Podcast: The Daily Ticker EP 11 | How Successful People Think. Mastermind Recap

The Daily Ticker: EP 11-How Successful People Think. Mastermind Recap. Today's podcast goes behind the scenes of my recent mastermind event in West Palm Beach FL. 

These events are for high achievers to share what's working and why. A huge part of the discussion key is taking action on the how. Strategy, tactics and the reasons why they work give you a path, but without action the information is worthless.

Taking action in the face of uncertainty, and dealing with adversity is a skill. And today you'll learn exactly how to add these important steps to your trading goals.

We dive into the habits and mindset of those who seem to be winners in everything they do. 

If you always feel close to success but can't seem to get to the promised land, today's episode is for you.

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 Hey everybody, it's Pete. Welcome to today's episode of the Daily Ticker Boy. We have a really exciting one for you today. Just last week, we actually held our in-person mastermind event down at West Palm Beach in Florida, right on the ocean, two days of just amazing people sharing the actual action steps that they're taking to be successful.

We all know that there's this really fine line between, I know everything about trading, or I know everything about success, but I haven't really quite achieved it yet. Versus you are somebody who's on the other side and producing those big results that everybody dreams about. But what's the difference?

What separates somebody who knows everything versus somebody who's actually doing it and making it happen? That's what we're going to discuss here today. So sit back. Download this podcast. You're probably going to want to listen to it a couple of times and take some notes, leave a comment, let me know if you have any follow up questions.

I'd love to hear because this kind of personal development success stuff is really the foundation underneath all of the trading strategies. Buckle up. This is going to be a good one. Hope everybody had a nice week. Just an amazing event this weekend. Excuse me this week. Got to meet some members of the community in person, which is just a whole other level of engagement.

And you put a three-dimensional picture around who everybody is. And just being able to hug somebody, say hello, see somebody, smile in person. There's nothing like a live event. So I really hope that everybody's planning on coming in October which is going to be a little bit bigger event, but it's also still going to be on the ocean in West Palm Beach.

We have everything all planned out. We actually have the initial speakers that are going to be, that are going to be involved. So if you can make it, we'll remind everybody about all the details and everything, but absolutely excited to see everybody. I do want to touch on one thing that was brought up at the event.

One of my friends slash business associates spoke at our event and he was, he worked for a proprietary trading firm in New York City. We actually were at the same place at the same time. So we, we've been friends probably over a dozen years now at this point. And he gave some amazing insights into The difference between seven figure traders and everybody else.

And I thought what was interesting is he had mentioned that it's not really so much about having a earth shattering strategy, but he said that the two biggest things that seven figure trade, actually three things. Number one is understanding when to trade the right size. Number two is obviously dealing with the ups and downs of.

The market and your p and l going up and down with it. But the one thing that I thought was really interesting that we paused on when he said that seven figure traders are data junkies when it comes to their trade track record. And he said it a couple of times, he kept saying, data junkie.

And he basically was saying they track everything, which trade they made, which trades made money, and then over time they start to see patterns in their own trading and eventually gravitate towards understanding when to size up and when to pull back. And I thought that was fascinating. I don't think it was really anything that, I don't think it was anything that was expected, quite honestly.

I don't think it was a topic that was expected when you would ask what is, what's the difference between a seven figure trader and everybody else. And he was very clear that they are very proficient and dedicated to tracking their results over the week, not trade by trade, but over the week they'll track a trade by trade, but then look for patterns of not only which patterns they trade, what kind of market conditions, whether a lot they make more money, long or short and all those kind of things.

So I think that's something we might want to be diving into a little bit more detail on a follow up coaching call. Maybe we'll plan a little bit something out. Probably not something for Monday. Just because we have so many other things going on right now. Specifically the website, we are going to be probably tomorrow night we are probably going to be giving everybody access to the new site and have an instructional video on how to take advantage of it and all that kind of stuff.

I know we've been talking about it for a while now, and this is going to end up being a big part of the weekend. So look for an email probably late tomorrow afternoon, if not tomorrow night, with how to get in there and how to access everything. We're still working out the kinks but we're pretty much there.

We're also going to have inside of the education portal how to use the entire site and how to take advantage of it. Obviously order flow Pro members are at the top of the food chain. So there's going to be a whole bunch of different stuff in here. Stuff that we already have and stuff that we plan to do.

But the new forum is going to be a little bit different than what we had before. So I just want everybody to know it's coming tomorrow afternoon. You'll have your logins and exactly. How to take advantage of it. And everything that we see on the screen, we'll make a little bit of a make a little bit of a course, really two to three minute videos on how to best take advantage of each part of what's on the software.

But I, again, I do want to really throw that out because yeah it's super interesting, isn't it, lj the I don't think that anybody expected him to say that. And I think it was really interesting and obviously it's been sticking in my mind since that moment of how I can translate what he meant by that into what we do and how we can take advantage of it as active traders.

And it doesn't matter if you're day trading or swing trading, and it will, we have a couple of softwares that we've mentioned in the past. That I'll bring back up on a coaching session that we haven't really discussed in a while. There's a couple of really good platforms that can track everything you do and give back all the metrics and maybe what we'll do is we'll crowdsource it, we'll have everybody take a look at them and then maybe give some feedback on which ones are the best.

I think probably the one trend. Trend view, I think it's called. I'll take a look. I'll, we actually have a blog post in the forum that has all of them. I have to find that exact blog post. But we'll, it'll definitely be something we speak about on Monday. And then maybe as the next week unfolds, we'll get a little bit more detail on how we can all use it together.

Because look, to have, just to give everybody some context for why I'm bringing this up. Mike, who spoke. A couple of times and everybody had a chance to meet him at dinner. We ended up having dinner for the community at Ruth's Chris. And Mike actually sat down with Lynn and Jane and a bunch of other people and gave some kind of different, in different insights on what it's like to really have a good relationship with your broker dealer.

He actually did a whole breakdown on understanding the costs of. That you're actually charged on a, a common basis inside of, what we do and we just take for granted that our broker dealer is charging us the right fees. So Mike also gave us a breakdown of what those fees are and how to pay attention to them.

But again, I just want to give some context. Mike. At that time, that firm had well over 600 active traders who were licensed. The mike was in charge of growing that business and managing risk. And I had mentioned a number that I thought that they were managing and trading on a daily basis, and I was completely off.

I thought it was more in the tens of millions of dollars. I probably, I was thinking somewhere in the 50 million range, but the number was actually well over 200 million that they were managing on a daily basis for their active traders. So he's, if you know when somebody like that tells you what was going on behind the scenes As far as what separated somebody who was successful and from somebody who wasn't.

Take that as something you really need to listen to and again, guy, thank you for that. For those of you that were in the room with us at that part, and took, were able to meet, join us at the Mastery Collective this week. Mike really broke down what it was like to be.

To see your broker dealer as a partner. He also broke down the difference between locates and hard to borrows and a whole bunch of other things like that, including fees and payment for rotor flow. It was really a fascinating really a fascinating moment that was awesome. Just to highlight, also talk about October again Mike is obviously very friendly with a lot of the traders that he managed at that firm. And there's a really good chance we're going to have at least one, if not two of those seven figure traders speak at the October event. And we're probably going to, the way I'm envisioning now also is we're probably going to end up having like an open mic thing where we'll have those traders sit at the top of the table.

We'll have a microphone. And everybody will be able to like, come up and ask questions to them in racial, in relation to what do I need to do in this situation, that kind of thing. So it's going to be again, if possible, like I said do everything you can to attend this event.

It's on the water it's on the ocean. We're going to have a really nice reception. And the event's going to be amazing. It's going to be overlooking the ocean, so it's just going to be really a time that you want to be there. I just can't even say it on either way. You, the energy you lead with is amazing enough, but I want to, I just want to highlight what I told everybody when the event ended, which, we all went around.

We started going around the room at the beginning asking everybody, a little bit about your background and what you hope to accomplish. At the live event. But then I very intentionally ended the event saying, okay, everything that we learned and we're motivated and all that kind of stuff is fantastic, but what are you going to use next week?

And that's a really big distinction between, it's exciting and I'm motivated and there was a lot of information, but then everybody had different experiences of what they had and going into that event and then coming out of the event, there's very different things of what should be actionable for you right away.

So I'm giving you a heads up on that as well, that you really need to think through, okay, what's, what am I going to use next week? What am I what, out of all the information that came up, what am I going to use now? And it's very important. Very important. It's one thing to be motivated, it's another thing to actually take action, which by the way, that was another thing that came out of it as well, which is my experience.

Also a mastermind defenses. Is that people who generally try their hardest and are dedicated to leveling up, they take action. They don't overthink things. They see where they want to go. They get enough information and they just take action and then they get feedback to take more action. One of the things that we did have round table about was that the people that struggle the most, spend the most time focusing on the problems.

And the people that succeed the most are constantly looking for ways to improve the solution. That is a massive mindset difference that we spend some time on. I just want to say it one more time. People that constantly struggle or never get to where they want to be, spend a lot of time focused on the problem and the fact that there's a problem.

People that succeed massively focus on the solution and constantly looking for ways of improving the solution. They admit that problems are always problems, roadblock, obstacles, adversity, whatever one of those pieces you want to give, they know those things are going to happen and they're constantly moving forward.

To use them as stepping stones, use them as feedback. People that constantly struggle are always blaming stuff that is a normal part of the progression to success. And that's a really big thing to acknowledge and start to incorporate into what you do, which is why we also highlighted the event by giving everybody a copy of Atomic Habits, which is all of these little decisions that we make lead up to ultimately a vote for who we are.

It's a big part of that book, atomic Habits. In case you haven't read it, there's actually one quote in there. It's actually in in one of the ending parts of the book, the summary in the book. But every action you take is a vote for who you are. And when you think about that, the difference between people that are successful fully understand that a part of the journey is going to be obstacles, roadblocks, feedback.

Adversity. They accept and acknowledge that's a part of the journey, and the people that struggle and never get to the other side are focused on the fact that there are problems and roadblocks and challenges, and they let that hold them back as opposed to massively successful people who know that's a part of the challenge.

And use those obstacles to find a better way to succeed as opposed to using those obstacles as a reason to struggle. That's some powerful stuff that came out of the event. We talked about a bunch of other stuff, new strategies and whatnot, and I don't want to talk about them here because they're reserved for people that are a part of the Mastery Collective.

And it's just I wanted to share that stuff because the mindset stuff. Is everything. It's absolutely everything. Yeah. That was, actually that's another thing as well. What we're going to start to, thank you for bringing that up, Lynn John, who is the options trading pro in our community, he really broke down building a basket of options.

And if you could just literally think about if you have $5,000 to put into some ideas and you're looking to swing trade, The basket trading philosophy that John taught everybody was basically brought to him by the hedge fund that he was working at. And during the financial crisis, he said his managers, the people running the firm were super calm during the implosion of the markets.

And he said the hedge fund went from 7 billion down to 2 billion during that implosion, but then it went back, it went from 2 billion up to 43 billion. And he basically walked everybody through the concept of building a portfolio of options, both on the long and short side. Some of them were debit trades, some of them were credit trades, some of and.

That was a really interesting thing as well because it validates what we talk about all the time. That just one trade and relying a hundred percent on one trade is a very harrowing, stressful way to attack the markets. So there's so many gems that came out of it. We'll, Put like a cliff node version of it together for everybody.

But I just, I really just wanted that, that part about successful people massively taking action, successful people expecting roadblocks, obstacles, challenges and problems as a part of the journey to be more successful and those who struggle, see those roadblocks, challenges and adversity. As the absolute reason they are struggling as opposed to a part of the journey that can take them higher.

I think it's just it's not even a subtle difference. It's a cavern, this difference of mindset and I think we can all agree that the mindset part of what we do is probably one of the, is probably 80% of.