Futures Radio is a weekly talk show hosted by 18-year futures veteran and CME member Anthony Crudele, an ex-pit trader and one of the first to trade the E-Mini S&P. Each week Anthony talks with traders, CEOs, and other proven market participants about relevant trading and investing information.

You’re Scared to Make More Money

Posted on Feb 13, 2018

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I know that most of you look at the title of this post and say no way Anthony, I want to make more money!  Of course you do, but do you have the mindset in place to actually do it?

The other day I was playing golf with my brother Mike.  I was off to a great start and getting to the 5th tee I realized I was -1 under par (for those of you that don’t golf, I was playing really well).  I have had good starts before, but never this good.

Now I started to think about shooting under par.  Taking my mind away from focusing on the next shot.  I was actually nervous.  No money on the line, I wasn’t in a tournament, but yet I was still nervous.

Why would I be nervous?

From years of trading I’ve learned how to deal with pressure and recognize my emotions the moment they start to change.  I recognized that I was going through a similar moment that I went through in my early 20’s when I was a young trader trying to make more money.  I went through many psychological struggles going from making hundreds of dollars on a trade to making thousands and then even tens of thousands in a day or a trade.

You would think that making more money or shooting under par is exactly what you want to happen and it should be easy to deal with!  Well, for me it was not easy.

I learned from going through this psychological battle in trading that I had to be in a different mindset in order to make more money.  I had to ease my way into it and have the situation happen on multiple occasions to test myself.  I needed to see how I would react when I had opportunities to make more money than I had ever made before.

I’m not a psychiatrist or psychologist, but I know from my experiences on how to deal with success…it takes time.  I’ve been working on golf for years now and I had been trading for years (struggling along the way in both).  When success started to happen for me in trading I didn’t understand the emotional high I was on and how to seize the moment.  Looking back I believe I failed to make more money on many occasions on purpose!

Why would anyone do this?  It was because I was scared!  Scared to push through and get to the next level.  I had become so comfortable in the role of losing or barely getting by that I wasn’t mentally prepared for the next step.

Soon I started to learn how to accept my emotions as the stakes were getting higher and I was able to make $10,000 on a trade and eventually a $100,000 in a day.  It was all a state of mind.  I started to push through that ceiling I had created by testing myself along the way by understanding and accepting the emotions I was feeling.

Lastly about that front 9 of golf.  I bogeyed the next 2 holes after I started to think about shooting under par.  I believe that I bogeyed those holes because I was scared to shoot under par.  When I was back over par I felt more comfortable and parred out the rest of the 9.  Next time I am in that situation I will recognize what I am feeling and embrace the fact that the work I put in was paying off.

For the traders out there that have been faced with situations where you look back and said you could’ve or should’ve made more money…you probably weren’t ready yet.  Be patient and know that those situations will happen again in the future and continue to follow your strategy.  Continue to test yourself and get better each time the situation is presented.  One day you will be in that situation again and because of your patience and hard work you will push through that ceiling and reach the goals you’ve always wanted to reach.

Cheers,

Anthony

 

15 Comments

  1. Hi Anthony, great story and it’s so true!! Just stated reading your blog and listening to the broad casts really informative. Glad to see your so successful you deserved it.

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    • Hi Linda!! Great to hear from you! I hope all is well with you too. Thanks

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    • Hi David,

      Great to hear you liked the post! Thanks for sharing that article.

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  2. Great read…thanks

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  3. So true Anthony! Great article.

    It’s taken me years of practice until I could do what had to be done not what felt more “comfortable”, as day traders we constantly face that kind of situation when we get in doubt about: trailing or just take profits? scale out or go all out?

    Decisions, decisions! If we are able to be disciplined at least 80%+ of the time we can make big money in the markets when we have an edge.

    Best of luck to all!

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    • Hi Renato! Great to hear you enjoyed the post. You are right, it takes years of practice. Thanks for reading the blog. Cheers!

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  4. Hi Tony, and Thx for this great program. It’s always helpful and especially encouraging today with the fear of winning blog. Maybe that’s my issue. I have been learning day trading e minis for close to twenty years. My pattern seems to be the weird way I make several big profit days then lose it the fourth day, usually blowing out the account. Any further advice will be appreciated, and closely followed.
    Rod at rfrank733@gmail.com
    From Alberta Canada.

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  5. That article is on point Anthony. Such a great reminder. I’ve struggled with that exact issue a lot. I would always be able to look back after I gave all my profits back to the market and spot the flawed psychology. I’m now becoming aware of it whilst in the thick of it. The goal is to move towards preemption.

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