Insulate yourself from losers

Hope you had a good weekend. So I wanna give a shout out to my good buddy Thanh. Who’s uh, good voice of reason. Good friend, appreciate the feedback on everything. So what I wanna do is I wanna follow on from last Monday’s episode, where we talk about majoring in minor details and how you can fill your day up with activities, which when completed can give you a sense of accomplishment and be like, yeah, man, I kicked ass today. When the reality is, is that you didn’t do much to improve your P and L you didn’t do anything to really learn about yourself. Or maybe you didn’t even make money. Now that’s not a crime not making money cuz you live in a probabilistic world, but you want to be aware of what it is that you’re doing and what I didn’t say that I should have said.

And this happens all the time is be mindful of the people that you have around you. Right? So if you’re dealing on the retail side and you’re in like a social media group or a chat room, it’s awfully hard to not let the negativity come through you. And that’s before you get the, the stupid rules, like I would never take an E amen, trade home overnight. That’s just stupid advice, right? I mean, I get it. Everyone has their own style, but there’s gotta be more to it. That’s not an absolute, the other thing is when people are negative, they wanna suck you in. They wanna share in that negativity with you and that’s where you have to cut them loose. You don’t owe anybody. Anything. You wanna listen to someone for five minutes. That’s great. Be a good person. I understand that. I do that a bit, but I’m not chronically with those people because they just bring you down.

You need to always have people around you who do nothing, but lift you up. And if that’s not the case, then they have to go. Okay. And that might mean if people that you’re close friends with, if they don’t support you with every strength of DNA in their body, then to me, they’re not really worth having a relationship with. I mean, if they’re gonna try to play judge and jury in a world that they don’t fully understand, right? For the outside friends, then the inside friends. If all they do is dig at you or try to fix you and change you, that doesn’t help either. So this goes under the chapter that I speak about once in a while, having a diet of the mind, you only wanna get people who support you a hundred percent. You don’t want people to give you unsolicited advice. Either you wanna be decisive and independent. That’s why I advocate for the newer folks. Just start trading because the market will communicate with you.

You’ll have a conversation with the market, which is a good conversation to have listening to everyone else’s opinion. I can remember Michael Marcus saying that if you listen to your five favorite friends about their trading style, you’re gonna get the worst of all of them. And I think that makes a lot of sense. You just have to be you. So aside from majoring and not majoring in minor details, I would also make sure that you surround yourself with people who have like-minded ideals. Are they going the extra step? Are they taking one more shot? Are they doing the types of things that you are doing and challenging themselves when you really listen to what they say and why they say it? Are they full of ego and bravado? Are they trying to come across as being smart? Are they trying to be experts with two years of experience in the market?

Cuz that dog don’t hunt they’re too young. They don’t know anything. So you have to be super judicious about who you let into your world about what it is that you’re doing. So that also ties into social media because you wanna leave the debate to the, to the common folks, you’re doing something bigger than that. Let everyone else debate the points. Let everyone debate about what OPEC is gonna do with oil. Let everyone else debate how many times the Fed’s gonna cut or tighten credit and what the, what the magnitude of any particular cut might be. There’s nothing to win in that scenario. Sure. You can have hues and have your opinions. But at the end of the day, it doesn’t mean much. If you don’t know how to trade it and it’s even worse, if you’re not gonna trade it, because then what do you care?

What do you care? And I, this is stuff that I learned the hard way. Like you waste so much time and energy doing things that really have nothing to you, Flo nothing to do with you flourishing, right? So when you watch your behavior, honestly, you gotta cut those people loose. You can’t keep them hanging around. If they’re not adding to your, in a positive way to who you are and what you’re doing, even if they’re just nice people to have around somehow it’s costing you energy, mental energy, spiritual energy, or otherwise. So I would be very, very judicious with how you let those people into your world and how much time you spend with them. The last thing you wanna do, let me say it this way. You don’t have the time to listen to somebody else’s belly aching. All right, let, ’em go get a therapist. You don’t have the time for that. You need to focus on. And two that’s such a racket like you don’t wanna listen to in the trading tribe. We never let people get into story. It wasn’t about the story. It was. What are you feeling? Where do you feel it in your body and this and that and the other thing, and you can go look it The last thing we want to hear about is the story and the drama. So stay out of that. Leave that for the, for the folks who wanna watch daytime TV and go focus on your higher power, cuz the more you can do that now the better it’s gonna be when you start really getting big and you start talking with other clients, you don’t wanna be involved in the boohooing and stuff. That’s not what winners do. Boohooing is what losers do winners go out and try to find the solution. So anyway, another thought on, on how to manage your day and focus on the things that are gonna help you perform better. That’s all I have for you. Please consider subscribing. We’re getting some good feedback from all the platforms, especially YouTube and Spotify. I don’t have a big presence on YouTube, but the folks who are there seem to like it. And if you haven’t already gotten a copy of the inner voice of trading audio book, I am more than happy to give you a copy for free it’s at MartinKronicle in the top right corner. Thanks for being here and I’ll see you tomorrow.

Subscribe to the show  

Cut losers fast.

Click here to  get your free copy of The Inner Voice of Trading audiobook.