Episode 3 – Interview with Tim Racette of @EminiMind – The fallacy of setting strict goals, the power of habits, and using the principle of inversion to gain an edge


 

In this interview I catch up with trader and blogger Tim Racette.

We discuss how Tim started his trading journey and Tim gives an honest recount of how long it took him to become a successful and confident trader.

Plus we talk about the fallacy of setting strict outcome goals the importance of having good habits, and using the principle of inversion to gain an edge.


Tim Racette is a full-time trader in the stock, options, and futures markets. Chicago-land native, competitive mountain bike racer, and graduate of Arizona State University, he blogs about his trading over at EminiMind.com.

Tim has been a speaker and presenter at the Traders Expo for the past 5 years and has been interviewed about his trading methods at TraderInterviews.com and The Money Show.

Winner of the 2012 Infinity Futures Trading Challenge, Tim has openly shared his methods and written a number of articles for various trading magazines including Active Trader and Stock, Futures and Options Magazine.

To read more about Tim and find out about his trading check out his blog EminiMind.com.

Transcript

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The Big Ideas

  • The fallacy of daily P&L goal setting
  • The power of setting performance objectives vs. outcome objectives
  • Tim’s trading edge – The power of inversion
  • The importance of physical activity to manage stress
  • The importance of not feeling the need to trade
  • Tim’s advice to would be traders who want to want to become full-time traders
  • Tim shares his journey to becoming a full-time trader
  • The power of good habits and routines
  • The value of taking breaks from trading, especially if you’re struggling
  • Tim shares a tip around how to keep reading interesting and motivating

Resources Mentioned:

EminiMind – Tim’s Blog
The Power of Habit – Great book by Charles Duhigg on the power of forming good habits
Pit Bull: Lessons from Wall Street’s Champion Day Trader – Fun book by champion day trader Marty Schwartz
How I Made $2,000,000 in the Stock Market – Classic trading book by Nicolas Darvas

 

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Episode 3 – Interview with Tim Racette of @EminiMind – The fallacy of setting strict goals, the power of habits, and using the principle of inversion to gain an edge

by editor time to read: 36 min
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