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

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

• SPONSORED: Shoot an email to Jerremy Newsome

• Goal Setting Ideas for Traders

• Tim Ferriss and The 4-Hour Workweek

• Jim Collins

DesireToTRADE Top Resources

• Desire To TRADE Forex Trader Community (free group!)
• Complete Price Action Strategy Checklist (free checklist!)
• One-Page Trading Plan (free template!)
• DesireToTRADE Academy (exclusive training program)

How To Find Tim Racette?

• Eminimind.com
• Twitter: @EminiMind
• Facebook: EminiMind
• Tim@eminimind.com

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!