“Do I want to be right? Or make money?” @James_Carlo
In Members in Profile, we interview stand-out members that show strong aptitude and work ethic. Our goal is to highlight different folks so that you can see the effort that our members are putting into their trading and hopefully learn from their experiences of the Convergent Trading Community.
We hope you enjoy hearing what @James_Carlo has to say!
What brought you into trading?
I believe I was originally inspired by The Family Man. Nicholas Cage’s character was an investment broker and I remember sitting there thinking, I want that life. I watched everything finance related after that. I went into finance, but Wall Street seemed out of reach. I did a summer internship at UBS for a broker and I got to see how the markets worked. I realized that I wasn’t really interested in being a broker and dealing with people, but I really enjoyed the markets and the freedom it could offer me.
I tried to trade penny stocks during the summer after my college graduation before I left for Asia, but learned I had zero edge. Later, I tried again to invest Peter Lynch style with $3500, but failed on my first investment. I had a lot of student debt so the loss was pretty tough on me.
A few years later, I started investing with a buddy and I lost a good chunk of change. This is what drove me to get serious. I spent 2 years reading on trading and listening to podcasts. I learned that I like futures because of the tax benefits and the leverage. Once I paid off my student debt in 2018, I funded an account with 10K and started trading live. I have been at it since.
What do you like most about Convergent?
The community hands down. I originally went in for the market stats as my primary priority with the community as my secondary priority, but later found out the value comes from the community.
How have these aspects helped you grow as a trader?
- First, I’m not trading alone and that in itself is an underrated quality.
- Second, the wealth of knowledge among the community members, both head traders and members, is nearly unlimited. I have learned so much from everyone and everyone is so willing to help. They all genuinely want you to succeed.
- Third and foremost, I have built relationships with these members and now I feel accountable to all of them that stuck their neck out for me. Not just to the members in my accountability group either, all of them, so when I’m feeling lethargic and unwilling to do the work, I feel I’m letting these people down, and that’s letting myself down. It really helps me rationalize doing the work.
Do you have a favorite community quote or webinar?
Do I want to be right? Or make money? – LSF
It’s difficult to accept that we don’t need to be right to make money. The market doesn’t act upon our will, wishes, or analysis, she does what she wants, but if you watch closely, she will always offer you a fruit. That’s where the money is made.
Do you have any advice for new members?
Do the work! I’m constantly asking myself am I doing enough or is what I am doing productive and efficient to help me become a consistently successful trader. Not to be coarse, even doing the work won’t guarantee you a seat at the table of successful traders, but not doing the work certainly guarantees you won’t get a seat at the table. There is no room for slacking in this job.
Have you participated in the #TradeRight program/challenges? What discoveries have you made?
I completed the #TradeRight program and challenges. I think the biggest discovery is getting the math on my side. It took me several attempts to understand this, but with the team asking me to revisit the topic by doing the coin flip toss, it helped me understand that I do have a good system, which has given me confidence. Before CT, I lacked consistency in allowing the math to play out for me. The reality is if you have the math on your side, you can be a profitable trader. You just need to keep reminding yourself, “the math is on my side,” and that comes with a good risk/reward system.
What is your favorite non-trading activity/hobby?
Reading has been a constant in my life. Even when I am super busy, I am still reading something.
