Trading While Traveling Motivation ft. Michael Toma


(soft piano music) – All right everyone, welcome back. Today I’m with Michael Toma once again. What’s up Michael? – Hey, how you doing? Very good, good day today. – I wanted to kind of have you talk and also share your thoughts
about trading and travel. How people can do it, why I think it isn’t that hard
than what people would think, but why you’ve got to
do it the smartest way and kind of do things right, if you want to get to be able
to travel in different places, and see the world and
trade at the same time. So what are your thoughts on this? – I mean, it has to be the right fit for the right person at the right time, the right suitability. You could probably answer this better than I can, right? You travel all the time, and so do I, but you know, there’s a fun rush to it. But there is a balance
and you have to remember that the foot work, the focus
element has to be in there. I mean, you tell me, you
would probably know as well, that challenge always exists right? – Yeah. So it’s about
working on what you’ve got to work on, when you gotta work on it. And I think that the only thing is that people fail to execute it right. They might know they need to do something. They read books, they hear us talk about practicing, drilling, whatever, but they don’t do it. – Yeah, I mean you said execution. What are your big four? Review, planning– – Planning, review, execution as well. – Yeah, I mean, to me execution, that is the number one you have to hit on. Execution really is a action verb. I mean, you have to take
action in execution. And to be able to execute with precision and be able to measure that,
actually, is so important. And we all make mistakes,
and that’s part of it. But really, execution of what? As your vision, that
was execution of a plan. And if you have a documented
plan that you can measure, you can measure your
compliance with that plan. Easier said than done, and
it does take time to build that muscle, but I think
that’s so key on execution because we have a plan. Maybe we were educated by
people who were successful. We know what we have to do. Now we just have to do it. And there is this sort of hesitancy when people pass those three steps, then they get to the execution,
and they hit a road block. – I think a portion of this is in the fact that whatever there is between them and their goals is a bunch of action. And if they take action,
they do things right, that’s usually how they
get to their goals. There’s a thing more to that. – Yeah, I mean, isn’t that true in anything you want to accomplish too? There’s an action element to it. And that doesn’t mean you
have to do it all by yourself. Maybe there’s a resource,
maybe there’s a teammate or you know, there’s a lot of technology which is a really cool teammate
to help with execution. But at the end of the
day, there’s decisions that have to be made. Most of those should be pre-planned within your trading plan. But there is a button to push, an alert that has to be
executed, or something. And it’s a barrier for a lot of people, and we can talk about some
of the ways to overcome that. – What happens when people execute, but they don’t get the
results that they want to get? Meaning, ’cause they failed. – I would look at that as a good problem. If they’re actually executing and not hitting their goals, well I don’t have an
execution problem, possibly. I have a plan-following problem. So I look at that as a project
management kind of challenge. Then we can look at flaws
in your trading results, when you executed, when you didn’t, how accurately did you
do it according to plan? We can identify, and that’s
a risk management component, identification, assessment
and then control. We can identify those issues
and really address them. Addressing I did what I had
to do but didn’t execute, now that becomes somewhat
of a human element that is maybe more challenging. Maybe there’s something behind it. Fear of loss is a big one. Now you’re getting to the
psychological elements of trading which may require some unique and different training. But if they’re executing, and they’re maybe not
hitting the right entry, or they’re jumping the gun, or they’re setting their stops too tight, those are mechanical, tactical things. I think are relatively
easy with a good coach to master and overcome them. The key is to identify them, though. If you don’t identify it, that’s the first step of
the risk management process. If you don’t identify those issues, you can’t tackle ’em. – What are your tips for people that are traveling and trading and that want to execute better? – Good question. I think, and this will
be a different answer now than it would’ve been
say, two three years ago, use automation as your friend. Utilize automation, because
no matter how good you are as a trader, it’s tough to execute a trade if you don’t have wifi when
you’re 30,000 feet over Beijing. Right? You’ve been there, probably. So, automation has come. Have something where you
have at least a backup, backup plan or a partner. But use automation where you can get these trades automatically executed. To be honest with you, I think
they’re even more beneficial because they take the human
emotion out of the game. And I know you have a platform where you can get auto alerts and have them automatically executed. I have found that with myself
and my coaching students that their performance
actually improves over time because the human error
elements get taken out. Now are there trades
that would’ve been like, what are they crazy for taking this trade? Maybe, maybe not, but in the long run over a good series of executions, when you take the human element out, that was a big barrier
for a lot of people. Now we have the technology to do it. So that’s one I would definitely do. The other two is just, again, we sound like a broken
record on this, Etienne, review your journal, review your plan. Is it in compliance with your plan? It should work out. If not, then there’s issues
that you have to identify or, even better, have someone help you, a coach or whatever,
identify those things. Technology is a cool thing. It solves a lot of problems these days, especially when traveling. – One of the things you gotta execute is actually automating things. You need to work on your automation. How do you do that if you’re
not motivated to do it? – I call you (laughs). Honestly, I mean, this question, I had to reach out to
others, including your group, and some others to help with that. But I tell ya, even basic
brokerage trading platforms, we were looking at some the other day, they all have automated-type
protocols and features on them. One, why? They want to make it
easier for the trader. But, two, they can generate
more commissions that way. So, it would be the case they
have a motivation as well, maybe self-serving, to allow you to set up automated trading
strategies to do that. If you want to develop your
own strategy and coding, it’s an area where you can get involved in or have something like I did, I reached out to your
group and some others to help me out in that regard. But as far setting up
auto trading strategies, a lot of platforms have them right there, and their service techs would be happy to have them set up for them. – But there might be a point where you feel either lazy or
unmotivated to do the work. How do you push yourself
to do it in that case? – That’s a good question. Personally, I don’t find
myself too lazy to do it. I’m just in love with this
stuff, I love doing it. But sometimes, my time is compromised ’cause I have other things going on. So I look at it too as, I think the first thing
traders need to remember and again this may sound
like a broken record, but treat it like a business. This is a business, and you can’t leave
the store for too long. You have to keep addressing it and minding the store, so to speak. How to put that in the
forefront, I think ultimately, at least I’ve learned and
I could hear your thoughts from the coaching aspect is, there comes a point
where you’re struggling with some traders who are just… Trying to get them motivated or not lazy, there’s something behind that. It’s not just, I have other things to do. Maybe it’s fear, maybe it’s something, but you have to really dig into it. And I kinda put my behavioral,
psychological hat on to try and identify what’s behind that. Because, the business of
trading is relatively easy, but execution, all these
things, so much can go wrong. You have to have that framework in place and have the ability to identify
what needs to be corrected. Easier said than done, of course. But what are your thoughts, what have you found from your students? – Yeah, I found that people
with the biggest reasons to do something tend to do it and tend to achieve their goals. And it comes down to the fact that, if you don’t feel motivated
now to achieve something, or if you wake up in the
morning and you feel lazy and thus don’t wanna do anything, then you don’t have the right reason. I have reasons to do
things that I work on now, and those things make me
wanna do it all the time. And actually do it all the time, actually. It’s not just about thinking
or having something you want to do, it’s about having vision on why you want to do it. – Yeah, I mean, it’s
Tony Robbins’ philosophy, Nike philosophy, get up and do it. A lot of this comes down to passion, and you’re not gonna
read that in trader books or anything like that. They’re gonna want to focus on strategies, but I’m looking for the
passion when I’m trading. ‘Cause all that can happen, but once they leave my coaching sessions, it’s up to them. But if there’s a laziness to it, one of the things that
automation kind of promotes is a form of laziness, in a sense. If I know I’m busy or something like that, I can just turn on my
automation, automated strategies, but I kind of like to man the ship. But for me, it’s never been laziness. It’s been time constraints or
traveling, things like that. How can I say more directly, this business is not for the lazy. It’s just like anything in life. You put more effort in,
you’re gonna be successful. – Yeah, as long as you
put the right difference, that’s the other thing
you gotta figure out. So, what to work on. – Yeah, and that’s identification. That’s the risk management process. Identify what you have to work on, whether you identify
it, someone helps you, a coach or whatever it is, identify those. And I have always said,
my results didn’t improve because I was a better trader. My results improve because I
just kept eliminating mistakes, reducing errors, improving
compliance with my plan. The actual trades itself, they
really haven’t changed much. – That’s a big key right there. I love that, that’s awesome. Thank you, Michael, and hopefully you guys can be motivated to put in the work and get to your goals. And we’ll probably catch
you in the next video. (soft piano music)

5 Replies to “Trading While Traveling Motivation ft. Michael Toma”

  1. There is a time to work and a time to play, and don't mix them together. Focus on which one you are doing at the time and don't worry about the other.

  2. Nice advice, I'm trying to do swing oh but boy xD. I got consistent on 5 min or so really short stuff, but im having a hard time to make swing xD PS: I'm using your bollinger idea. Thanks!!

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