Watch the Full Trader’s Mindchat Show interview with Rolf Schlotmann here!
Do you want to know how to overcome emotional trading? How to prevent fear and greed from sucking your account dry?
We answered these questions and more in our recent TMC interview with Rolf Schlotmann, the co-founder of Tradeciety, an online Forex community, and he is also the creator of the professional trading journal Edgewonk. After successfully trading, Rolf sold his Mercedes, quit his corporate job in Germany, and started traveling the world. Now living in Thailand, Rolf realized his mission is to help as many traders as possible live their dream.
During our interview, we learned key trading habits to keep the ego out of trading and help ensure long-term success.
Here are the Top Ten Highlights from our Interview with Rolf Schlotmann:
- #1 Predictor for success is curiosity. Try out new things, have passions outside of trading.
- Create your perfect average day. Most people chase big dreams but what you need to do is think about what you want a normal day to look like.
- Do the following exercise: Think about what you need for your perfect average day. The simple moments. Having breakfast with your kids, what type of business are you running, type of people you are interacting with…are they healthy and stimulating?
- This motivating and inspiring exercise will show that you already have the perfect day within your reach and you don’t need millions in your bank account to reach it.
- Don’t let trading results correlate with your self-worth. Many traders who have a bad trading day will take it out on themselves and the people they interact with Don’t let trading results define your self-worth and create a negative impact on your day.
- Have the beginner mindset. It is nice to not be in expert or teacher mode, but when starting something new it stimulates your creativity and challenges you.
- Take the emotions out of trading! Analyze your emotions and identify what you did to cause that reaction (break my rules, too much risk, etc.)? By doing this analysis it will help you catch yourself faster next time it happens.
- Don’t have distractions when trading. We have become so detached from ourselves that we lose the connection with ourselves not just in trading but in our life.
- Meditation doesn’t have to just be in a small room. Meditation is however you are able to bring mindfulness and awareness into your daily life. You don’t just meditate for five minutes and cross it off the list for the day.
- The inner voice can sometimes be harsh. Recommends Napoleon Hill’s “Outwitting the Devil.” The inner voice isn’t always telling the truth so important to identify it and rise above it.
- He stopped drinking coffee before trading, since it is a stimulant and creates more inner turmoil. You don’t need that when you are doing a mental activity against yourself.
- You need trading rules and to have discipline. But it’s ok to introduce something new or to change a variable. Explore and help make it exciting and fun. Introduce one new thing at a time (i.e. setting a new stop loss) and do it for 30 trades. Then analyze the results.
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No matter how you get started, the most important thing I’ve learned is to start! If you are interested in the market, this is the best time to learn and get your feet wet. MARA Wealth is here to help guide you, so you don’t get kicked around as much as we did. Click here to get your free 10-Step course download of The Trader’s Thoughtbox today!
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To continue crushing it with your trading, check out the following MARA blog posts: