Ethan's Secret to $3-5K Extra Income Per Month

GM. Welcome to Currencies & Coffee, the FX newsletter as captivating as scrolling through your social media feed for the latest trends.

Here’s what we have covered today:

☕How finding harmony led to $3-5K/ month in extra income

☕Rolling the Dice on Your Trades? Let’s Talk Beginner's Luck.

☕Testosterones Dances with Over-Trading's Devil

How Finding Harmony Led to $3-5K/ Month In Extra Income

Meet Ethan, an engineer from Chicago with a meticulous and calculated personality. Ethan was deeply captivated by the financial markets. He was someone who could tell you everything there was to know about a trading chart—the indicators, the drawing tools, you name it. He was a true student of the markets, but there was a disconnect.

Despite his technical know-how, Ethan’s scalping strategy had him constantly on edge. The rapid-fire decisions required by scalping didn’t suit his meticulous nature—it sent his emotions on a rollercoaster. He found himself fearful and nervous, making impulsive decisions and frequently succumbing to revenge trading. This emotional turmoil led to a series of losses, and he lost multiple trading accounts as a result.

Recognizing that a change was essential, Ethan decided to take up coaching with SFX Global. Together with myself, we began a deep and thoughtful examination of Ethan’s trading habits and, importantly, his personality. I stressed a critical lesson to Ethan: successful trading isn’t just about reading charts—it’s about managing one’s emotions in front of the chart.

Under my guidance, Ethan underwent a profound shift. Recognizing that his personality was more careful and calculated, I suggested that Ethan switch to swing trading. This longer-term strategy was more aligned with his steady, contemplative nature and allowed for more thoughtful decision-making, reducing the emotional weight of each trade.

Furthermore, we incorporated price action into his new strategy. This method, which focuses on the actual price movements rather than relying heavily on indicators, was a perfect fit for Ethan’s meticulous mindset.

As a result, Ethan spends less time in front of the charts, and the time he does spend is far less stressful. He’s finally found a trading style that feels natural, like an extension of himself, rather than a constant battle.

Today, Ethan consistently nets an extra $3-5K per month from his trading, a significant and rewarding addition to his income as an engineer. Reflecting on his transformation, Ethan shared a few kind words below.

Ethan's journey is an impactful lesson: to become a successful trader; one must marry strategy and mindset, finding a balance that aligns not just with the market but oneself.

🎲 Rolling the Dice on Your Trades? Let’s Talk Beginner's Luck.

There's something irresistibly romantic about the notion of 'beginner's luck.' It’s like that first time you brewed a flawless cup of coffee - pure magic, right? Well, in the world of trading, the idea of 'magic' is a myth that has lured many new traders into a risky relationship with chance.

Myth: "Beginner’s Luck Is a Strategy"
Reality: Consistent success in trading comes from skill, not luck.

Remember your first perfect cup of coffee? It felt magical, but we all know magic didn't make our subsequent cups heavenly—it was learning the art. In trading, ‘beginner’s luck’ is often thrown around, making newbies believe luck is a sustainable strategy. Let's decaffeinate this myth:

1. Random Success: A winning trade as a beginner might feel euphoric, but it’s often the result of random market movements, not skill. Banking on such luck for future trades is a perilous path.
2. Skill Development: Profitable trading isn't about catching a lucky break—it's about honing your skills through education, practice, and experience. Like crafting your daily brew, it's an art and science that develops over time.
3. Luck Isn't Replicable: If you can’t repeat your success with a deliberate strategy, it wasn't skill—it was luck. And in trading, we want a replicable strategy, not a fluke.
4. Emotional Stability: Relying on luck can take a toll on your emotional health. Skill-based trading, however, promotes confidence and emotional equilibrium, key ingredients for long-term success.

So traders ditch the reliance on ‘beginner’s luck’. Instead, invest time in learning, practice, and solid strategy formulation. Because in the market, as in our coffee world, the consistent, thoughtful brewer wins the day.

P.S. Is a friend waiting for a lucky star to align for their trades? Share this with them. It's high time they tasted the reality! 😉

SIP, LAUGH, TRADE 😁

Testosterones Dance with Over-Trading's Devil

Last week, we delved into a dangerous ballet in the world of trading, choreographed by the subtle yet powerful influences of our own neurochemistry. We examined how dopamine, the brain's reward chemical, plays a seductive melody that entices traders into a perilous dance. This dance accelerates towards over-trading, like a train speeding uncontrollably down the tracks. We discussed how every win in the market feels like a hit of dopamine—a euphoria akin to a drug high. This high becomes addictive, creating a deep-seated habit that turns the cautious trader into a daring gambler, dancing ever closer to the edge of disaster. The tune is further complicated by stress and cortisol, our body’s response to the unsettling ambiguity and uncertainty inherent in trading. Together, these neurochemicals stage a dramatic performance, a dance that, without careful management, heads straight for a devastating finale.

Today, we introduce another influential character to this intricate ballet: testosterone. This hormone doesn't merely add a few more steps to the dance—it changes the rhythm entirely. It intensifies the dance, turning a waltz of patience and strategy into a frenetic jig of impulsivity and risk. As we continue, let’s explore how testosterone, intertwined with the dopamine-driven desire for action and the stress-fueled aversion to patience, brews the perfect storm—a tempest of over-trading that can sweep even the most disciplined trader off their feet.