24 green months in a row
18 months above 5 figures
3 years working together
I brought this trader from beginner to pro. He left his job and now trading for a living and supporting his wife and two daughters
The story of a man who risked everything
1/10
The debt one year ago was $32.65 trillion, meaning that the debt has increased by $2.35 trillion over the past 12 months.
Read more: https://t.co/rZva8BSnCa
Every trade you put on must align clearly with your purpose as a trader.
Your purpose is your ‘Why’.
Why am I trading?
What is the purpose of me trading?
What am I looking to achieve and why?
Why am I trading this approach and style?
Your trader purpose must be clear and understood by you and needs to match your bigger life purpose
If your trade and your purpose as a trader are misaligned, then you’re setting yourself up for a ‘fail’, or a harder journey to succeed.
My purpose as a trader was clear. I was in it to make money, to provide a better life for my family, to gain financial security and control of my life.
Every trades purpose when I was traded was intended to make that happen by providing at least a return 5 times time my risk and I would not risk more than x amount on each trade, and to risk at least x/3 on each trade, no less.
There had to be clear set-up which suggested that I had (in my opinion) at least a 33% possibility of achieving the above, which clearly defined exit and entry points and an estimated target.
The only other purpose I might trade was to gain a feel for the market by being in it and exposed to it, I was hoping at best to breakeven (on aggregate) on these trades, or keep losses to a minimum drawdown percentage. As long as I knew the purpose of these trades and what they were for this was be fine. The size of these trades was anywhere from x/5 to x/10.
When you start taking trades that don’t align with your purpose, that’s when your trading starts to falter.
Examples including:
Goal orientated trades: I.e I plan to make x thousands of dollars per month or year. (That’s only ok if the goal derives from the purpose, not where it precedes or overrides it).
Proving yourself and fulfilling your need to be right (ego orientated trades)
Most trades where we take the trade for a bad reason and fall into these categories
- Hope trade
- Revenge trade
- FOMO trades
- Because you’re jealous others are making money, or you perceive they are.
- Because someone else put the trade on and you want to follow them. (That’s ok if the trade aligns with your purpose, otherwise, it’s not, and it probably won’t)
- Boredam trades; You think you should be doing something.
Your process exists to help you achieve your purpose. And your goals should align to your purpose and should be subordinate to it.
Successful traders remain present to their purpose and their process. However often you will be taken away from your purpose by your ego. At these moments you become absent to your purpose and your process becomes owned by the market. This is where you go off track.
Remaining present to your purpose and process is incredibly challenging. Your are fighting an alliance of powerful forces which are co-opting your ego to help achieve this aim and through you off track: Loosely these can be summed up as your opponents, other people, the markets.
Whatever happens when you lose your purpose and no longer act with purpose, is you need to rediscover and get back to your purpose. Whats done is done, what’s gone is gone, what’s happened, has happened. Let-go, accept it, put it behind you. Get back to your purpose.
A focus on purpose and the subject covered in this thread are explored in depth, within the context of the challenge of trading, in my book ‘Mastering the Mental Game of Trading’.
The book is available at these links:
https://t.co/qgH2nVF36z
Discretionary trading failed to make me profitable.
So I spent 10,512 hours learning how to be systematic over 3 years & helped 92+ Traders Backtest Their Intuition Into Data-Backed Strategies.
I've put all my Backtesting Knowledge Into 1 Bootcamp.
Here's a Topic for free ↓↓
I've watched more than 1000 hours of trading content,
It has been the cheat code to skipping years of mistakes,
By learning from others.
Here're 5 Trading lectures that hold the biggest ROI on your time:
-- 40-years ago when I told my family and friends I was going to be a stock trader, I was told all the reasons why I shouldn’t and couldn’t. It’s gambling, it’s not a real job, they said.
-- When I made my first million dollars, I was told I was lucky.
-- When I won the 1997 U.S. Investing Championship with a 155% return, I was asked... did you get lucky?
-- When I returned 33,500% in just 5-years with every year up triple-digits, I was told I was in the right place at the right time in a bull market (again luck, lol!)
-- When I landed Soros Management as my biggest paying consulting client, I was told I got a lucky break (again, luck? I must be the luckiest guy in the world… lol!).
-- When I was included in Jack Schwager’s Stock Market Wizards book, I was told that the best traders were already in Market Wizards 1 & 2. (I wonder if the they told Steven Cohen the same thing).
-- When I made my first $10million, I was told that there are many people who are richer than me.
-- When I made my first $20million, friends questioned and asked, “yeah, but are you happy?” They still ask that today. The answer is HELL YEAH! (Money is just a magnifier, if you're unhappy, money makes you rich and unhappy. If you're an asshole, money just makes you a rich asshole.)
-- When I told my people I was going to write a best-selling trading book, they said, what do you know about writing, you’re not a writer.
-- When I told people I was going to write a best-selling mindset book, they said, what do you know about mindset? You’re not a psychologist, you’re a stock trader (well, at least now I was accepted as a stock trader). I now have 4 best-selling books in 14 languages.
-- When I told people I was going to enter the 2021 U.S. Investing Championship, they said, it’s all downside, why would you risk your reputation? I won with a 343% return and broke the all-time record in the $1million+ accounts.
You see, there will always be people like this in your life; those who discourage, those who lack vision; the skeptics, the followers, and even those that truly care about you who are trying to protect you from disappointment. If I had listened to them, I would have quit and never accomplished the greatest achievements in my life, and I wouldn't be here today inspiring others.
If you listen to these types of people and believe them instead of believing in yourself, you will allow them to steal your dream and you will never accomplish what you are truly capable of.
Expect to be doubted.
Expect to be discouraged.
Expect your family to be scared of your big dreams.
Expect to be envied.
It’s all part of being exceptional. Embrace it, smile, and get back to the work of moving closer to your dream each day, little by little.
If you persist unconditionally, you too will amaze the doubters and earn the respect of critics. You will become the champion of your own life, and you will help change the world in a positive way.
Best wishes, love and blessings.
Have a wonderful day!
Mark Minervini
Help me inspire the world. Retweeet this post please.
#motivation #motivational #inspiration #inspire