How can a competitive spirit lead to trading success? Well, among many things, it can help keep you in the game!
On our recent Trader’s Mindchat Show episode, Mike and I had the pleasure of chatting with Akil Stokes, co-founder of Tier One Trading. Akil is an expert trader, business owner, and through his sports background he understands the importance of how building a competitive spirit can help self-motivate you to keep growing with your trading.
Watch the full “Trader’s Mindchat Show” episode with Akil Stokes, here…
Here are the Top Ten Trading Highlights with TierOne Trading Co-Founder, Akil Stokes:
- Always Be Forward Thinking. Even when working three jobs, Akil thought about his future self and realized he had to take a leap of faith to quit his jobs and go all in with his trading and trading business.
- When the Game’s on the Line, Be the One who Wants the Ball. Akil was always the one on the football team when the game was on the line, he wanted the ball. He may not have always been the best player, but he knew he was the best one to perform strong under pressure and when it counted This same idea correlates with trading and to train yourself to be able to manage yourself to handle that kind of pressure.
- Develop a “Must Win” situation. Akil developed a competitive spirit from sports at a young age and that you want to do something to win. It feels better when you win. Fighting every day for a spot on the team. If he doesn’t get it, someone else will. Being competitive molded him into the person he is today. Good at self-motivating.
- You Can’t Predict Outcome of a Trade but You Can be very Consistent with Process. Coaching track and field helped him always looking at big picture. Process over outcome.
- Run the Perfect Race! It’s not about coming in 1st place. It’s about executing it right. Results that you want will come if focus on executing process correctly you will get the outcome you want.
- Grade Ourselves in Different Aspects of the Trade. Think about where my faults lie and what needs to be fixed. We’re only humans we make mistakes. He grades himself on four main points: Entry, Exit, Trade Management and Overall analysis.
- Get an Accountability Partner: If it’s challenging to be critical of yourself, get an accountability partner. This constructive criticism will help you get better at your next trade.
- Having a Strong Team is Essential. When you have the right people working together you are unstoppable.
- Fear Can Propel You Forward. Success didn’t come until Akil hit rock bottom. He finally did things the right way based on his mentor’s advice and turned things around. Did things the right way and was rewarded for it. More belief in himself and built confidence. No longer acted on emotions.
- Effort + Time = Success Anyone can be a trader if put in the work and develop the skills. You can live the life you want to live. “Live my life on my own terms. With trading you will have freedom of time, location and there’s no ceiling. There’s a floor too, but the floor is on me. As a competitor, I will bet on myself all day long!
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