the trader evolve and adapt their strategy over the 100-to-a-1 million$ challenge

the trader evolve and adapt their strategy over the 100-to-a-1 million$ challenge

Episode Transcript

(00:00):
All right, so we're diving into this YouTube video today.

(00:03):
And this guy turns 100 bucks into a million
in just 90 days.
90 days.
Day trading.
Wow.
Can you believe it?
That's impressive.
Now, before you think,
oh, this is just another one of those get rich quick schemes,
trust me, this is different.
Okay.
This is about how the trader adapted

(00:25):
and evolved his strategy.
Okay.
He developed a strategy that was so cool with setbacks
and like kept his cool under pressure.
It's wild.
I'm intrigued.
And to like break this all down,
we've got our expert here.
Happy to be here.
This is a fascinating case study.
Right off the bat, the trader sets a simple goal,
double the account every week

(00:45):
using a one to two risk reward ratio.
Okay.
Basically trying to make two bucks for everyone he risks.
Makes sense.
But here's the thing,
he tried this before multiple times and failed.
He was going all in sacrificing everything for trading.
Right.
But this time he decided to live a normal life
alongside the challenge.
Interesting.
Gym business meetings, the whole nine yards.
That's a huge shift.

(01:05):
That's a crucial shift in mindset.
He realized that trading can't be your whole life.
Yeah.
He balanced.
Yeah.
That's likely a big reason his previous attempts failed.
So how did things start out this time around?
Well, he had a few early wins,
even a weird connection to the markets
he traded a year prior.
Really?
He had a sign, you know.

(01:26):
Like a little cosmic nudge.
Yeah, exactly.
But I'm guessing it wasn't all just lucky stars aligning.
Definitely not.
The trader really emphasizes his set and forget approach.
Okay.
You find a high probability trade, enter it,
set your stop loss and profit targets and walk away.
Wow.
No staring at the screen, no second guessing.
That takes some serious guts.
It does.

(01:46):
Especially when you're risking a good chunk of your account.
Yeah.
You'd think that kind of discipline would hold you back,
but it actually paid off.
Okay.
He even hit his weekly target with a single trade
really in the week.
So at that point he was done.
Yeah, you'd think he'd go for more.
Try to ride that wave, right?
Yeah, for sure.
But no, he just stopped trading for the week.
The discipline was already kicking in.

(02:07):
Absolutely.
He knew the dangers of getting greedy
and emphasized the importance of starting each week fresh,
not chasing more wins after hitting his goal.
That's interesting because it's like the opposite
of what you'd think you should do.
Right.
It's a big shift from his previous attempts
where he'd trade impulsively and that often led to losses.

(02:27):
So things are going well.
The guy's feeling pretty confident.
Yeah, he's on a roll.
What happens next?
Well, that's where the Superman complex kicks in.
Oh.
He starts feeling invincible, like he can't lose.
That's dangerous territory in any field.
It is.
Especially trading.
Absolutely.
And we see a subtle shift in his risk tolerance.
He starts deviating from his strict

(02:48):
100% risk per trade rule,
taking slightly less risk as his account grows.
Okay.
It's a subtle change,
but it signals that his perception of risk is evolving.
And not necessarily in a good way.
Right.
I'm guessing this newfound confidence leads to some,
let's say, less than ideal trades.
You got it.
He talks about getting bored

(03:09):
because the market wasn't giving him those perfect setups.
And he made an impatient trade going against the trend.
Oh no.
First loss of the challenge.
Oof, that's gotta stink.
But I remember you mentioning something
about a Volkswagen Beetle.
Ah, yes.
His self-imposed punishment.
Yeah.
He had to drive this beat up 1966 Beetle
for 24 hours straight if he broke his rules.

(03:30):
What?
It's funny, but also brilliant.
Yeah.
It reinforces discipline in a way that's more memorable
than just feeling bad about a loss.
It's like a physical reminder to stick to the plan.
Exactly.
So apart from battling his own ego,
were there any other challenges he had to adapt to?
Actually, yeah.
He ran into some unexpected issues
with his brokerage platform.

(03:50):
Like what?
Slippage and fees were eating into his profits.
Oh yeah.
Which remember were based on tight risk management.
Even small costs were magnified
because he was risking a good chunk of his capital
on each trade.
So what did he do?
Just grin and bear it?
Nope.
He switched brokers mid-challenge.
Wow.
It was a crucial adaptation.
He recognized the problem

(04:10):
and didn't hesitate to change course.
Which is something he probably wouldn't have done
in his past attempts.
Really interesting.
So he's already had to adapt in a few major ways.
Yeah, absolutely.
First by like having a life outside of trading.
Right.
And then dealing with his own overconfidence.
And then this broker issue.
It's all about adapting and evolving as you go.
This is fascinating stuff.

(04:32):
It is.
Yeah, this adaptation with the broker was key.
It shows that even with a solid plan,
you need to be flexible.
Right.
Ready to adjust to like those curve balls.
Yeah.
And there were definitely more curve balls to come
in the final stretch.
So the stakes are getting higher,
the pressure is building.
How does our trader handle the final phase of the challenge?

(04:53):
He gets hyper analytical.
Okay.
Starts dissecting his past trades.
Okay.
Looking for patterns.
Uh-huh.
Studying his win rate,
the average length of his winning trades.
Okay.
And which markets worked best for him.
So he's really digging into the data.
He is.
Trying to like refine his approach.
He's refining his approach as he goes.
Rather than just sticking rigidly

(05:14):
to what worked at the beginning.
That makes sense.
Yeah.
The higher your account balance,
the bigger the risk.
Right.
You want to make sure you're playing the game
as effectively as possible.
Exactly.
He was very aware of the psychological traps
of trading large sums of money.
Yeah.
And the fact that commissions alone
could take a big bite out of profits.
But instead of playing it safe,

(05:35):
he decides to do something pretty wild.
Oh yeah.
He live streams the final trades of the challenge.
Wow.
Imagine that kind of pressure.
That's a bold move.
It is.
No doubt.
Thousands of viewers are chiming in with advice.
Oh my God.
Urging him to close positions prematurely.
I bet.
But he manages to navigate that noise
and stick to his analysis.

(05:56):
That's incredible.
That's a serious test of mental fortitude.
It is.
And of course he hits the million dollar target.
He did it.
The video shows like the pure emotion of that moment.
Yeah.
The relief, the excitement.
I bet.
A bit of disbelief.
Yeah.
It's inspiring honestly.
Absolutely.
But what's even more impressive is what he does next.
You're talking about the 30 day boot camp he created

(06:17):
to teach others his strategies.
Exactly.
He didn't just want to win for himself.
No.
He wanted to share his knowledge and help others succeed.
It speaks to his belief in community.
Yeah.
And the power of learning from each other's experiences.
That's pretty awesome.
Yeah.
So let's zoom out a bit.
We've seen how this trader evolved and adapted
throughout this journey.

(06:38):
Yeah.
What are the big takeaways for anyone
trying to achieve a big goal?
Well first, the importance of balance.
Like we said earlier, he didn't let trading consume his life.
Right.
You need that balance for sustainable success.
Makes sense.
You can't pour all your energy into one thing
and expect to thrive in other areas of life.
Exactly.
Second discipline.

(06:58):
Okay.
He stuck to his plan even when things got tough.
He set rules and stuck to them.
Yeah.
Even creating that unique punishment system
to reinforce that discipline.
The infamous Volkswagen Beetle.
Yeah.
Definitely a creative way to stay on track.
And third adaptability.
We saw how he switched brokers,
adjusted his risk management
and constantly refined his trading approach

(07:19):
based on what the market was throwing at him.
Right.
He didn't stay stuck in the methods
that worked at the $100 level.
Yeah.
He evolved as his account and the challenges grew.
It's like that old saying, the only constant is change.
You've gotta be able to roll with the punches.
You do.
And adjust your strategy accordingly.
Exactly.
And while the specifics of this story are about day trading,

(07:39):
these principles apply to anything.
Right.
Whether you're starting a business, writing a book
or just trying to get in shape.
You need balanced discipline and adaptability to succeed.
So if we break this down for our listeners,
what are some actionable steps they can take
to apply these principles to their own goals?
Well, first to find your goal clearly,
just like the trader had his weekly target,

(08:01):
you need a roadmap.
Break down your big goal into smaller manageable steps.
So it's not just this overwhelming mountain
you have to climb all at once.
It's a series of strategic steps.
Exactly.
Second, create a plan and find ways
to hold yourself accountable.
That could be a friend, a mentor,
or even a funny punishment like the Volkswagen Beetle.

(08:21):
Maybe not a beetle for everyone.
Right.
But you get the idea.
What about adaptability?
How do you build that into your approach?
It's about being open to feedback,
trying new things and analyzing what works and what doesn't.
Don't be afraid to adjust your plan as you go learning
from your mistakes and successes.
It's a constant process of refinement and evolution.

(08:43):
Absolutely.
And remember, this trader faced losses, setbacks,
and self-doubt along the way.
But by adapting and staying disciplined,
he achieved something incredible.
That's a great reminder that the path to success
isn't always linear.
It's about the journey, the growth, and the ability
to overcome the inevitable challenges.
Couldn't have said it better myself.
So with that in mind, let's shift gears

(09:04):
and dive into one specific example from the video
that really highlights the trader's adaptability and action.
So there's this one point he's reviewing all his trades
and he notices this problem.
His average trade duration was getting longer,
sometimes lasting several days, which
is risky because the longer a trade's open,
the more vulnerable it is to sudden market shifts.
Yeah, especially as his account was growing,

(09:25):
that could be a recipe for disaster.
Exactly.
And this is where his adaptability really shines.
He didn't just decide to take profits sooner.
He incorporated what are called trailing stops
into his strategy.
Trailing stops.
Yeah, basically it's a stop loss order
that moves up as the price goes in your favor.
So it locks in profits while still giving the trade
room to run.

(09:45):
That's so clever.
It's like a dynamic safety net that protects your games
while still letting the trade breathe.
It seems like he was constantly adjusting his risk tolerance
based on the situation, which is another key element
of his evolution as a trader.
Exactly.
It shows he was learning and refining his approach
as he went along, not just sticking to a rigid plan.

(10:07):
Right.
It's a good lesson for all of us.
We need to recognize when our current methods aren't working
and be willing to try new things.
But speaking of adaptation, I remember
you mentioning the trigger psychological challenges,
especially as the stakes got higher.
Oh, yeah.
Imagine the pressure of having hundreds of thousands
of dollars riding on every decision.
I can't even imagine.
And he chose to amplify that pressure by live streaming

(10:29):
his final trades.
That still blows my mind.
Right.
Why add that extra layer of stress?
Well, he saw it as a way to confront the pressure head on,
almost like a form of mental training.
OK.
If he could stay calm and focused
with an audience watching, imagine
how much stronger his mindset would be trading solo.
So it's like a high stakes dress rehearsal

(10:49):
for real world trading.
Exactly.
But I'm guessing those live streams
weren't always smooth sailing.
Definitely not.
The video shows moments of frustration, anger, even
self-doubt.
Oh, wow.
But instead of bottling it up, he'd
talk about his feelings on camera.
It was like a real time emotional release valve.
So he used the live stream as a platform
for processing those intense emotions.

(11:10):
Exactly.
It prevented those feelings from building up
and clouding his judgment.
Interesting.
And did he have other methods for managing stress?
Yeah.
He swore by physical activity, hitting the gym
or going for runs to clear his head.
Classic stress buster.
Sometimes you just need to move your body to reset your mind.
He also relied on his support network,
talking to family and friends about his struggles.

(11:32):
Yeah.
It's a reminder that even when you're pursuing a solo goal,
having people in your corner is essential.
For sure.
He also practiced gratitude, taking time
to appreciate the good things in his life, which
helped him maintain perspective.
All these techniques, combined with his radical transparency,
allowed him to not only handle the pressure, but thrive in it.

(11:54):
That's incredible.
It speaks volumes about the power of emotional intelligence
and mental resilience in achieving any goal.
This has been an incredible deep dive.
So as we wrap up, what's the one big takeaway
you want our listener to walk away with?
It's this.
Success is not just about strategy or talent.
It's about building the mental and emotional strength
to face challenges head on.

(12:15):
I love that.
So for you listening, what million dollar dream
are you chasing?
And what's your Volkswagen Beetle,
that thing you can use to hold yourself accountable
and push through the tough times?
It's a great question.
This trader's story proves that with the right mindset
and strategies, even the most ambitious goals
are within reach.
And remember, the journey itself is just as important

(12:37):
as the destination.
Couldn't agree more.
It's been a pleasure exploring this with you.
Until next time, keep exploring, keep learning,
and keep diving deep.