Published on:
April 17, 2023
Recorded on:
February 3, 2021

Summary

In this Episode

In this episode, we interviewed Tessa Lamping, a single mother and day trader, to discuss her path towards achieving success in trading. Despite devoting 15 hours daily to studying, Tessa was unable to see the desired results in her trading. We delved into her challenges and limitations, uncovering effective solutions to assist her in improving not just her trading mindset but also her general outlook on life.

‍

Together, we explored numerous ways to assist Tessa in overcoming the mental obstacles that impeded her progress and prevented her from accomplishing her objectives. We shared powerful insights, such as personal development practices and book recommendations that are beneficial to anyone who wants to improve their trading game and general life.

‍

Our conversation highlighted the significance of mindset when it comes to attaining success in trading and life. By shifting her focus from merely studying the technicalities of trading to investing in her personal growth, Tessa began seeing the path to unlock her full potential, paving the way for greater trading success.

‍

Join us on this uplifting journey as we discover effective solutions to help Tessa and everyone else who is struggling to take their trading to the next level. 

‍

Tessa’s Takeaways

During our discussion and throughout the interview Tessa was able to discover new ways to approach her Mindset, not only applied to her trading but also to her life.

‍

The three main takeaways that Tessa got from this call were:

  • Avoiding distractions and the noise that comes around trading activities
  • Make more time for personal activities and general enjoyment outside of trading activities
  • Dedicating more time to personal development and mindset exercises

‍

Show Notes

Timestamps

Ready to Supercharge your Trading?

Discover the incredible power of ORACLE, and how it can help take your trading to the next Level! Don't Wait!

Notable Mentions

Recommended Books

Credits

‍

Transcript

Maybe I feel like I need to put in more time even though I have a good understanding, but I ultimately sabotage myself.
Tessa
00:00:01
Jamil
00:00:10
Welcome to Traders Ignited. I'm your host, Jamil Ben Alluch. Joining us today is Tessa Lamping, a single mom from Washington state who's been trading for over a year and is on a journey to overcome the challenges that keep her from reaching her full potential as a day trader. In this episode, we explore her struggles and discuss practices that can help her achieve her trading goals. But before we begin, let's take a quick moment for thanking our sponsors.
Jamil
00:00:36
Do you ever feel like you're missing out on profitable trades? Aren't you tired of spending countless hours monitoring the stock market, desperately looking for trading opportunities? Trust me, you're not alone. Keeping up with the stock market has always been overwhelming. Until now. The experts at StocksToTrade have invented a totally new way of looking at the stock market. And it's big. They call it Oracle. Imagine being able to scan all 23,000 stocks in the market with a click of a button. With Oracle, you can do just that. Stockstotrade spent over $2 million in research and development creating Oracle to find the best place and deliver real time alerts directly to your phone. Here it is. That means you'll never miss out on a trading opportunity again with Oracle. You can discover new and profitable trading opportunities in real time every single day, thanks to Oracle's ability to find stocks with the potential to make big moves, you can make informed trading decisions instantly, and Oracle's user friendly interface makes it easy for anyone to use, whether you're a beginner or an experienced trader. But don't just take my word for it. Oracle has already helped thousands of traders, just like you discover new and profitable trading opportunities. Take Timmy, for example. He described Oracle as being by far the most user friendly trading software out there. Joan Felt transformed into a better trader with the help of Oracle's real time signals. And Robert says he wouldn't want to trade again without it. So don't miss out on this opportunity to supercharge your trading. Join the thousands of satisfied traders who have already discovered the power of Oracle. Are you ready to push your trading to the next level? Visit tradersignited.com/oracle and start getting your Oracle trading alerts today.
Jamil
00:02:11
Tessa, welcome to the show. Thank you for coming on. Very happy to have you here. Say hello to the audience and share something unique about yourself that few people know about.
Hi. Thank you for having me. So I'm a single mom and I decided to take on day trading as I've gotten out of the modeling world. Spending more time with my kid is my goal and trying to teach him at the same time. So as he's growing up, he's almost two. I'm just trying to balance learning, to trade, being consistent and raising my kid at the same time. That's amazing.
Tessa
00:02:22
Jamil
00:02:54
So how long have you been trading?
I This month actually is one year.
Tessa
00:02:57
Jamil
00:03:01
Wow. Okay. That's the one year mark. That's perfect. Okay. Yeah. And in terms of getting started, why did you get started with trading? You know, like why trading specifically as opposed to other things, you know, that would make you income?
Well, I when I was pregnant with my son, I was getting my bachelor's degree in information security. I was wanting to go that route because I figured I could work from home potentially. And then I started finding stuff about investing and Forex, and then I tried Forex for a little bit. I was learning this stuff. I never traded it. And then Tim Sykes ad popped up and I watched it and I was like, Huh, this guy's pretty honest. All right. I trust him. That's great. And so basically I just started watching his YouTube videos because I was working two part time jobs at the time and studying whatever materials I could so I could save up and invest in my education. I wanted to join the trading challenge, but I was denied like 2 or 3 times. Wow. Because I had to save up even more. And I started with the Millionaire Master's program. Tim even asked me to go to the conference and I couldn't because I just had my kid, of course. But he loved my dedication. And so I kind of found penny stocks, but penny stocks mostly found me. And I just love the way Tim Sykes teaches. And I've been hooked and I can't get enough studying. And after being on the Steadytrade podcast, I'm kind of hooked and I can't leave now.
Tessa
00:03:16
Jamil
00:05:00
That's awesome. Funny enough, actually, I have a background in information security too, so that I was like, Yeah, good, good stuff. Yeah. And I actually got started with the with the Tim Sykes challenge back in 2014, too. I was doing some consulting and eventually I was like, Hey, this is not for me. I would like to do something more interesting with my life. Eventually, you know, things played out and here we are. Right? Cool. So you've been trading for a year. What what kind of position or actually account size do you usually trade with?
I now have little over $4,000 and I'm taking about $820 worth of a position size and risking max 3%.
Tessa
00:05:32
Jamil
00:05:43
Of your entire account. Not of the position.
3% of the 800. I only risk 1% of my entire account. Then I try to keep it under.
Tessa
00:05:45
Jamil
00:05:53
That's good. Okay. Interesting. And in terms of wins and losses, what is typically your percentage or your. I would say the percentage or like the number of times you benefit or like your profit from a given trade.
It ranges anywhere between 45 to 55%. So about half.
Tessa
00:06:11
Jamil
00:06:16
The time you get about half the time. Profits Are the profits enough to offset the losses or typically your loss is bigger than your total gains.
At first or a lot of the time I can take my singles, but the last couple months I was getting caught in the panic being a little bit too early dip buying morning panics, and I couldn't understand or read the level too quick enough to know that it was going to keep going down so I'd get caught in that panic, not put my sell order low enough. It would go all the way down. And then I didn't have the I don't have the account size to add at the bottom, so I'd hold all the way down and sell into the bounce. Right. And that would wipe out all my singles.
Tessa
00:06:28
Jamil
00:07:10
And right now you're under the PDT to ride with $4,000 account.
Yes, but I do use a cash account.
Tessa
00:07:14
Jamil
00:07:16
Okay. So you're not limited. So you just have to wait the three day period for it to clear out and then that's good. You don't have to deal with the margin portion. So in terms of the performance, what you think is your biggest weakness at that point or what's preventing you from allowing you to make bigger profits or limiting those losses more?
I would say a lot of it is not trusting myself to just enter where I think a good support level is, and then I'll miss that opportunity and it'll spike and then it'll come back down for like breakouts right now. And then I'll enter in where I think there's support after it already spiked. Then I'm still too early. It goes lower, I cut my loss, it will spike and then go on without me. And then also with morning panics. I've been so nervous entering into soon way, cutting my losses. But now I'm too slow entering before or when it panics all the way down and before it spikes. So now I have the opposite problem.
Tessa
00:07:37
Jamil
00:08:33
So in essence, it's your level of confidence that's preventing you from entering at what you would call the right time in order to maximize your your profit or minimize your losses. What is you know, what is the feeling that you have when you're getting to that situation where you say, okay, I'm not sure about it, what is causing or working inside of you that says, okay, like, I know I should go in, but I'm not going in. And you know, what do I do? And then you start in a way panicking into that position later on, which causes, you know, like the reversal and then just ending up exiting at a lower point and ultimately, you know, just wiping out your your potential profit.
I would say because I'm only trading morning panics or panics and breakouts with breakouts. I'm I would say afraid of being wrong and having to cut that loss, which I'm not too upset about losing money because it means really nothing in the beginning. It's about the practice. And then for morning panics, I guess I'm afraid that I'm still entering too soon, even though I have been getting lots of practice at cutting quickly from entering too soon and I've gotten that pretty under control, I it's just I'm also kind of afraid that if I, I'm kind of afraid of succeeding at this too, is oddly as that.
Tessa
00:09:13
Jamil
00:10:07
Is, Let's, let's expand on that. So why would you be afraid of succeeding? I mean, ultimately, your goal is to be successful, to become a successful trader and, you know, be out there like make money out of this as a full time living. So why would success cause any like, feeling of fear or anything such that would prevent you from, you know, taking the next step or like be more confident about what what you do. After all, you've, you know, you've had a year where you've been paper trading, you've been trading with your real account. Um, so what? Why would you be afraid of that success or like being able to move to the next level?
I know it sounds absolutely bizarre, but that is the ultimate thing that I can think of. And I. It's the hardest thing for me to say. I honestly don't know why I'm afraid of succeeding. Maybe it's because I'm used to knowing that I can accomplish something and then I usually get bored of it and I'll stop. But this is my actual passion, so maybe I feel like I need to put in more time even though I have a good understanding, but I ultimately sabotage myself.
Tessa
00:10:46
Jamil
00:11:22
So let's get out of the trading portion a bit. But think about what types of successes you've had in the past and how that made you feel in the past, and why would you want to sabotage yourself in there? And I understand like there's like a you're saying boredom. Something that comes up is like, okay, I might be bored, but it's not something that you have experienced yet. You're still passionate about trading and it's something that you want to do for a living, right? It's not something that you're kind of like doing as a hobby, given the dedication. And you've been very active on Twitter and, you know, like you're kind of all over the place with trading. So just trying to explore, you know, what in your life have you achieved? That you felt proud and then you just dropped. And why would that happen at that point with those specific. Factors or events?
Well, I mean, a lot of my achievements were when I was in school, whether it be making varsity boys football team, um, completing my college degrees. I even simple as completing my favorite books and drawing and writing music. I know that I have the capabilities and I know what goes into reaching the success and the end goal. And even when I was modeling, I was traveling internationally doing runway. And so I know the work that goes into it. But then a lot of it is like, okay, I've done it, what's next? But with trading, it's completely fine. I want to say it's completely different, although you still have to put in an amazing amount of work and I absolutely love it. Um, but the market's always changing. It's not like where you run the same routes in a football game or football practice every time you block the same people, every time or any other sport, you're doing the same thing. Even though in trading you basically are, if you're focusing on specific patterns. But I'm mean, it's honestly, it's just hard to say because I have this huge passion to be successful. And that's also why I wanted to do this podcast to hold myself accountable. And and, you know, it's just hard to say, well.
Tessa
00:12:11
Jamil
00:13:53
I'm sure our listeners will hold you accountable for, you know, getting out there. But you also have to evaluate, you know, the personal aspect of it. And ultimately, I think what I'm hearing is. A bit of a lack of belief in yourself to be able to achieve that success and move forward. And you're adding factors like, you know, I'm afraid of being bored or not, but you haven't reached that point yet. You've reached it before with different things. But has the, you know, what are those activities that you were doing before fulfilling enough for you to continue doing them? Or at that point you were like, okay, this is not for me, and then I'll move on. And then you found something that you really feel passionate about that you know, you know you have it's your son, right? It's a it's a boy. Yes, yes, yes. So you have your son. You're working for that. That's your, you know, your purpose. Like one of the reasons is to make his life better, I suppose, or like financial freedom, whichever the case may be. You have something or purpose that goes along with what you're going to be doing and you didn't see yourself doing, you know, modeling or along with what your bachelor degree was about or even, you know, like information security didn't work out for you just because you didn't feel it. But now with with, you know, trading, has it changed in terms of how you feel about the experience, you know, like the day to day activity? Because as we both know, it's a very demanding activity.
Jamil
00:15:17
You have to be in a big part of the day. You have to do your research. You have to prepare, and then you have to be consistent because the amount of work you put in there is not going to give you necessarily the result that you want. So it doesn't matter if you spend 15,000 hours learning how to trade. If you don't trade, at the end of the day, it's going to be dependent on the results that you're able to do or have during that period of time to generate the profits. But if you don't generate the profits, it's not going to even if you spent all that time, it's not going to result. So I'm trying to see, you know, where does that passion stand right now? And, you know, why compare it to the stuff that you didn't have a passion for before you realized it wasn't working for you, where now you have this activity that you seem very passionate about, very active about, You know, you share it with the world. You post on Twitter. You know, you watch the videos, you've watched like the entire library of Tim Sykes read my book. You know, you're you've been around the learning process a lot and that's for the last year. Right? Has that feeling changed between the moment you started and now?
And so I've actually been studying for two years. I think it's been because my first year was just studying and paper trading using StocksToTrade. And then a year ago I decided I was doing really well, paper trading. I mean, I made like $7,000 on paper trading. I'm like, I got this. And then I just started having to learn my broker and I got to experience broker issues for the first shoot year of my trading career. And my passion is still here just from day one. I mean, if anything, I think it's grown a lot more. But also as my kid is getting older, um, he's a lot busier, so I'm not able to put in the 17 hours of studying that I used to do. Um, if anything, I'm getting, if I'm lucky, 4 to 8 or 12 hours of studying in a day. And it's still quite a bit compared to a lot of people. But I, I have such dedication and passion to this, that, and I don't want to disappoint Tim or everyone else. And I'm not as much as I post on social media. I'm a huge introvert and my whole goal was to stay quiet and perfect my trading.
Tessa
00:16:23
And then out of nowhere be like, Hey, Tim, I'm successful. Kind of like Mariana. She of course, not many people knew about her. Then all of a sudden it's like, Hey, top student here. Well, that was my plan. And then now it's like, um, God, I keep posting to stay accountable to me, to motivate others. Yeah, I'm still struggling myself, and I'm not here to teach others when I'm still learning and comparing this to other stuff. You're right. It's completely different than anything else I've done. I have this passion. I want to get better. And. I guess I just need to. And I trust the process. It's just trusting myself to be able to be a good example for my son and show him what's possible so that way he has something to fall back on. And my passion is to be able to take care of my family, my parents, my grandparents, of course. And that is my huge drive for all of this. And just to be successful at something and not have to do the boring old 9 to 5 routine where.
Tessa
00:18:04
Jamil
00:19:26
I hear you 100%. So a few things I heard, you know, while you were talking is you seem to rely a lot on external factors to validate yourself. So one thing maybe to consider is try to avoid the external noise, like all the people they do their own things. And one one principle that I use for myself is often it doesn't matter what people think, what people do, you do you, and then you will achieve what you want to do the way you do it. Otherwise, you're basically relying on validation for people to give you like a the way to go. But ultimately the way I trade, the way Tim Sykes trades, the way Tim Bowen trades, the way Tim Grittani trades, that's unique to each person, right? We follow the strategies and we understand how these work on a technical and somewhat fundamental level. But at the end of the day, what's going to happen is you are your own person and the way you process information when you're trading is not the same way that they're going to be seeing the same thing. You're going to see same chart as them, but you're not going to interpret it the same way. And what I was hearing is essentially you're trying to validate your your success based on the opinion of what other people think about you and say, okay, you know, like I'm doing this. I'm doing that. Ultimately, as long as you feel good with yourself and what you're doing, then what other people think about you doesn't really matter, right? It's more what you think about you, what you're doing and why you're doing it.
Jamil
00:20:55
And as long as that feeling is fulfilled that you are able to meet that need of, you know, self validation to make sure that you provide to your goal or you're able to expand yourself to meet that goal, which in your case is, you know, financial freedom and providing for your family, which is, you know, great. It's like it's a lot of pressure, but you are able to say, okay, I do this because I want to create something better for those around me and those I love. And you shouldn't have to rely on the people around you or like the people who are external to you, but give you like guidance to validate what you're doing. Because ultimately it's going to be the practice that you put and the effort that you put right on it. So eventually what happens is, you know, you have to set your mind and you can try, you know, like doing it on your own without having to expect validation, the posting and everything. That's good, you know, documenting your work, whether you're trading, you know, whatever it is that you're doing, having that documentation will help you have a historical path of what you have done and see where where you've started and where you're going and how it has progressed over time. It gives you your chronology of events throughout your entire like trading career, and it's good to break out once you're a multi-millionaire saying, okay, I went through this and it's like, Yeah, I made it right.
Jamil
00:22:12
But in between, it's good to have mentors. It's good to learn, but it's not necessarily good to hear what everyone has to say because at some point you have to do or not hear what people are saying, right? You have to take the action. And what I was hearing is it's great to learn a lot of stuff, but at some point you're going to have an overload of information happening in your head where it doesn't matter if you're studying like 17 hours a day or four hours a day, this knowledge, you already have it. But what you don't have, what you don't have is the ability to link the knowledge to the experience. And you're lacking based on what I'm know, what I'm hearing is you're lacking enough experience to be able to take those actions confidently, which is what you need to build, right? So one way, one way to do it is just, you know, whenever you want to get in, just get in without necessarily blocking yourself. Try to eliminate that voice that says, Oh, maybe I should wait or wait for something better. Because ultimately trades like this, they happen every day. They happen every couple of days, you know, So whatever you're missing today, you're going to have a chance to do it tomorrow.
Jamil
00:23:16
You know, like the GME's of the world happen every couple of years, but they happen. It's not something that will happen today and then not be seen ever again. Right. We had I remember one when I started that was my big one. I made $214. I was so happy just when I got started early. So that was digital ally they made. Uh, wearable cameras. And what happened? That was back then when there was, like, the Ferguson shootings and, you know, like some people died, and so they created a big, big commotion and, you know, both DGLY and then related stocks like. I forgot the name of the other company anyways. They both spiked, went from $3 to 34, and now we've seen like a number of other companies that went from $3 to 145 GM that went from whatever it was, $16 to 104, 120. So these are all spikes that happen very often. But the point I'm making is plays will happen every day. Regardless of what you do, what you can take advantage of is really whenever you have a chance to get in and try it, you try it. As long as you minimize your loss and you don't hold the bag for no reason, you have your plan. You get in and you're ready to go. Then you have a chance to learn that process because when you practice, you learn from the experience. And it's the same like, I'm not familiar with modeling, but I assume, you know, like there's a learning process where you have to learn how to walk properly and stuff.
Jamil
00:24:44
The first day you weren't walking the right way, you were not necessarily doing the. Whatever it is that you do in modeling, I apologize. But bottom line, it hasn't. It wasn't a one day process. It's something that took time and you had to practice because you knew the theory. It was like, okay, I have to walk this way. But until you actually experience it, you feel it in yourself to do it the right way, you're not going to do it the right way. And the same applies to basically everything. So my experience comes from more like a martial arts, and it's you can learn all the techniques you want, but until you get punched in the face, you don't really understand what it means to do martial arts because when you have to defend yourself. You are, you know, positioned in a in a situation where you have to react quickly without necessarily knowing how to do it at a like instinctive level, whereas, you know that you have to move out of the way, block your punch and then, you know, punch back. But when it happens, somebody punches too fast and then you see the punch coming and then it just hits you in the face and you go like, well, that hurts. You're going to do it once. You're going to do it twice. And then by the third time you're going to learn to get out of the way.
Jamil
00:25:49
But you know that you have to get out of the way. Bottom line, without getting too much into martial arts, which is another of my passions, you do need to have the experience by trying and making errors consistently until those errors become your successes. And the errors are really only like just opportunities for you to learn how to do it better next time. Right? But if you're private, like you're depriving yourself from being able to make those mistakes, then you're not learning anything, not at the experience level. You know, have the knowledge and I'm sure you have the entire collection of knowledge that you need to have at this point, I don't think that you need any more knowledge after two years of, you know, studying penny stocks, looking at all of Tim's videos, reading all kinds of books, you know, like anything that has to do with trading, you know, the material as from from a technical standpoint, but you don't know it from an experience standpoint. You are unable to put in practice what you know. And this is probably the case for most traders where, yes, it's very easy to learn the specifics of trading as far as knowledge, but experiencing trading when you put anxiety, you know, real money, everything that goes along with it, the stress. When your palms start sweating, you go like, Oh my God, I have to get into this position. Oh my God.
Jamil
00:27:01
Like I'm losing money. Do I hold? Do I get out? Like, Yes. And that adds a lot of difficulty. It's not the same thing trading paper as it is trading money because then you added like the emotional factor that goes with the money you have when you are paper trading. You're not losing anything. You're just, you know, it's numbers on a screen. It doesn't affect you. But people have a very strong relationship with money. And then when that happens, it's like it creates all kinds of it's like I forgot there's like a journal article somewhere. I don't recall which one, but it says basically we treat money the same way we treat people. So we get attached to the to the money, to the point where losing that money just creates a really hard feeling inside. And then just we're stressing and just going insane and going like, Oh my God, I'm going to lose all my money. It's just going. But the reality is, you know, the rules, you know, you know, if you have your plan, you say, okay, I'm going to take my entry. I'm going to I know where I'm supposed to exit. And if I want to take profit, I'll do it here. It's just putting it into place, right? So that's kind of like the way I see it in in what you're not doing is essentially taking a chance on yourself to make those mistakes because those losses are going to happen.
Jamil
00:28:08
It doesn't really matter if you're entering at the right time or at the wrong time. What matters is having that learning period that allows you to lose just a tiny bit, but be able to make the internal progress to be able to not do it again. And then over time, as you compound those experiences, you will have a lot more of a keen eye in order to see how to react to certain situations when it happens. Right? So that's kind of like the the personal portion of it. So that's that's the way I see it in those terms now. It's a lot easier said than done. It's just a matter of practicing and trying to evaluate how you fit into all of this. Whenever you start feeling just becoming aware of your internal feelings, your anxiety and the why it is that it's stopping you from being able to do that trade at the moment that you want to do it and not when you think you should do or like rather, you know you should do it at that moment, but you're preventing yourself from entering that position by saying, okay, maybe not like, oh, it's not sometimes just, you know, wing it and see what happens. And then at some point something will happen. You have the experience, you have had the achievements, right? So it's something you are familiar with, successes in different areas. You just have to apply the same concepts of emotional management to that. I don't know if that makes sense.
That makes total sense. And actually I'm lame. I'm probably one of those people who treated my paper trading account like it was real money, and so I felt this same exact, like, emotions that I felt when I actually funded my account, because my whole goal with that was to treat it how I would if I was actually trading. I wanted that experience, that practice. And so I'm doing a little bit better there. But exactly what you said is I need to start getting more shirts that say, just do it.
Tessa
00:29:31
Jamil
00:30:10
So moving moving aside from the direct trading portion, let's talk about your, you know, your habits. You know, how what is your process during the day? How do you approach, you know, your entire trading day from morning to evening?
Jamil
00:30:24
Do you ever feel like you're missing out on profitable trades? Aren't you tired of spending countless hours monitoring the stock market, desperately looking for trading opportunities? Trust me, you're not alone. Keeping up with the stock market has always been overwhelming. Until now, the experts at StocksToTrade have invented a totally new way of looking at the stock market. And it's big. They call it Oracle. Imagine being able to scan all 23,000 stocks in the market with a click of a button. With Oracle, you can do just that. Stockstotrade spent over $2 million in research and development creating Oracle to find the best place and deliver real time alerts directly to your phone. Here it is. That means you'll never miss out on a trading opportunity again. With Oracle, you can discover new and profitable trading opportunities in real time every single day. Thanks to Oracle's ability to find stocks with the potential to make big moves, you can make informed trading decisions instantly, and Oracle's user friendly interface makes it easy for anyone to use, whether you're a beginner or an experienced trader. But don't just take my word for it. Oracle has already helped thousands of traders, just like you discover new and profitable trading opportunities. Take Timmy, for example. He described Oracle as being by far the most user friendly trading software out there. John felt transformed into a better trader with the help of Oracle's real time signals. And Robert says he wouldn't want to trade again without it. So don't miss out on this opportunity to supercharge your trading. Join the thousands of satisfied traders who have already discovered the power of Oracle. Are you ready to push your trading to the next level? Visit tradersignited.com/oracle and start getting your Oracle trading alerts today.
Jamil
00:32:00
How what is your process during the day? How do you approach your entire trading day from morning to evening?
Okay, so my process has changed quite a bit from my first Steady Trade podcast where I was waking up at like 4:00 or 430 in the morning studying pre-market and all that where I was just trading listed stocks and I was profitable for 3 or 4 months dip buying the panics there. And now that Otcs have gotten hot again, I want to master Otcs and my process now is I'm waking up anywhere between five, five, 530, 6:00 in the morning my time. So see 8 to 9 Eastern time. So that way I can turn on my laptops, go through all the tickers that I put on my watch list from the night before, get the ones that I think are going to perform first. Like for morning panics. I have let's see, I had in KW up this morning Elias and a couple of Viper and a couple other ones where I thought they were going to have morning panics this morning. I was prepared for them, but then I had StocksToTrade looking at I+ and then didn't realize my other laptop. My e-trade pro had inqu on it. So I'm thinking I'm having internet issues with the level two and I couldn't figure out why the level twos weren't matching the different prices. And so I missed Elias because I was looking at in KW then I switch it to in KW missed that one because I was too late on I+ then I missed Viper because I was looking and trying to figure out the other two. So then like this morning I felt like I wasn't prepared, even though I felt like I prepared. And so that's kind of that's how my morning begins.
Tessa
00:32:09
And then I'll stare at the screens watching for opportunities until about 730, 8:00 my time because then my my son wakes up and then I have to get him all ready for the day. And so I usually bring my laptops into the kitchen because I have an open area and I'll have my laptops going while I'm playing with him, keeping him learning and doing his schedule. I'm checking in on the markets. I'll I'll be in a webinar because I'm a challenged student and then I'll be in chat, kind of looking in there. But recently I've watched a webinar where Tim Grittani stresses learning from our own mistakes and our own losses. So now I've kind of closed the challenge chat, trying to focus on my tickers, trying to focus on my setups and getting the experience and just learning from my losses. And then that'll be throughout the day and then market closes. I. I've been trying to still study and read the Daily Trading Coach and trying to work on my psychology, just being my own trading coach and then still following my kid's routine. Then after or around the market closes. It's his nap time. So I get studying in there and then after he wakes up, I'm trying to review my trades or review the market. I'm and then when it comes to bedtime, I get him to go to sleep about 9:00 my time. So then 9:00 to even up to 11:00 at night, sometimes midnight, depending on when he goes to sleep. I'm working on my watch list and preparing for the next morning, and then I go to sleep listening to webinars and then the process repeats.
Tessa
00:34:26
Jamil
00:36:29
I have I have to commend you for your your strong, your strong dedication because that's a lot of work. And especially, you know, you're a single mom with a two year old. That is that's amazing. So you should already, you know, congratulate yourself for being able to pull all that off in a single day. I would just, like go insane. I have one just screaming in my ears and just start crying on the side, like. Right, Um, but all things sincere. So I heard a lot, you know, you put a lot of effort towards the trading aspect of it. So everything that has to do with trading, at which point do you really work on yourself?
I that's been recently since I've been reading the Daily Trading coach. So about a month, maybe two months. But my schedule has gotten hectic, so I kind of put that on the back burner. Now I'm trying to make sure I stay consistent with it. Usually in the evening times, about at least an hour when I can fit it in, I try to fit it in like 1 hour or 2 hours in the evening times around dinner time when I can. And he's busy. Uh, but I mean, it's hard to say how much I actually focus on myself maybe a half hour to an hour in the evenings during dinner time.
Tessa
00:37:07
Jamil
00:37:58
Okay. What kind of, you know, activities do you do? What kind of, like, personal development tasks do you approach or exercises that that help you, you know, like with the with the day.
I try to make a video review after my trades. So in the evening times I like to take a few minutes, a half hour roughly, or however long it takes to record my thought process, what I did in a trade, how I could have possibly done better, what I did right. I'm trying to encourage myself more and focus more on what I did right and be positive because that's what the book says to do. And so every time I trade, I do a video review on profit, and then I do my daily report cards. I have a weekly report card, a monthly report card, and then I have daily goals, weekly excuse me, weekly goals and monthly goals that I try to read through. Um, and I also try to read the Daily trading coach a lot more so that way I can find more homework to do to reflect on what I'm doing psychologically and trading.
Tessa
00:38:10
Jamil
00:39:21
It's it's great that you're documenting everything. But one thing I do hear is that you have a lot of things going on at the same time and that might maybe could lead you into like a lot of confusion as to what you have to do with your life in general, just in terms like it's it's amazing you're able to pull all of that off in a single day, every day, and it's a lot of work. So again, congratulations on being able to be able to do that and manage like the entire day like that. Now, would it be something you would consider like to try to focus more on certain aspects of those things without having to do everything at once, trying to, you know, approach all the things? Because one of the things you were mentioning earlier was you're getting distracted by like four positions at the same time without really focusing on anything. And then at the end of the, you know, the event, you're just lost all the opportunities to get in because you were spread across different things. You were distracted, you were not really following what was going on. And the same thing happens with personal development is that you are reading a lot of things and a lot of things are happening at the same time. So you're trying to do, you know, like your reviews for videos and then you're trying to read the book and then the book probably has a number of exercises in there that will tell you to do certain things, and then you're trying to fit everything in and it causes more stress because you're trying to get everything done in one shot rather than trying to focus on one single exercise that will allow you to improve what you're doing right now.
Jamil
00:40:46
You know, develop your self-confidence, your anxiety management, your everything that has to do with the process that you get for entering a position or managing your your positions correctly, you know, entering, managing risk, exiting whenever it's necessary. That's just the practical aspect of it. I feel like you're missing the. Personal development portion of it, which is really trying to work on your confidence independently of trading, like confidence for yourself, being able to say, okay, I'm fully capable of doing that now and nothing's going to keep me from it, You know, things like self-talk and one book I really like about this, although some people don't like it, but now I forgot the name I quoted all the time, but, um, by Napoleon Hill. Wait. It's right here. Shame on me. Think and grow rich, of course. So so that book, you know, it talks a lot about affirmations and then there's a number of books on the subject which essentially.
Jamil
00:41:49
Allow you to manage your self-talk, to establish, you know, like a. Goals that you want to reach as far as developing yourself. But it also comes down to talking to your internal self and saying, okay, you're able to do this. We are together in this. There is no reason for you to fear and we'll be confident into believing that we can achieve what we want to achieve. Um, those are one of the things, like meditation is something that also helps, you know, takes five, 15 minutes of your day. You just sit and meditate. If you haven't done that, it's, it's wonderful. I do it every morning for 15 minutes and then I feel ready to say just random things on on a podcast during the day. So you see it works out. But bottom line is I feel like you're not putting enough focus on developing yourself outside of trading on a personal level and that everything in your world aside, you know, from from the time you spend with with your son is spent like every single second is spent on trading related activities. And while that is awesome for, you know, understanding, learning and everything is not necessarily the best thing for you because there's still a part of you that's not trading right. You're a person, you have feelings, you have things that go outside of trading and then you're kind of like mixing everything together.
Jamil
00:43:05
Trading has to be your your pleasure point. It has to be your work. It has to be your financial making. It has to be, you know, like your passion. And sometimes that overwhelms the person and you'll be like, oh, well, screw trading, you know, let's do something else because I'm just. Burnt out, right. You've been at it for two years and still have that passion and that's respectable. But at some point, you know, you have to take care of yourself from a personal point without necessarily involving trading and then realize that all that confidence you can have without trading and you can bring that from outside of trading into trading by just. Realizing how you work inside yourself and saying, okay, you know, I'm very capable of doing anything I want to achieve. I've proven it before and I can do it again. And there's no reason for me to not be able to do that. And trading is just kind of like an extension of what you can do. But ultimately, you know, it's like a tool to achieve whatever dream you have, you know, right now, financial freedom. Take care of your parents, take care of your son, show you know what dedication means, what perseverance means, what you know, creating something for yourself in the future means, you know, that's what I hear as goals that you have to bring forth.
Jamil
00:44:13
And I think it starts really with putting more focus on spending time on yourself, taking it little by little. And once you have mastered those tasks, each of those and, you know, have started to see the change, then I think at that point you'll you'll see the progress in your trading as well as you progress internally without necessarily having to rely on the trade to define who you are or the people around you that, you know, like all these amazing traders that have been doing it for a while and you know, like you just see their results. We haven't seen everything they've gone through. They don't necessarily share. Right. You see, you know, like Tim Grittani, he's he's amazing. He's made like, what, over $10 million trading profits. Tim Sykes You know, like he's a beast. He's been at it for 20 years. But when they started, you know, they had the same doubts. They had the same difficulties even more like Tim Sykes didn't have like a retail brokers and all that stuff. He was a lot more difficult. The Internet was not the same thing, right, in 2001. So just to quote an example, right, But like all these traders. Alex, 21 so Greg Scarborough, they're incredible, but it has taken them work and personal development and they've realized that early on to be able to create a self environment for themselves where they would be able to thrive into the market as a tool to be able to do other things.
Jamil
00:45:25
Because if you look at what they do is like it doesn't just rely on trading, it's, you know, the life that goes around it, you know, like spending time with family, you know, developing the self confidence, creating something for you that's not necessarily just, you know, like you're not going to be talking trading to everyone around you all your life. And at some point you want to take a vacation. You know, you want to do stuff outside of the trade, right? I mean, that's the way I kind of see where things are, you know, possibly recommending, you know, maybe try putting a little bit more focus on you without necessarily involving the trade in it, but really like work on personal development at the core for yourself, you know, like your feelings, your self esteem, your confidence to boost those and that that way when you have your plan ready and you arrive at the end, you know of that trade, it's like, okay, I'm ready to go. It's morning, I have my research done, This is what I'm expecting. If it doesn't work out well, too bad if it works out, you know, I'm entering at this point, no hesitation.
Jamil
00:46:24
The rules are the rules. We go with it, right? Yes. So that's kind of like what I see. But, you know, it's it's a matter of managing where you stand and trying to raise your self awareness about it, but also eliminating as many distractions as you can from. Your peripheral view, right? Because basically you're going like that. It's like, I don't know if you've seen this movie up with like where it's like a dog and every time he sees a squirrel, he goes like, squirrel. Well, that's and it happens to a lot of people. And eliminating the noise is one of those really tricky aspects of of trading because, you know, everyone's talking about everything all over the place. And who do you follow? Why do you follow them? And at the end of the day, it's you. It's not them. It's not the big traders, It's not their alerts. It's you. You make the choices, you make the trades. And at the end of the day, the success is going to be yours and yours alone, regardless of whoever you learn from, regardless of how you done it. Trading success is belongs to you. Whatever you do, whatever you achieve, it's yours. But you also have to own your internal portion of it to be able to grow into that.
And that makes perfect sense. And I've been trying to spend a bit more time playing the piano. That's amazing. Is something my son absolutely loves to do. And so I've been teaching him a little bit more. But I always feel like because even my friends and my family tell me that I spend a lot of time dedicated to trading and my friends are always trying to get me out. And now I got a great excuse because the whole COVID. So I'm like, No, I don't want to catch your COVID. So, like, I got to stay here and I got to study and I'm always like, Well, my personal time is the time that I'm spending with my son. And they're like, Yeah, but you're always just trading and with your son, you need some new time. It's like, Well, that's when he's asleep and I'm studying.
Tessa
00:47:37
Jamil
00:48:35
That's good. What I'm suggesting is, would you consider maybe, like, you know, spending more time in that personal development, You know, like meditation, affirmations, things that will help you, you know, create more for you internally or, you know, have you tried journaling, for example, and not not trading journaling where, you know, it's like I've traded this at this price. I enter, I made these mistakes. This was my hypothesis. Yes. That's amazing. You should document 100%. Absolutely. You should document your trades every time so you know where you've been and where you're going. But I'm talking about, like journaling, like every morning, every evening saying, okay, what are you thinking? What are your goals in life? What do you want to do? What do you hate about today? What you're thankful for, You know, things like that. I have one of these. I do it like every day. I have like a bunch of them, actually. So I've been doing it for like two years now. Um, and that's another thing that helps. So what do you consider things like that, exercises that, you know, promote you without trading, that help you grow on your own and then bring that to the trading floor when you're ready, because that is your job. In essence, that's what you want it to be, right? It's your money making bread making approach. And whether you make, you know, $500 a trade or you end up like making like Tim Grittani $10 million over a lifetime, which it's not impossible you like you can look like big, big eyes like that. But he has spent the years he has spent he has like he had the dedication to make it happen. And anyone who dedicates themselves to something will achieve greatness. That's at least I believe that truly, like deeply inside of myself, that anyone that has the the capability of trying something and persevering within that field will achieve greatness eventually. The people who don't is the people who quit. Bottom line is you are not limited by your ability to do it. You are limited by the ability that you think you have.
That makes sense.
Tessa
00:50:28
Yeah. And I, I, I don't journal as much probably as I should. And Kim was saying that I should write down a lot more. And so I've kind of started to do it occasionally because she told me I should write a book about everything that's gone on.
Tessa
00:50:29
Jamil
00:50:49
You should listen to Kim. Kim has always great advice. She's amazing. Kim, the Wall Street coach, is a great coach. Um, and definitely so are you able to dedicate, let's say, for example, like do you have like 30 minutes to an hour a day or like even 15 to 20 minutes a day where you can just sit down, just schedule it, put it on a schedule, write it down. At this time, every day I spend 15 minutes writing about whatever it is, you know, my thoughts, my day, my what I'm thankful for, what I'm, you know, what went wrong, what I would like to improve in my life. Spend 15 minutes every day just writing about that, just to get it out because it basically a way of expressing yourself and then maybe add another like five, ten minutes for meditation. Just sit down, just be aware of yourself. Like learn to feel, um, you know, get in there. Just like to, to relax yourself, be able to gain that awareness around you and then just. Breathe. Just be and, you know, get out of the trading because trading. Yes. It's you know, it's a great way of living if you're passionate about it, if you like, you know, the numbers, if you're able to deal with the charts on a daily basis, it is a way for a lot of people to make a lot of money. But that's not the only thing you should be doing with your life because there's a lot more you can do outside of that, which is, you know, you can spend more time with your son.
Jamil
00:52:15
You can spend time developing yourself more. You can just go have fun. Like if you want to go play soccer or, you know, like volleyball or go to the beach sometimes, you know, like it's that's the reason you're doing it. If you're 40 years old and you spent your entire life trading 16 hours a day, you know, like between the research and what have you done, you have just the memories of a screen staring you in the face with like green and red candles saying, this is going up, this is going down. It's like, okay, well, life technical analysis support resistance. You're going to go insane. I would. But if you take the time, you know, like every opportunity you have to enjoy the time you have with the people you love or like, do whatever it is that makes you happy every once in a while just to detach from it and then spend time to develop yourself. I think that will be a lot more beneficial to you than than just spending all your free time learning. You can learn, but there's an extent to what you can learn, right? There's a limit to how much information you can gather without starting repeating the same subject. After a year, I would expect that you already know everything there is to know about trading, whether it's like a technical analysis, level one, level two reading charts, there's nothing else you can add to yourself and the people that or the things that people will share with you, whether it's on YouTube videos, you've seen it 100 times because every time, whether it's Tim who posts or like Tim Bowen or Tim Grittani or like anyone in in the industry, especially in the penny stocking industry, the behaviors are going to be very similar from one place to another.
Jamil
00:53:46
You've seen them all. You know what's happening and obviously we can't predict the future, but we have a good expectation. So you have that knowledge. It's a matter of you getting to practice, but also detaching yourself to be able to create a new view that allows you to take advantage of those experiences in a more relaxed way without having to have that pressure all the time on you. That says, I have to trade. This is my passion. I really need to get it done. Uh, it's not a fight. It's something you have to take with. Ease. You have to go into it and without restraint, but also enjoy it as much as possible. And at some point, if you do it too long, with too much effort and too much anxiety, that passion just dies out because of the pressure it has on you. And then, you know, like you take a loss and you're just going to have a bad day and just everyone around you is going to be like, she's having a bad day.
That makes a lot of sense.
Tessa
00:54:40
I don't know if it. Oh, go ahead. Sorry.
Tessa
00:54:41
Jamil
00:54:44
What I was going to say is, is that something you're willing to explore? Just spending more time on you? You know, like journaling, meditating, self-talk, You know, like improving the you basically.
Since I haven't tried it yet, I'll definitely do it. And it's worth a shot. And if it helps, then I'll continue to do it. But I will definitely work that into my schedule since I haven't yet.
Tessa
00:54:54
Jamil
00:55:12
I think you will be happily surprised and it's don't expect immediate results. Try it. You know, like over a period of time and see how that progresses. And if you're journaling, take notes. You know, I'm trying this, okay? This is, you know how I feel, blah, blah, blah. And then over time, you'll see how that evolves, you know, and the the process that you have to eventually get to that point. So, okay, let's before before we finish the the call, what are your takeaways from today or things that, you know, you have learned or realized during this call that, you know, you think would help you with your process going forward? Like let's grab like the three major takeaways you would have, um, if you had to take anything from this call that would benefit you to improve your trading.
Oh, geez. Just three. Um.
Tessa
00:55:57
Jamil
00:56:00
You flatter me. Thank you.
Well, it sounds like I definitely need to spend a at least a little bit more time on self-development. Definitely meditating, journaling, um, focusing more on me and building up my confidence. So that way, like you said, it can carry into my trading because I'm probably overwhelming myself with knowledge that just keeps repeating and stressing myself out versus letting it kind of sink in. Trust myself not be afraid of any losses because they're going to happen. And it usually when I'm afraid of losses, I take a loss anyway. And then my fear of losses is like, Oh, well, there's just another one. Um, so I would say the main takeaway is just spending more time with myself, encouraging myself, um, instead of focusing. So much on overwhelming my brain and daily life with trading because there's a point where it becomes unhealthy even though I am very competitive. And when, like Jack Kellogg says, he studied like 17 plus hours a day. Roland Wolfe 17 plus hours a day, um, I'm sure they found some time to reflect on their stuff as well. So, um, definitely that would be probably the main takeaway that I've learned from here. And you've given me a lot of different pointers of how I can do that. So incorporating that into my daily life is going to be. And uncomfortable, but it sounds like much needed change.
Tessa
00:56:03
Jamil
00:58:15
And uncomfortable is always good because it means there's change. Right. One one book actually, that my my dear friend Kim, the Wall Street coach, suggested to me and actually I'm going to suggest to you is called Taming Your Gremlin.
I think I've actually heard that.
Tessa
00:58:34
Jamil
00:58:35
This one here.
Oh, I love it. How cute.
Tessa
00:58:37
Jamil
00:58:38
And it deals with, you know, managing your inner voice, the self-limiting voices that say you can't do that, you're not good enough, you shouldn't do that. So this book is a great book on that subject, which allows you to kind of like work if you want to get it, you know, amazing book. It was actually suggested to me by by Kim, my good friend Kim. She's amazing.
Um, she mentioned that.
Tessa
00:59:03
To me too. Yeah, there's a few books.
Tessa
00:59:04
Jamil
00:59:07
Well, if you have two mentions of it, you should probably get it. Okay, so your takeaways for today are avoiding distractions.
Yep.
Tessa
00:59:16
Jamil
00:59:17
Spending more time with yourself. And then I forgot the third one because I have a very short term memory.
That works.
Tessa
00:59:27
Jamil
00:59:29
Either way. Thank you for being here. If people want to find out more about you or follow you, where can they do that?
So pretty much if you look up Tessa Lamping, it's Lamping. Don't confuse it with camping, but it rhymes. You can go tessalamping.com. Go to twitter Tessa Lamping. I have a lot of impostors and scammers, so please go to tessalamping.com. You can find a blog post where I show you guys the red flags. Just don't fall for these scammers. I don't want your money.
Tessa
00:59:40
Jamil
01:00:11
They are Terrible, Yes.
They're awful and they're everywhere. And I have an Instagram, but that's not as popular right now. That'll be when I'm actually successful and can travel. Then I'll be on there a lot more for sure. So Twitter and Tessa Lamping dot com is where you can reach me.
Tessa
01:00:12
Jamil
01:00:30
Perfect. Tessa, thank you very much for coming on. Traders Ignited. It was amazing having you as the first guest actually. So thanks a lot.
Thank you for having me.
Tessa
01:00:38
It was such an honor and you brought to my attention stuff that I just put off when people would mention it and being like, Yeah, you're just lazy, you're not as dedicated. I'm no days off, no hours off, no nights off. And maybe if you suggest it, I should take it into consideration and actually practice it a little bit more. But it doesn't mean I'm going to go hang out with them for sure.
Tessa
01:00:39
I'm too busy.
Tessa
01:01:02
Jamil
01:01:03
That's great. Well, thanks a lot for being here. It was amazing.
Jamil
01:01:07
Cool. Thank you.
Have a wonderful day.
Tessa
01:01:08
Jamil
01:01:10
You too.
Jamil
01:01:12
Do you ever feel like you're missing out on profitable trades? Aren't you tired of spending countless hours monitoring the stock market, desperately looking for trading opportunities? Trust me, you're not alone. Keeping up with the stock market has always been overwhelming. Until now, the experts at StocksToTrade have invented a totally new way of looking at the stock market. And it's big. They call it Oracle. Imagine being able to scan all 23,000 stocks in the market with a click of a button. With Oracle, you can do just that. Stockstotrade spent over $2 million in research and development creating Oracle to find the best place and deliver real time alerts directly to your phone. Here it is. That means you'll never miss out on a trading opportunity again with Oracle. You can discover new and profitable trading opportunities in real time every single day, thanks to Oracle's ability to find stocks with the potential to make big moves, you can make informed trading decisions instantly, and Oracle's user friendly interface makes it easy for anyone to use, whether you're a beginner or an experienced trader. But don't just take my word for it. Oracle has already helped thousands of traders, just like you discover new and profitable trading opportunities. Take Timmy, for example. He described Oracle as being by far the most user friendly trading software out there. John felt transformed into a better trader with the help of Oracle's real time signals. And Robert says he wouldn't want to trade again without it. So don't miss out on this opportunity to supercharge your trading. Join the thousands of satisfied traders who have already discovered the power of Oracle. Are you ready to push your trading to the next level? Visit tradersignited.com/oracle and start getting your Oracle trading alerts today.
Jamil
01:02:48
What an amazing conversation with Tessa Lamping today. Having the opportunity of discovering her journey, exploring her struggles and helping her find ways to overcome the limitations that keep her from becoming a great trader. Don't forget to check out the show notes and resources at https://tradersignited.com/episode001. If you enjoyed this episode, remember to Like and Subscribe if you're watching on YouTube or leave us a review on Apple or Google podcasts. Thank you so much for tuning in. Trade Smart Trade safe and remember to Ignite the Trader Within. See you next time.
image author
Jamil Ben Alluch
Traders Ignited Host
Author of The Complete Penny Stock Course and Chief Technology Officer of StocksToTrade, I host the Traders Ignited Podcast to interview Amazing traders with incredible stories

latest Episodes

View All

Growing a small trading account as a single-mom by focusing on Mindset

Jamil Ben Alluch

Ignite Trading Success Through Personal Development & Mindset

Jamil Ben Alluch

Follow us on our quest to help amazing Traders on their journey to financial freedom achieve
greatness by focusing on mindset and personal development.

Ignite The Trader Within

Discover amazing interviews and coaching sessions with
Traders on their journey to Financial Freedom

Home
About
Podcast
Blog

Disclaimer

This website or the Traders Ignited Podcast may include affiliate links in blog posts that may provide compensation should a product or subscription be purchased by the audience, with no additional cost to them. However, Black Alpha Media Inc. nor Jamil Ben Alluch can be held responsible for any refunds if a reader decides to cancel or terminate their subscription after making a purchase. Black Alpha Media Inc. nor Jamil Ben Alluch have no affiliation with third-party website links and will not be held liable for any decisions made by those who access the blog or website. The reader assumes full responsibility for any purchases made at their own discretion and bears full responsibility for any decisions made.

‍

The information on this website and the Traders Ignited Podcast is being provided solely for informational purposes by Black Alpha Media Inc., and neither the company nor Jamil Ben Alluch are registered as securities broker-dealers or investment advisers. The information provided here is not intended to offer securities brokerage, investment, tax, accounting, or legal advice, nor is it intended as an offer or solicitation to buy or sell any securities, company, or fund. Black Alpha Media Inc. and Jamil Ben Alluch are not responsible for verifying, assessing, or guaranteeing the adequacy, accuracy, or completeness of any information, the profitability or suitability of any investment, or the potential value of any investment or informational source. The reader assumes full responsibility for conducting their own investment research and decision-making, and should consult with a qualified securities professional before making any investment decision. It is also essential to fully understand and investigate any and all risks associated with any investment. Black Alpha Media Inc. and Jamil Ben Alluch do not warrant the solvency, financial condition, or investment advisability of any securities mentioned in communication or websites. Furthermore, they are not liable for any direct or consequential loss arising from the use of this information. This information is not intended to serve as the sole basis for making any investment decision, nor should it be construed as advice tailored to the investment needs of any specific investor. Past performance does not guarantee future returns.

‍

©2023 Traders Ignited. All Rights Reserved.