Introduction to Preston’s Mentoring Blog

It was when I saw that Etrade commercial with the dogs on the boat that I decided to become a coach and mentor. It wasn’t the dogs, it was the message: “Don’t Get Mad, Get Etrade.” It made me cringe when I thought about all the new traders coming into this new zero-commission environment and blowing up their accounts because they think trading is that easy. 

I realized that someone had better try to help them or they’d ruin not only their own reputations and damage their financial futures but the industry of retail trading itself.

Who am I and why do I think I can help?

I am a consistently profitable trader and I can profit in almost any kind of market, through many different time frames and with many different types of vehicles.

I am a professional trader. I trade prop (proprietary trader) for a broker-dealer based in New York. I have developed a skillset that will allow me to profit in the markets for the rest of my life. 

And I believe trading is a privilege that shouldn’t be taken lightly. I was fortunate to have the opportunity to learn this craft and I feel like I have a responsibility to give back. I believe I’m in the unique position of actually being able to help. So I should.

You see, like everyone else I too thought it was going to be easy in the beginning. I thought I could just buy some stocks and make money. And then I realized I was wrong. And I realized I needed help.

That’s when the real journey began. And even though I really wanted to quit for good many times, ultimately I wouldn’t take no for an answer. It took years of hard work and perseverance. But I wanted to be a trader. I wanted to be financially independent and build a retirement for my wife and I. I wanted to build an inheritance for our children. So I stuck with it. 

I didn’t become profitable because I’m smarter than anyone else or process information more quickly or because I’m some sort of trading genius. On the contrary, I did it in spite of myself. I did it by staying in the game.

I started understanding things I couldn’t understand before and finally started doing things I didn’t want to do before, like taking the small losses in order to be there for the large gains. And like realizing that losing is just part of the business (as long as you keep your losses under control), and that the process – not the P&L – is the most important thing. 

It ends up being a choice to not give up. It’s NOT easy but it IS worth it.

But I don’t want you to think I’m saying that I’ve mastered it. You don’t master trading, you learn how to make money in the markets by finding out who you are in the markets and then getting better at what you do. 

And markets change, so you have to change with them if you want to keep making money. If I’ve mastered anything it’s simply being willing to adapt. This is a big part of the battle and you’ll always have a fighting chance if you’re willing to do this.

Once you reach a certain level in your trading you have many different opportunities available to you: proprietary trading, investment advising, money management, building your personal reserve, selling your systems, providing a trading service, etc. I chose the path of proprietary trading and coaching/mentoring of other traders. These just happen to be the areas that I’m passionate about and which fit my personality. 

This is why I’m blogging and offering help to new and struggling traders. In my opinion this kind of help is invaluable and can make all the difference. 

It goes back to that Etrade commercial: trading is not a get rich quick thing. It’s a work hard to become profitable thing. And the only way to do that is to go on the journey and NOT QUIT until you’ve discovered who you are and how you make money in the markets.

Consistently profitable trading DOES exist. But you’re going to have to take the journey, and you’re going to need help.

This blog is the first of what I call Preston’s Mentoring Blog for new and struggling traders. The blog will go in sequence based on what I believe is the best process for learning how to become a consistently profitable trader. This will be more conducive to a step-by-step development process and will allow traders to take the time to understand and work on each step or concept before moving on to the next one. 

I’m hoping this will be a fruitful source of education and guidance for traders, and I encourage questions and interaction by emailing me at preston@formafinancial.com and/or sending me a private message in the Slack chat.

If a trader wants to go even farther with his or her education and development, I offer a five-step mentoring process made up of a free 15-minute introductory conversation and subsequent 60-minute sessions. This mentoring program will expand on the concepts covered in the blog and is designed to, at the very least, give new and struggling traders the momentum needed to eventually become consistently profitable.

If you want to get more familiar with me and how I operate, please check out my 01/29/20 presentation in the Group Mentoring section of the Forma Financial web site. 

I’m looking forward to it and hope to hear your feedback!

Preston

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