From stay-at-home Mom to mentoring hundreds traders – Astronaut Auditorium #14

Charmin, a seasoned educator, detailed the commencement of her trading journey in a podcast with Astronaut Auditorium. Stating a bit of backstory, she illustrated that she was a stay-at-home mom until her children went into middle school. After she faced the hard phase of divorce, she decided to start college to complete graduation and get a job to take care of her financial security.

This was the time when she got the idea of learning trading to make money. Charmin narrated that she worked in a network marketing company where she found a mentor to teach her the details of trading on a Zoom call.

This fueled the devotion to learn the skills, working day and night on this to gain financial independence and not to watch for signals and charts marked by other traders.

The creation of her own mentorship program, named “Trade Masters” unfolded when she found many other fellows in that network struggling with the same problem of finding a true mentor to teach them the trading fundamentals. That’s how her journey of mentorship started where she earned handsome money for mentoring new traders.

How important is trading education?

Trading education is essential for mastering various styles of trading and analyzing the market from different viewpoints, thereby identifying the profitable opportunities.

Charmin remarked that investing in yourself to learn skills is not anything which brings loss. If you do not concentrate on digesting information, you will risk your account by making wrong decisions and trading out of fear.

1. 1. Joining mentorship programs Vs. Free YouTube courses
      • Charmin conveyed in the podcast that her mentorship program offers detailed knowledge and step-by-step guidance about each and everything to grasp profit, unlike many free YouTube courses.
      • Her mentorship program provides a week’s worth of information for every session. For instance, in one week, you will cover a specific topic and share your chart with the mentor, justifying every move to realize your mistakes and understand why you lose.
      • The session is held on Zoom call and the learner gets the opportunity to ask all relevant questions to understand better, encouraging interactive approach in learning. You will not get this perk on YouTube learning.
   2. Adaptive learning strategies
      • The key point to focus while learning the skills of trading is to understand your learning style. Find a teacher who adapts his/her teaching approach to fit your learning style.
      • Charmin highlighted her style of teaching, which includes visuals, songs, storytelling, and hand movements. She believes that delivering lectures is not enough, emphasizing the importance of interaction between teacher and the student.
      • Another significant approach to learn trading better is to ask questions and take full advantage of the mentorship. You will learn more if you ask more. Don’t feel embarrassed to stand up and express your thoughts.
   3. Use basic learning approaches and stay consistent
      • Charmin stated that she used to write the notes on her folder during her learning period because you cannot process everything at the moment.
      • She also shared that she pen down any new she learned to teach it to her students. Furthermore, staying consistent during the education is crucial for long-term success because it always pays off.
   4. Strategy to target goals and mark profits
      • • Charmin remarked that they focus on potential entry and safety levels, ensuring 80-90% of the trades to win if you enter within these levels.
        • The mentorship program is 12 weeks long and the students are expected to enter the market and mark or analyze the charts by the end of fifth week, hitting the profitable trading by eighth week.
        • Charmin further illustrated that she never encouraged the indicator-based strategy and insisted on starting with a naked chart. However, she allowed them to use indicators at the end to confirm the decision if needed.

Should you quit your 9-5 job for trading?

It is truly based on the person’s experience and tendency to save or make money. However, Charmin suggests to never quit your job for trading, especially if you are a beginner, but use trading as a supplement income.

Having a job can provide you with additional benefits, like health insurance, backup financial security, and pursuing a trading career without the stress of having unexpected losses unless you have experience of many years in trading.

Ways to learn trading fast

• If you are not a beginner and have been trading for quite a long time, but did not win much, then you are definitely missing fundamental things. Charmin stated that she used the approach of Who, What, When, Where, How, and Why.
• For example, if you can answer the questions: Who is driving the market? Why are they controlling it? What are they up to? When and Where are they driving the market? You can mark success in trading.
• Start with small trade sizes and use limit order to make trading less intimidating and more approachable.

Moreover, you should flip the demo chart multiple times before starting live to avoid losing money in live accounts. For instance, if you plan to start with $500, it is better to use a $300 demo chart, flipping it over a few times.

Effective risk management in trading

• Charmin suggested not over-leverage or risk too much on one trade. However, if you have completed all the checklists and the trade is in your zone with the right candlestick pattern, you can go for a bit of more risk.
• Do not overtrade and stick to your trading plan. Set Goals, such as shut the screen down after two losses and walk away after the market moves a certain point or pips or you get the target profit.
• Strive for a risk to reward ratio, like 3:1 and set your stop loss based on the market behavior. Understand how to read candlestick patterns and what is wick rejection, hammer, morning and evening stars, and engulfing patterns.
• Charmin conveyed that the morning session is remunerative for trading because the market is all set to move and offer more. However, you should avoid placing the orders after 2:00 PM(Central Standard Time) because the market consolidates after 2:30 PM.

Charmin addressed the audiences through the podcast, remarking that you should not miss the opportunity to learn if you find the one and never quit or step back if you have the stamina to navigate through different trading ventures.