157: “Every Trader Has An Unfair Advantage!” (@EminiMind)
Every Trader Has An Unfair Advantage!
In episode 157 of the Desire To Trade Podcast, I interview Tim Racette, a successful day and swing trader behind the blog EminiMind. Tim is also on a different podcast which I used to listen to before starting my podcast.
He shares his story as a successful trader and highlights several important lessons about success in the field of full-time trading. We talk about goals, challenges, going to full-time trading when you have a full-time job, how to combine the two and a lot, lot, lot more.
Watch the video interview here.
Topics Covered In This Episode
- What Tim Racette does, who he is, and a bit of background about him [1:44]
- Why and how Tim Racette started trading [2:18]
- Tim Racette’s mentors [4:46]
- Strategies that Tim Racette used in the trading pits [6:06]
- How Tim Racette evolved to trading on his own even with an unfair advantage [7:53]
- Tim Racette’s trading style and being comfortable with the idea of being different [10:13]
- Things Tim Racette had to do to go full-time trading for himself [12:50]
- If day trading was a necessity to trade full-time [14:57]
- Things that Tim Racette sees in people that they get wrong [15:52]
- The feeling of “going too fast” in the process of trading full-time and what to do about it[19:46]
- How traders should set goals at the beginning of the year [21:54]
- Starting with something basic and then tweaking it [28:09]
- Personalities outside trading that can help you become a better trader [29:12]
- Failing in business but what you should do after and keep trying again [30:25]
- Creating multiple streams of income as a trader [34:26]
- The schedule or regimen Tim Racette follows [39:01]
- Things or behaviors that people need to work on and adapt to become great traders [40:58]
- Goals Tim Racette has for the future [44:21]
- Doing back-testing and forward-testing for his ideas [45:54]
- One piece of advice or one action step people should take to become better traders [47:41]
- SPONSORED: Shoot an email to Jerremy Newsome
- Goal Setting Ideas for Traders
- Tim Ferriss and The 4-Hour Workweek
- Jim Collins
DesireToTRADE Top Resources
- Desire To TRADE Forex Trader Community (free group!)
- Complete Price Action Strategy Checklist (free checklist!)
- One-Page Trading Plan (free template!)
- DesireToTRADE Academy (exclusive training program)
How To Find Tim Racette?
What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!