Being able to pack into an episode, not just one trader, but 1000’s of them, is a real treat. Today you’ll hear Matt Zimberg (owner of Optimus Futures brokerage) give you insights into the habits of thousands of traders that have passed through his firm.
You’ll hear what works, what doesn’t and how you might overcome some of the common issues faced by traders trying to make it.
You’ll also learn what the successful traders do and how you can emulate their behaviors.
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[12:05] If you give a beginner trader the right information, not just the reward side of trading but also the challenging side of trading, then they will know how to withstand those challenges and also develop a plan to conquer those challenges.
[13:00] Choose an asset class which is right for you.
[18:00] If you haven’t done things in your life that are very high risk, or you never took any risk or you feel you’re very risk averse, maybe that’s not the asset class for you.
[20:34] If you are not a quick decision maker and you get into the futures trading business, it will be challenging.
[23:42] Sometimes it’s very hard to understand that trading is so fluid, that anything can happen.
[24:28] Do things slowly and you’ll have a chance to learn the business. If you’re in a rush and you want to turn your money in 5-fold immediately, that’s not going to work for you.
[26:08] Realize that whatever analysis that you do, it’s not a forward-looking thing, it’s a probability thing.
[26:20] All you want to do is find probable setups and not guaranteed setups because they don’t exist.
[26:53] Trading really is about managing risk.
[27:07] Good trading is a result of good risk management.
[37:14] Good traders are good risk managers.
[28:36] Understanding that trading is not guaranteed. Understanding that sometimes you can have very bad period in trading. Then you’ll start approaching things a little bit more realistically.
[30:59] You can reduce your frequency of trading. Don’t get into vengeance trading.
[35:44] Whatever you do in paper trading does not translate into real life.
[35:51] Honestly paper trading to real trading is going kindergarten to university. That’s the gap that you’ll experience psychologically between the two.
[37:14] Having low day trading margin is not a privilege, it’s a higher level of risk.
[38:35] Don’t jump method to method.
[39:21] Real trading is done with real money. You’ll never be a real trader if you don’t have skin in the game.
[40:44] Find something that works for you. Don’t try to imitate anybody else.
[48:39] A good mentor, a really truly good mentor, does not give people methods.
[50:36] What people should look for in a mentor is somebody that teaches them the foundation of trading.
[63:28] Trading is a business of decision-making. You’re in the business of becoming daily a better decision-maker.