Wall Street Trader Reveals How to make Trading a Career

Summary

The speaker discusses the intense regimen and sacrifices he made to reach peak trading performance, like waking up at the same time daily, not socializing, and constantly reviewing and analyzing. He notes that this level of grit and determination is unsustainable long-term without burnout. Hence he now works with a psychologist to build an optimal trading environment and culture, manage stress, and explore self-actualization. Ultimately, becoming an elite trader requires self-improvement, finding happiness in the process, and applying the psychological disciplines to all aspects of life.

Takeaways

• 😀 Success requires sacrifice - Steven gave up a high paying job out of college to rigorously train as a trader
• 👨‍💻 Deliberate practice over many years led to elite performance for Steven
• 📈 Steven optimized every part of his life for peak trading ability - sleep, diet, exercise, etc
• 😴 Lack of sleep knowledge 10 years ago led to suboptimal routines
• 🧠 Psychology and self-actualization became critical to Steven's development
• 👥 Having a trading psychologist helped build an elite performance office culture
• 📉 Steven advises that general trading advice rarely helps since problems are individual
• ❤️ Modern traders are wiser about burnout, sickness and rest
• ⏰ Steven admits his previous machismo approach often backfired
• 😌 Trading psychology parallels broader life lessons on happiness and fulfillment

Q & A

What did Mike sacrifice in order to focus intensely on trading and reach peak performance?

Mike sacrificed going out, having much of a social life, and making a higher salary that he could have earned with another job. He was extremely regimented, working long hours focused only on trading with no distractions.

What mindset allowed Mike to maintain such intense focus and performance over years?

Mike had a one-track mind and saw the long-term potential of what trading success could mean for his life. He loved it, found it intellectually engaging, and was passionate about it.

Why does Mike say most people can't sustain the level of performance and intensity he maintained?

Mike says most people only sustain that level of focus and intensity for weeks or a couple months before burning out. But he kept it up for years because of his motivation and seeing the long-term benefits.

Where did Mike gain some of the knowledge about things like sleep, meditation, etc. that are common today but not 10 years ago?

Mike gained much of that knowledge through extensive reading and trying to learn concepts and apply them to his trading. There was no set rulebook, so he had to experiment and figure things out himself.

What does Mike say is an example of the evolution of trading psychology over the years?

Mike gives the example of previously pushing through sickness, sleep deprivation, etc. out of a kind of machismo attitude. Now it's accepted that you should rest when sick because it leads to better performance overall.

Why might a trader work with a psychology coach?

Reasons could include specific trading obstacles, stress/anxiety issues affecting life, going on tilt, hyper-competitiveness, being in a slump, optimizing their environment and culture, and exploring meaning/purpose beyond just making money.

How can the self-examination involved in trading psychology carry over to benefit other areas of life?

The skills of self-examination, discipline, systemization, and happiness from process over outcomes that make someone an excellent trader can lead to excellence and continual self-improvement in other areas of life as well.

What does Mike say is an indication that a trader has evolved to a more mature mindset?

Mike says a sign of a more mature trader is shifting from being motivated mostly by money, fame and fortune to finding deeper fulfillment from continual self-improvement, discipline, and happiness from the process itself.

Why does Mike continue to meet with a trading psychologist even though he is not actively trading now?

Mike continues to explore principles of self-actualization, fulfillment, and how to continually strive to be a better person, which boosts all areas of life including relationships and philanthropic pursuits beyond just trading.

What transferable skills make an excellent trader likely to succeed at most other jobs as well?

Skills like systemization, breaking complex tasks down, discipline, process optimization, and continual learning/adaptation can lead to excellence in many jobs beyond just trading.