad day Remaining fully focused and maintaining a mental focus meter Finding your internalized motivation for success Having an unshakeable belief in yourself that builds your confidence Bouncing back from setbacks and looking at them as growth opportunities Having an unshakeable belief in your ability to achieve your goals As we go over these key attributes today, you’ll recognize that your sense of self-worth is at the core of each of them. Your belief in yourself and trusting in your trade abilities makes up more than half of your success. Negative thinking will only inspire negative actions, and learning how to apply these athletic attributes to your daily and professional life will hone your mental toughness and definitely give you a brand new, optimistic perspective. Mental toughness isn’t something you’re born with. It can be learned and you can learn how to strengthen it just like a muscle. Everyone possesses the ability to build their confidence, it just takes practice. We want to challenge you guys to cultivate a success mindset and mental toughness with these key attributes in mind. Because competition is inevitable. You’re inevitably going to face pressures in this industry, but you have the power to choose how you respond to these challenges. This kind of mindset will keep propelling your forward through your trade career, and each of these podcasts are opportunities for you to learn and grow. If you’re ready to take the challenge head on, then this is the episode for you.  In This Episode You Will Learn How psychology and mental toughness can influence your trading success 1:47 What it means to achieve IPS: the Ideal Performance State 3:40 The reason trading strategies don’t always work 11:51 The key attributes of athleticism that apply directly to trade pros 16:20 How to use mental toughness on social media and in other communities 24:50 Using a toward-motivated mindset to regain your psychological control 33:21 Questions to ask yourself to uncover and understand your trading motivations 41:55 The top 3 key attributes of athletes and trade pros 44:42 The ability to bounce back from any trading setbacks 51:37 How to develop your mental toughness like a muscle 61:00 Some Questions We Discuss Who coined the term “mental toughness”? 1:08 In what ways are professional traders and professional athletes similar? 7:25 What kind of trading career are you going into? 13:30 How do we thrive so well under the pressures of trading? 19:31 Why are the stories about failure more important than the successes? 30:41 What is George talking about when he says “mental capital”? 35:43 What is the real definition of “internal motivation”? 40:45 Do you have a plan in place to help you handle losses? 47:37 How can you recreate success and avoid losses? 56:15 What are we going to be talking about in our next episode? 59:20 Are you afraid you can’t develop your own mental toughness? 63:00 Resources The New Toughness Training in Sports by James E. Loehr