Emmitt Smith discusses his transition from trading with Forex prop firms to Personal Capital, emphasizing the higher barrier of entry and ease of extracting money from the markets. He highlights the importance of data and routine, noting that he trades the same pairs and setups daily.
Emmitt stresses the significance of emotional control, risk management, and consistent data collection. He advises traders to avoid emotional trading, maintain a foundation, and focus on long-term data to optimize their systems.
Emmitt also shares his experience of transitioning from a nine-to-five job to full-time trading, the challenges faced, and the importance of accountability and routine in achieving trading success.
Podcast Interview
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Interview Link
YouTube – @emmitt.trades
Instagram – @emmitt.trades
Emmitt’s Trading Strategy
Key Lessons
[01:15] The higher the barrier of entry into the markets, the easier it is to extract money from the markets.
[02:38] If you don’t have at least six months of capital saved up for your life, trying to make a transition into trading will likely result in emotional trading.
[05:09] Routine is everything; waking up at the same time, trading the same pairs, and following the same setups leads to consistency.
[06:26] Sticking to a foundation and getting your routine is what brings you to a level of being able to make minor adjustments to become a better trader.
[08:27] Math doesn’t lie; understanding the probabilities and executing a system consistently is key to profitability.
[10:19] If the data you’re looking to optimize is skewed by emotions, you won’t achieve the results you’re looking for.
[12:11] Emotional trading is what catches 98% of failing traders; it’s crucial to be real with oneself about trading performance.
[15:58] FOMO can be managed by sticking to a personal trading routine and avoiding distractions from social media.
[23:07] All doubt comes from a lack of confidence within your system, which can be overcome through time and data.
[30:33] Things take time, and executing the same exact strategy over and over again will lead to improvement.
