Today, Alex welcomes Kyle Williams back to the show. Kyle talks about his trading journey from starting out with roughly $6,000 to turning it into several million dollars in just a few years. In August, for example, Kyle made $205,000 in a single month. But what is his secret to success?
Kyle started trading with a $6,000 account and fell in love with the process. In other words, he never focused on getting rich quick but was content to study and focus on his journey of becoming a profitable trader. He found consistency within 14 months of trading even though he suffered an initial loss of $4,300 and refunded another trading account with $4,000. But after a year, he managed to grow both accounts to $15,000 – $18,000. During that time, he put in place the patience to wait for the right set-ups, rather than trading in a rush to make it over PDT.
But what does Kyle’s process look like? In general, he looks at the chart, indicators, volume, news, and history in order to make an educated decision and grade a potential trade that might fit his trading style. Once he grades a trade, he then adjusts the amount he invests into the trade, allocating more funds into the best set-ups. Most of his big winners come from A+ trades. This said, he still takes B and C set-ups as A+ set-ups can also fail. Moreover, B and C set-ups can also end up working well in a good market environment and provide additional income.
According to Kyle, the psychology behind trading makes all the difference. And he contributes his success to being a consistent and disciplined trader. Being consistent with life in general makes it easier to copy the same behavior into the markets. For example, do you work out on a regular basis, or do you miss workouts even though you planned to go to the gym? Are you eating healthy? Are you reliable? Ask yourself – what does my lifestyle look like?
Another important factor for Kyle is journaling and reviewing his trades on a regular basis as it is an integral part of becoming consistent in trading. Kyle thinks that a trader should be his or her own harshest critic, or biggest fan, when reviewing your trades in your journal. Also, know your personality style. Your personality is often reflected in trading and will determine what set-ups work for you in general.
At the beginning, Kyle didn’t trade every day and had about 4 set-ups he traded with. After crossing PDT, he now trades almost every day and has added more set-ups to his tool kit. But only after becoming consistent!
Pro tips from Kyle:
- Don’t rush the process!
- Show up every day and think long-term.
- Be consistent with trading and develop consistent habits that help you stay on track.
Kyle is known for being a very consistent trader. He has been an inspiration for many new and seasoned traders. Congratulations, Kyle, on your discipline!
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