Jason emphasized that while many traders aim for annual returns, his approach was more aggressive in seeking daily profits. He stated, "I wasn't looking to make 10% a year; I was looking to make 10% a day." This mentality reflects the importance of setting ambitious goals in trading, although Jason acknowledged the challenge involved and the risk of making enemies in the process.
2. Understanding the Mental Challenges
Jason recounted his early struggles, recalling, "I can remember being 38 years old living in a two-bedroom apartment with kids and barely being able to put food on the table." This insight underscores the mental fortitude required in trading, particularly during tough times. The difficulties faced in the journey can provide valuable lessons that ultimately shape a trader's path.
3. Importance of a Track Record
Highlighting the significance of building a legitimate track record, Jason stated, “You can make 100% but you’re probably also going to lose 80%. That’s not building a real track record.” This perspective stresses the need for consistency and reliability over time rather than chasing short-term gains, which can lead to significant losses and hinder success.
4. The Value of Journaling
Jason spoke highly of keeping a trading journal, describing it as "extremely important." He explained how it allows traders to look back at their thought processes and decisions, aiding in the identification of successful strategies vs. those that didn’t work. He shared that, "Eliminating what wasn’t working for you is going to help you," reinforcing the necessity of reflection in trading.
5. Emphasis on Risk Management
When discussing his risk strategy, Jason stated, "I risk the same amount on every trade." He elaborated that consistency in risk management is only achievable if a trader treats all trades equally. This sale mindset helps prevent emotional reactions based on perceptions of a given trade's quality.
6. Contrarian Trading Psychology
Jason's trading style revolves around being contrarian, which he credited to his personal inclinations. He mentioned, "If everybody is short, I’m going long," highlighting the psychological advantage of going against the crowd. This technique allows him to capitalize on market inefficiencies that arise when traders overexpose themselves on one side.
7. Building Long-term Client Relationships
During his speech, Jason mentioned how his long-term track record has allowed him to attract clients that align with his trading philosophy. He noted, "I get along very well with my clients," which is critical in the financial industry, as it fosters trust and understanding regarding his approach to trading.
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