1 Year of Trading Lessons in 18 minutes. No BS.

Summary

In this video, Steven from Elite Trading Mindset shares essential lessons he's learned from over a year of trading futures. He emphasizes the importance of starting with the right motivations, sticking to a proven system, and the crucial role of psychology in trading success. Steven stresses the need for patience, discipline, and mentorship while warning against the temptation to seek shortcuts. He concludes by encouraging traders to never quit, as perseverance is the key to long-term success in the markets.

Takeaways

• 😀 Trading is a mental game: It requires emotional control, consistency, and patience to succeed.
• 😀 Avoid shortcuts: There are no quick fixes or magic strategies in trading. A systematic approach is necessary.
• 😀 Start slow: Focus on paper trading first to avoid risking real money before understanding the system.
• 😀 Find a mentor, but be skeptical: Make sure the mentorship you seek is grounded in real experience, not just marketing gimmicks.
• 😀 Learn from both wins and losses: Every trading experience is an opportunity to improve your system and mindset.
• 😀 No one becomes an expert overnight: Success in trading requires time, dedication, and continuous learning.
• 😀 Stick to your system: Avoid jumping from strategy to strategy. Consistency with a well-thought-out plan is crucial.
• 😀 Confidence is key: You are the only one who truly believes in your potential—don't quit when things get tough.
• 😀 Persistence beats quitting: Many failures happen just before success—don't give up when you're close to achieving your goals.
• 😀 Understanding your system is vital: Know why you're using specific strategies and how they align with your goals.
• 😀 Trading is a journey, not a destination: Expect ups and downs, and be ready for long-term growth and development in your trading career.

Q & A

What does the phrase '6 feet from gold' refer to in the script?

The phrase '6 feet from gold' refers to a story where a prospector, after digging for gold, quit just 6 feet from striking it rich. The next person who bought the land found the gold, highlighting the importance of persistence and not quitting too soon.

How does the script emphasize the importance of persistence?

The script emphasizes that quitting removes any chance of success. It shares the story of a prospector who quit right before finding gold and compares it to Steve Jobs' persistence, showing how perseverance leads to eventual success.

What role does self-confidence play in the message of the video?

Self-confidence is portrayed as crucial because, in the end, you are the only one who truly believes in yourself. If you lose that confidence and quit, your chance of success diminishes entirely.

How does the script connect Steve Jobs' story to the lesson being taught?

The script uses Steve Jobs' story to illustrate how persistence pays off. Jobs, after being ousted from Apple, founded Next and Pixar, and later returned to Apple to become a billionaire, showcasing that resilience and determination can lead to great success.

What does the script mean by '90+% fail rate for those who quit'?

This refers to the high failure rate that those who give up encounter. The script stresses that if you quit, you guarantee your failure, but if you keep going, you stand a much better chance of success.

What is the key message about quitting that the script conveys?

The key message is that quitting guarantees failure. By staying in the game and continuing to push through challenges, you increase your chances of success, even if you face setbacks.

How does the script relate to the psychology of success?

The script highlights the psychology of persistence, emphasizing that believing in yourself and not giving up, even when things seem tough, is a crucial mindset for achieving success.

Why is the reference to 'Lead Trading Mindset' important in the video?

The reference to 'Lead Trading Mindset' is important because it sets the context for the video, suggesting that the principles of persistence and resilience are applicable in trading and in broader life situations.

How does the script encourage viewers to engage with the content further?

The script encourages viewers to subscribe to the channel and join the Discord community, indicating that there are additional resources and discussions available for those interested in continuing to learn and grow.

What does the script suggest about the relationship between failure and success?

The script suggests that failure is not final if you do not quit. The path to success is filled with challenges, but those who persist despite failure are the ones who eventually succeed.