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157: "Every Trader Has An Unfair Advantage!" - Tim Racette

Season #1 Episode #157

Every Trader Has An Unfair Advantage!

In episode 157 of the Desire To Trade Podcast, I interview Tim Racette, a successful day and swing trader behind the blog EminiMind. Tim is also on a different podcast which I used to listen to before starting my podcast.

He shares his story as a successful trader and highlights several important lessons about success in the field of full-time trading. We talk about goals, challenges, going to full-time trading when you have a full-time job, how to combine the two and a lot, lot, lot more.

Watch the video interview here.

  

Topics Covered In This Episode

  • What Tim Racette does, who he is, and a bit of background about him [1:44]
  • Why and how Tim Racette started trading [2:18]
  • Tim Racette’s mentors [4:46]
  • Strategies that Tim Racette used in the trading pits [6:06]
  • How Tim Racette evolved to trading on his own even with an unfair advantage [7:53]
  • Tim Racette’s trading style and being comfortable with the idea of being different [10:13]
  • Things Tim Racette had to do to go full-time trading for himself [12:50]
  • If day trading was a necessity to trade full-time [14:57]
  • Things that Tim Racette sees in people that they get wrong [15:52]
  • Feeling of “going too fast” in the process of trading full-time and what you have to do [19:46]
  • How traders should set goals for themselves in the beginning of the year [21:54]
  • Starting with something basic and then tweaking it [28:09]
  • Personalities outside trading that can help you become a better trader [29:12]
  • Failing in business but what you should do after and keep trying again [30:25]
  • Creating multiple streams of income as a trader [34:26]
  • The schedule or regimen Tim Racette follows [39:01]
  • Things or behaviors that people need to work on and adapt to become great traders [40:58]
  • Goals Tim Racette has for the future [44:21]
  • Doing back-testing and forward-testing for his ideas [45:54]
  • One piece of advice or one action step people should take to become better traders [47:41]

Resources Mentioned

 

DesireToTRADE Top Resources

 How To Find Tim Racette?

What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!