Mindset Flashcards
What does AUM stand for?
AUM stands for Assets Under Management and refers to the market value of all assets that a trader (or other type of investor) has in their portfolio.
Is $1M AUM a lot?
No, although it may be a lot to you personally, overall it is not a lot of money and we should be thinking larger.
How should you react to seeing other people’s winning trades online?
You should understand that one trade does not define an edge and could be equivalent to gambling. Unless you see continuous payouts there is no reason to attach any merit to the trade. Don’t let it distract you from your progress or goals, and the last thing you should feel is any negative emotions, as that likely stems from a envious/scarcity mindset.
Should you be open to adapting new concepts?
Yes, however only when they are thoroughly tested. Open to everything, but trust nothing.
What are the 6 main virtues of a professional trader?
- Discipline
- Accountability
- Patience
- Resilience
- Introspection
- Organization
What is the key to 1% daily improvements?
Positive feedback loops.
Why is instant gratification a good thing?
It isn’t. When you seek instant gratification, it takes away from your discipline, patience and resilience, and it distracts you from your goals.
What should we do when faced with negativity?
Ignore it. Block the source whether online, in person (friends or family, as hard as it is). If you genuinely want to succeed, you will have a much easier time when you’re absent of any self-doubt or negativity
How are SMC traders able to call every move in the market?
They aren’t. SMC is a way to look at the market and break it down into variables. You still need an objective edge in the market for long term consistency.
What are some ways we can think bigger?
More AUM
Larger sample sizes
longer time frame (weeks/months not minutes/days)
