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Sam North both trades for himself and mentors’ other traders for eToro, the world’s largest social trading and multi-asset brokerage company, where he is their trading school lead.
In this great chat with the AlphaMind Podcast, Sam went deep into what it takes to succeed as a new trader, shared his reflections on patterns common to those he sees who succeed, and opens up about mistakes he witnesses which cause so many to fail.
Sam North
LinkedIn: here
Twitter: here
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00:00 - Podcast Intro
01:38 - Podcast Commences
06:40 - Performance background and success in trading
09:00 - Sports comparisons and trading
15:40 - Having a Mentor speeds the learning process up
16:02 - One of the main reasons many fail is they don’t know what they are trading
17:45 - Reasons many new traders fail at the beginning
19:00 - Cowboy marketers and Lamborghinis
20:38 - People approach trading the wrong way, it’s an incredibly skilled job
23:20 - The 2 most important things in trading
25:49 - The common themes amongst new traders who succeed
26:36 - Amongst new traders, women on average succeed more than men
28:52 - Learning, Ego and the ‘Disease of Me’
32:00 - Avoiding losses when learning, to have time to learn
35:28 - My best trade was when I came out a losing trade early
37:16 - When people are pushed into trading for the sake of it, everything goes out the window
39:50 - We’re all going to have bad days trading, stay in the fight
41:15 - Writing down a plan, not trading on emotions and the correlation with success
44:40 - Older people starting versus younger people
49:35 - The work of eToro
54:06 - The importance of having an alternative source of income when trading
55:50 - Make trading boring
