Foreign. There's a couple of like quotes that I learned when I was working at the Fun that really kind of helped keep your mind in the right place when it comes to the market and market dynamics and Market um psychology and one of the not not one of the the most important quote that my mentor who was the senior Pm at the fund and was was my boss and one of the partners to fund. One of the quotes that he said to me that completely changed my life because it it changed my life because it had an immediate impact on my trading results and I was I never had a problem as a young Trader having big wins but I also had very big losses and I was I was I was a gunslinger I was a cowboy I would really go I would average down constantly I would never admit that I was wrong I would swing for the fences on every trade Yeah, um, and I was a much better Trader than my P L was showing because when I would lose I would really get I would I would lose. So you know yeah.

I would go through a whole quarter of trading a whole month of trading and it's like my P L was like I'm better than this you know And one of the quotes that he said to me that got me in the right mindset and changed for me was successful Traders are more concerned with how much they're going to lose if they're wrong struggling Traders are more concerned with how much they're going to make if they're right and that mentality got me to stop focusing on the the potential upside and start worrying about the potential downside because as a Trader you can't control how much you're going to make on a trade like Tesla's the perfect example. like I bought Tesla on January 6th at 108 dollars I sold it already I'm not in it anymore the Stock's at 195 wherever it is today I'm not still in it I sold it before they came out with earnings but still caught like 30 or 40 a share. Like great trade, great trade. but I'm not I'm not like pissed off that I'm not in that trade anymore because my job as a Trader is just to identify a move and profit from that move.

It's not to catch the bottom and then sell the top right. but if I focus on how much I'm I'm gonna I'm gonna make I can't control how far test is I don't know if Tes is going to go to 130, 150, 190, 210, 250 At some point you've got to get off the train. At some point you got to take profit. Yeah, I can't control how far it's going to go but I can control what if I'm wrong.

What if I bought it went away, it went back to 100. What if it went down to 85 like I can control how much I'm going to lose and where I'm going to stop out. If you focus on your risk and you just avoid all the big losses you will instantly have see better results in your trading. Everybody thinks in order to make more money as a Trader they've got to be right.

More often they've got to take bigger position. Size they got to hold on to Winners longer Longer, Wrong, wrong, Wrong. The easiest way for you to make more money as a Trader is lose less when you are wrong. That is the easiest thing for a Trader to fix.

Sure you want to be right more often. Sure you want to stay in winning trades longer, but those things are a little bit harder to do. Okay, it's easy to lose less when you guys are wrong and that really changed my trading. And then one more quote that really changed things for me.

To help prevent you from chasing, ask yourself if you were already in the trade what would you be doing right now If the answer is you'd be taking If the answer is, you'd be taking profit. So let's say you, let's say you bought Tesla at 110. and right now it's at 105. and someone's asking hey, should I buy Tesla Should I buy Tesla Well What if you were already in from 110, what would you be doing right now? would you be taking profit? Then the answer is you're chasing if if a prior version of yourself would be selling the stock, why are you buying it Now That tells you that your emotions and your fomo and your greed is taking over your decision making.

Everything you said yourself, Well, the stock still looks good I'm maybe gonna buy more I'm gonna hold well then in that case then okay, maybe you're not chasing them. If you were already in the trade, it still looks good like that. Ask yourself that question. it can help keep yourself honest.

Okay, and those are two quotes that really helped me when I was with The Fun Man I Really like, uh, both of them, but that second one is one I haven't quite heard before or at least articulated that way of if you were already in it like make believe of like what are you doing, would you be happy to double down or would you just be like I'm looking for the exit like my own. My fingers on the trigger here to like get out. Uh, very interesting.