December 18th, 2023
As I prepare to close down my trading for the rest of the year, I pose this question to all of you: Why did you start trading? I ask because it helps realign your mindset when you’re in front of your screens. For most of us, it was the allure of money and ‘financial freedom’ that drew us to this business. The idea of making substantial amounts of money without a boss or a strict schedule.
I came from the trading floor at the Chicago Mercantile Exchange, where I witnessed traders parking their luxury cars on P1, coming and going as they pleased, and living life on their own terms. They would hit the East Bank Club in the morning for a workout, trade for a few hours, indulge in fancy restaurants with $2-3k tabs for lunch, then return to trade the closing bell and make thousands of dollars. After work, they would stop somewhere for a drink or two or three 🙂 before heading home to do it all over again the next day.
That was the lifestyle I witnessed and eventually led for over a decade before leaving the floor and moving to Florida. However, it didn’t start off that way. It began as a disaster. I entered the business solely focused on the need to make money, which was the worst possible mindset to have. I wasn’t focused on the process behind undertaking the daunting task of becoming a trader. It wasn’t until I blew up my account (I blew up three $25k accounts) and lost my opportunity in this business that I truly began to slow things down and treat it with the mindset it deserved – as a business. A business that offers the potential to make loads of money without a boss and with a flexible schedule, but not without sacrifice, dedication, and hard work.
At the start of the month, I tweeted that most traders tend to blow up their accounts during this time of year because they feel the pressure of the holidays and the need to make money. They adopt a mindset that works against them. The mentality becomes, ‘I need to make money right now.’ Anytime we prioritize time over process, we regress. When we began trading, our mindset revolved around the need and desire for money, and more often than not, we ended up losing. It’s only when we slow things down, think long-term, and shift our focus to building a plan, a strategy, and an edge that we start progressing as traders.
The holidays make us feel as though we need again, maybe not things that we need, but we need to do for our families, and I get that. I’ve been there, but when I put that pressure of needing money from the market, I always regress. And not just with my capital, but with my mental and physical overall well-being. This holiday season, slow things down, give yourself the gift of time, and focus on the needs that help you progress into a prosperous future. I am signing off for the year and will be back in 2024. I want to wish all of you a joyous holiday season, happy Hanukkah, merry Christmas, and a wonderful new year. Cheers, DELI
