If you’re thinking about taking the leap and quitting your day job to become a full time trader, it’s important to understand the pros and cons of trading as a career. On the Trader’s Mindchat Show Mike was recently joined by special guest and long-time friend, Anthony Baker, a 12-year commodities broker on Wall Street.
Anthony shared his story of how he got started trading full time, how to manage risk, budgeting for your household when you don’t have a steady income, and how to come back from a significant loss.
Watch the Full “Trader’s Mindchat Show” interview with Anthony Baker here…
Anthony (AJ) Baker was a successful commodities broker on Wall Street for 12 years before retiring at the age of 40. Now living in Myrtle Beach, SC, and building his dream home, he is helping to mentor other traders along their trading journeys.
Here are the Top Ten Trading Highlights with Commodities Broker, Anthony Baker:
- Be comfortable with what you’d be willing to lose. Even the best brokers have lost money.
- Understand Risk Management: You have to risk to make money and you have to lose to gain money sometimes.
- Don’t let your emotions rule the day! Trading can affect you mentally. It’s important that you learn to try to take the emotions out of trading
- Gain Consistency with Your Trading: Before taking the leap to quit your day job, be sure that you gain consistency in your trading.
- Don’t put all your eggs in one basket. Start off small, or try a practice account. Don’t go all in, especially if you are still learning.
- Learn first before jumping headfirst into trading! Learning never stops. Anthony spent two years as a clerk, learning as much as he could before jumping into the ring and trading full time.
- Find a supportive community! AJ had mentors of more seasoned brokers teaching and sharing their positions and thoughts to help him continue to get stronger with his trading.
- Be Humbled and Learn from Your Mistakes- AJ nearly quit after losing 90% of his account in one day, but came back smarter and better prepared.
- Anyone can come back from a loss. Don’t throw in the towel yet. That same loss AJ had, other traders had risked much more and still managed to find a way to come back.
- Take Time for Self-Examination: Trading can affect how you sleep and how you think. There’s a lot of self-examination needed. Don’t trade based on how you feel, trade based on what is technically possible.
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Melissa Lamothe is a bestselling author and co-host of “The Trader’s Mindchat Show” with husband Michael Lamothe. Melissa has 15+ years of marketing and writing experience and is the marketing director/content supervisor for Mara Wealth.