Scared Money Never Wins

Chris Tate sets out the reality of full time trading and what sets his financial thermostat and Louise Bedford shares how to handle a windfall profit.Chris TateFULL TIME TRADING is an easy thing to say but a difficult transition to make. And whilst full time traders are internally directed there are a couple of things to watch out for before taking the leap.1.Under capitizationThere is an old Wall Street saying “Scared Money Never Wins.’If you are dependent on the next trade to put food onto the table you are going to generate a host of errors along the way.2. StructureHow do you structure you time, your day, your finances? How do you pay yourself?Boring things like this have to be worked beforehand because once you have made the move - it is too late.Chris’ advice:  Have big goals with money – and with good grace of hard work and all your ducks lining up you will achieve them.How does Chris set his wealth thermostat?The markets are the facilitator of the life he wishes to lead and his inspiration comes from the knowledge that money buys him experiences and freedom; it is only dependent upon his effort.Louise Bedford - MindpowerHandling an unexpected windfall profit that exceeds your expectations can be tricky.The learning that comes about from making a huge profit can be just as painful and revealing as the learning that comes about from a loss.If you have a win, the most important thing to do is REWARD YOURSELF.You must create a feedback loop where your subconscious seeks further rewards.Caroline Stephen - Who Am IGuess this trading legend in this Who Am I segment.I'm loving bringing this show to you. The feedback has been phenomenal.Be the spark If you know someone who’s struggling in the markets, don’t keep Talking Trading to yourself. Share the show with them — because sometimes all it takes is one insight, one spark, to turn their trading around.Take them to talkingtrading.com.au and be the person who makes the difference.Louise Bedford is a best-selling author of six sharemarket books, host of the Talking Trading podcast, and founder of TradingGame.com.au, one of Australia’s leading trading education communities.For over 30 years she has helped traders master trading the Australian sharemarket, technical analysis, and trading psychology so they can build long-term financial independence.www.tradinggame.com.au www.talkingtrading.com.au.FacebookYouTube TwitterLinkedIn