How to embrace the right mindset to succeed despite challenges that might seem like adversity but are actually the right lessons at the right time.

Pete Renzulli | Stock Trading Pro 

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I. Introduction

A. Market is set to reach all-time highs

B. Importance of reducing position size

   1. Been talking about for weeks

   2. Critical when market is not clearly trending

   3. Applies unless a specific industry is breaking out 

   4. Good trading is reducing size when market not obvious

   5. Day trading has still had opportunities

II. Long Term Thinking is Key

   A. Believing every trade deserves same risk lacks strategy 

   1. Using driving metaphor: conditions dictate speed

   2. Trading is owning a business 

      1. Would be silly to give up on restaurant over temporary lull

   3. Need to determine if adversity is stepping stone or reason to quit

III. My Superpower is Persistence

   A. Get back up when knocked down

   B. Lean on community during tough patches

   C. You don't have to prove anything to me or others, but prove to yourself you won't give up

   D. Ask questions, don't just complain

   E. Ups and downs are part of the path to success

   F. Your choice whether a setback is the end or a lesson

IV. Application to Trading

   A. Recent Sideways action means risk management adjustments needed

   B. If still trading same size, probably overtrading

   C. Might have paid expensive lesson, now decide if will learn

   D. I've been persistent through challenges in business and health

   E. See problems as lessons, not good/bad

   F. Success is a Process

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