Watch the Full Trader’s Mindchat Show interview with Moritz Czubatinski here!
Do you have clarity in your trading? And what is the future of trading? Will Artificial Intelligence have a more significant impact in trading success?
To get more insight into these important topics, Mike and I recently interviewed Moritz Czubatinski on the Trader’s Mindchat Show. Moritz is the co-founder of Tradeciety, PatternAlpha and the Edgewonk Trading Journal. Moritz has been trading for 10 years, as a day trader. He trades FOREX and some commodity/index CFD’s. Previously, he was a professional poker player and he currently resides in Hong Kong.
Here are the Top Ten Highlights from our interview with Moritz Czubatinski:
- No Better Teacher than Experience. You can’t teach trading in a month. For example, if you start out trading in a bull market, it will be very different than when trading in a bear market.
- Mindset is Everything. Psychology very similar between trading and playing professional poker. Even if you do everything right you still are going to lose in the short run, but in the end things fall into place and you can make up the losses in the long game.
- Maximize Profits When in a Flow State. Once you get into the flow, you can see through the matrix and can extract multiple volume from the market.
- Bet more money when you are making money. When you are trading and making money, increase risk. When losing money, decrease risk.
- Journaling is Key. Journaling allowed him to go back and see what was working versus what wasn’t and make appropriate changes.
- Explore Your WHY: You need to explore your WHY…and why you are trading. Your motivation to trade ten years ago will be different than now…and your “WhY” will evolve again ten years from now.
- Find Your Greater Purpose. For many traders when they start out they get into trading to escape the rat race and make money to buy Ferraris and other luxuries. But these things don’t make you happy. There is a greater purpose.
- There’s a Trading Style for Everyone. You can find a trading style that is right for your lifestyle and figure out what you can execute well.
- #Essentialism is a philosophy that says you need to stop trying to do everything. You can’t be a trader, musician, writer, all at the same time and not make meaningful progress. Focus only on what you want and what you want to get out of it. If it’s trading, focus solely on trading, and what you want out of trading.
- AI Helps Take the Guesswork Our of Trading: AI (Artificial Intelligence) helps him automate a lot of the work through his new product PatternAlpha. Gives him confidence that the probability of this will work in his favor. It’s a congruent approach by still using your brain and trading knowledge and system, but combining it with the AI automation to help save time. .
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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.