Have you ever gone to a gym or been to a beach and saw those guys with the gigantic arms and scrawny little chicken legs?
This reminds me of a lot of traders… Way too many traders treat their trading like this. They focus on charts and not much else.
Are you guilty of this? I was at one point.
From my own experience and from the traders I’ve spoken with over the years, this never ends well.
Most blow up their accounts.
Only a few persevere long enough to learn that it takes a helluva lot more than charts to be a successful trader!
What Leads ALL Traders To Success…
Whether they realize it or not, ALL consistently successful traders follow the Trading Mindwheel.
You might be thinking “WTF is a Mindwheel?”
It’s the 7 core things all traders need in order to zoom down the path of success.
When any one of these are missing, it’s like trying to drive on a flat tire.
If you’ve ever felt stuck at any point in your trading, I can guarantee it’s related to a hole in one or more of these areas.
Mastering the Mindwheel IS your ticket to trading success!
Where To Start?
Are you a newbie?
If you’re relatively new to trading, start with 1. Environment and work your way around the wheel.
Have you been trading awhile?
If you’ve been in this game a while, do a self assessment. On a scale of 1 (I suck) to 10 (I’ve completely mastered this), how do you rate yourself in each of the 7 Mindwheel categories?
The more honest you are with yourself, the faster you’ll be able to patch those holes and get speeding toward your goals.
The 7 Core Parts Of The Mindwheel
Does your trading environment fit you? When was the last time you checked? Do you have clarity? Could key elements have greater clarity?
2. Trade Style
Have you explored a variety of trading systems and styles? Have you found the timeframe that works best for you? That feels right? There are thousands of tactics, the key is lining it up with your personality.
Where do your trades fall on the Fear vs Greed spectrum? Are you closer to the betting the farm type or clinging to pocket change? Winning traders find balance, leverage, and asymmetric reward:risk. They manage it throughout the trade.
4. Pattern Mastery
The market IS human emotion on parade. We can see collective hope, fear, & greed materialize before us. Learn how to read it.
5. The Art Of Trading
Betting the right amount at the right time, and ensuring it happens rests not only on you, but on your team (including your broker). The Trade-Emotionator can help your figure that out!
6. Write Right
Trading w/ clarity involves writing out your plans, reviewing them, and tracking them. It helps us learn and evolve. The Trade Tracker gives you core questions to ask yourself on every trade.
You made some great trades, made some money, but riches and wealth aren’t the same thing. What are you doing with it? How is it continuing to grow, to serve you, to serve others?
This is the step that keeps tread on the tires. Keeps you motivated. Helps you enter the top 1% of traders in the world.
Neglect this step and eventually your tire becomes bald. It’ll get a flat. You’ll lose your passion and end up walking the rest of the way.
You Don’t Have To Go It Alone
Trading is akin to learning how to ride a bike. You can learn on your own or have others help you.
Whether you have help or not, you’re still going to take some bumps along the way.
The difference is that you’re FAR more likely to learn how to ride if you get help and you’ll be doing it a helluva lot faster too!
No one talks trading like this.
That’s why I’m constructing this blog, developing a course, writing a book (look for it mid-2020), and coach traders one on one.
Want me to be YOUR trading coach?
I’m very picky about which traders I work with. I only work with serious action takers who are open minded.
If that sounds like you, check out the rest of the details on the coaching page.
Book the FREE 20min Sesh and we’ll assess where your trading is at right now. Where you’d like it to be. And the steps needed to get you there.
Michael Lamothe founded MARA in 2018, and his mission is to help traders succeed in the market by focusing on mindset. Michael has helped thousands of traders through his methodology. He is an international speaker, presenting at AAII, Stocktoberfest, Benzinga’s Global Fintech Awards, and more! He’s also been featured on NASDAQ Live.