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In this episode, Becky Gaskell chats with Mike Tolbert, a seasoned futures trader and founder of BluSky, a day trading prop firm. Mike shares his unique journey from struggling trader to successful entrepreneur, providing insightful advice on trading psychology, trading strategies, and the importance of building a supportive community.

This episode is packed with useful tips and personal stories that highlight the importance of persistence, education, and emotional control in becoming a successful trader. Mike’s candid approach and willingness to share his journey provide valuable insights for both beginners and experienced traders alike.

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Key Takeaways:

The importance of trading psychology and managing emotions during losses.

How Mike transitioned from penny stocks to futures trading and his approach to each market.

The best times to trade for optimal results (9 AM to 11 AM).

How to structure your trading process and avoid revenge trading.

The benefits of building a supportive community and seeking mentorship in the trading world.

Episode Breakdown with Timestamps:

[00:00:00] - Introduction: Becky introduces Mike Tolbert and his trading background.

[00:02:00] - Mike’s Trading Journey: From penny stocks to futures trading, Mike shares how he got into the world of trading.

[00:06:00] - Trading Psychology and Overcoming Challenges: Mike talks about the emotional hurdles of trading and how he learned to manage them.

[00:09:30] - The Addictive Nature of Trading and Finding Balance: Discussing the psychological rollercoaster early traders face and how to avoid burnout.

[00:14:00] - How to Handle Losses and Revenge Trading: Mike shares his strategies for dealing with losses without letting emotions take over.

[00:18:45] - The Power of Mentorship and Education: The role of free mentoring and being part of a supportive trading community.

[00:23:30] - Learning Market Structure and the Importance of Simulated Trading: Mike emphasizes the value of understanding market structure and testing strategies through simulation.

[00:25:14] - Mike’s Approach to Blue Sky Pro and Helping Traders: Mike shares how he created Blue Sky Pro with a focus on supporting traders.

[00:31:45] - Trading Tools and Strategies: Discussing Mike’s approach to visual trading, using Renko charts, and the importance of reading market structure.

[00:40:16] - How to Trade Successfully and Build Your Own Trading System: Mike talks about building your personal trading strategy and why you need to trust your process.

[00:49:22] - The Importance of Honesty and Support in Trading: Advice on being transparent with your support system about your trading journey and financial decisions.

[00:54:00] - Closing Thoughts and Advice for New Traders: Final insights on what it takes to make it in trading and how to overcome the challenges.

🔗 Follow Mike Tolbert here:

👉 LinkedIn: https://www.linkedin.com/in/mike-tolbert-147b1a206/

👉 Website (BlueSky): https://blusky.pro/

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👉 Email: [email protected]

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