Podcast: Play in new window | Download0:30 - Kim's FREE ebook "Discipline and Finding Your Edge"
1:05 - Nathan Michaud introduction
3:20 - The importance of developing your own process (don't be a follower!)
7:19 - The benefits of being "lost"
9:45 - From trading side hustle to empire: Nathan's reflections
11:40 - Is overtrading the REAL problem?
13:45 - The importance of having a great team
18:50 - Why are people so generous in the trading community?
21:50 - What inspired Traders4ACause?
27:00 - Nathan on his purpose (trading and beyond)
31:04 - Mindset and its importance
34:18 - Adaptability and traps traders fall into
37:32 - Learning from your wins
40:21 - Important lessons for this unusual 2022 market
42:28 - Over to the Twitter Space Q+A
Nathan Michaud’s Day Trading Mindset and Community
Nathan Michaud is a legend in the day trading community. After starting to trade in 2003 while in college, he began the Investors Live blog in 2004 to combat one of his own flaws — overtrading. By 2006, the site started to gain more attention, and he began to take interest in creating a subscription-based model that not only would help new traders learn to profit consistently, but focus on creating a room that kept out the noise, felt like a community and shared one common goal: to profit.
In 2008, he founded Investors Underground, which has become the foremost premium, subscription-based, live trading chat room on the internet. Investors Underground is focused on helping traders become self-sufficient by providing them with top-notch educational materials including trading courses, trade recap videos, and webinars as well as a thriving chat community. Nathan is also one of the founding members of Traders4ACause. Today, Nathan has hundreds of thousands of followers from around the world and is considered a leader in the day trading community. Here’s what you’ll discover in this action-packed episode:
What To Expect in This Episode
- Why success doesn’t necessarily equal happiness for traders … and the dangers of having a fixed attitude toward what “success” means.
- The benefits of being “lost” — and how a little soul-searching can actually be good for traders. to do soul searching.
- How overtrading led to Nathan’s calling. He talks about how his blog evolved from creating a sense of accountability for himself to a community for traders.
- The importance of having a plan. According to Nathan, “You can’t just show up. You have to have a big-picture view.”
- The importance of having a great team and community. He speaks to the inner workings of his business and how it relies on passion as much as knowledge. Nathan also speaks to why it’s so crucial for traders to have a community.
- How he helped develop Traders4ACause and how it’s turned into a huge force in the trading community that helps give traders purpose.
- Why he cares more about creating great content than grabbing as many subscribers as he can.
- What traders need to know about mindset, including the importance of being in the zone, how to know when you’re NOT in the zone, and the danger of the “I’ve got to trade” mindset.
- Why traders shouldn’t just learn from their losses, but their wins as well. Nathan talks about how monitoring what works can help you push more in situations where it can help you continue to grow.
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Love this episode? You may also enjoy our recent episode with Lance Breitstein. Check it out here!