Welcome to Fat Cats of Wall Street

Day trading is a very sophisticated job that yields extremely high failure rates in the 95% range. Those that make money in that 5% make very little. It’s the top 1% percent that make significant returns. Why is that? The number one issue is not collecting data from the start of your trading.

I’ve run free trading communities since January 2020 and have talked to hundreds of traders. I can tell you virtually none of them collect or analyze data in their trading. You can join my free discord and talk to me about trading. I’m very involved with the community.

Why are traders not gathering data? What kind of data should you even gather? How do you analyze it?

As you can see, this starts to become a deep rabbit hole, hence why I mention that day trading is very sophisticated. Most new traders romanticize about what trading is. They fantasize about the money, whether they want to replace their jobs or are trying to find a side gig to make a little extra income. Does this sound like you?

If you are seeking an extra $200 per month and you think day trading is the answer, it’s not. Making $200 per month consistently means you’re extremely good and it probably took years to achieve that. You are the top 5%. At $200 per month, odds are you need to just size up a bit and therefore you are making a very generous income. Consistently extracting money from the markets and size is all relative until a certain point. You can size too big, sooner than you think – especially in futures scalping. But that’s another rabbit hole.

A large number of traders that get into this think this is the easiest way to make the most amount of money. You can just click buttons on the computer and print millions, right? Sure, you can sit here and click buttons and make millions, but the workload is extremely high. The truth is you’ll be putting in years of hard work to get there.

Showing up and trading is not good enough.

You need to record your sessions, review the sessions, collect tags on the sessions, analyze the data in the tags, work on psychological issues through breath work and visualizations on every trade, learn how to become good at self-hypnosis, and just completely change as a person. Once you add all this stuff up trading goes from a romantic idea to a dreadful job.

Let me ask you a question: Why aren’t most people entrepreneurs?

The uncertainty, the lack of self confidence, you’ll be putting in more work than what you get back. It requires you to do things you don’t want to do like book keeping.

Trading is the same thing. It’s a business.

The people that make the most money in any endeavor are experts in their field. It will take you close to a decade to become an expert. The scariest part about trading is that I’ve dealt with traders that put in years, I’m talking close to 5 years of work doing this every day and they skipped over the trader work; the reviews and data; the cultivating of their psychology. And they are not making much progress. Those 5 years are 5 precious years you can never get back. As you get older you start to realize how time is your most precious asset.

Every trader I’ve dealt with lacked in their review process, or simply didn’t do it. They all have psychological trading issues and virtually none of them do anything to fix it.

I have an obsession with cracking the failure code. 

I figured it out in 4 years, and I’m still figuring out how to improve to the point where my accuracy gets higher. 

I owe data collection and analysis through trade tagging as a pre-cursor to my success. I believe in it so much I had my own platform built called TradeCraft. I worked relentlessly on the psychological issues and I even took classes such as NLP, and hypnosis certification programs just so I could concur my mind.

I believe in what I preach. I’m coaching another trader to become a full-time prop trader for me. He’s currently being coached for free until his first payout. It’s been over 6 months, and we’ve not hit his first payout. After that, we will spilt profits 50/50. I’m taking tremendous upfront risk to do this work for nothing. That’s how much I believe in my approach. 

We’re seeing drastic improvements and this trader only had a little over a year trading futures. The progress is not measured in profit and loss statements. It’s measured through trade tags and other data you collect during the review process.

Look, most of you are looking for something easy. You are looking for a black and white trading system. It simply does not exist. Those that push it are selling you on a naïve way of thinking. Your emotions are so high and whatever seems like the easiest path to success will surely have you follow their process. You’re being sold on easy. You want easy. Trading success is in you. It requires a lot of experience on your behalf and your ability to put in thousands of hours of work. No one can do it for you and you can not short cut it.

Now, you can make the process shorter by doing the work, and even that has a long journey. However spending 5 years to get virtually nowhere with no idea of what’s going on and just speculating is unnecessary. It’s down right scary. I’ve even seen 10 year traders in that boat.

Here at Fat Cats of Wall Street you get to see my growth, as well as my prop trader Chronik. You get to see documented experience every day in the trenches. You get to see the reviews, the lessons, the pivots, the system, the edge. You get to see trader evolution, and statistics. Fat Cats of Wall Street is more than a source of education and ideas. It’s an archive of traders’ journeys. That way 5 years from now you can go through all of this material and see what it really took.