In mid-June I travelled to the other side of Europe and had 2 days of 1-to-1 time with my mentor. We were sitting together in my hotel lobby with laptops open, watching the market, discussing setups, taking trades together and of course he taught me the rest of his strategies. So now I have a complete picture of how my mentor is seeing the market. It was highly beneficial to see a how a pro trades in real time because when I do online calls with him I tend to misunderstand some things, skip some details and I can't see the HOW of this process - only the WHATs. The result was mind blowing - on our 2nd day I scored 235 pips, which was ~8x my personal daily record.
There's still a lot of things to learn but I do feel that I made a step to a higher level. Having a professional mentor is like riding on a highway. The following two days of my solo trading were quite disastrous as I was in an inflated hero mode. I took substandard trades without much thought and when I found myself in the red I freaked out because I understood that my mentor is not here anymore! I closed those stupid trades for a loss and had to re-balance myself. The next 3 days followed with nice profits - on 2 of those days I broke my daily solo trading records (the day with my mentor was still the best so far). Then a weekend followed and next week I found myself in inflated hero mode again. Three days of losses, reconsideration, getting back to rules and then 2 days of profits again.
So that's how it is. I'm on the right path, I'm getting the right knowledge and most importantly - I'm getting the results that I never managed to get so far. My dark side is the hero mode. When I get into that mode I trade like a totally different person and that brings me only losses. But over time I'll learn to cope with it and my profitability will become better and better. Every trader has to conquer their dark sides before becoming successful.
Last week I transitioned from a micro account into a small live self-funded account (1K euros). My plan is to get some consistent profits on this account, grow my confidence and then go for prop firms funding again. This time I'm considering BluFX as it seems that their offer suits my trading style very well. They give a funding of $1M after a few growth stages. My goal is to accumulate $10 million capital from several prop firms, which would give me $500K - $1M monthly income. It is calculated on a 5~10% monthly return, which is typical in the professional FX trading side. My mentor is okay with 5% return which he easily earns when trading part-time, but I've seen from his trading statements that he's making a 10% return quite often. And his students who are more dedicated earn more than that.
One of my ultimate goals is to build the Inspiration Gallery. Its lowest estimated cost is €4M, which translates into €36K/mo debt payments on a 10 year loan. But the method of funding it by myself is the bottom line - the retail or middle class way of doing things. My ultimate dream is to build the gallery with at least €40M and use corporate financing to achieve that. And to be able to do that, I need to acquire specific knowledge and have a mentor, who would be highly experienced, full of non-conventional wisdom and achievements and would teach me everything about the business world. Somebody like Dan Pena, who has turned $820 into $450 million in short 8 years and lives in a castle now. But time of these guys costs a lot, because they don't need your money. His castle seminar is $25K-$30K per person, and if I wanted a week of solo time with him it would probably come close to half a million. So that's why I need $500K-$1M in monthly income - because that's the ticket to meet the true masters of entrepreneurship & wealth building and accelerate myself to higher levels. Also, the project of Inspiration Gallery is not a solo project, I can't do it alone. I will need help from the true masters of different fields and the only way to associate and meet with them is to become a master myself in the field I'm passionate about and increase my net worth. And that field of passion for me is making money out of money. Thankfully, trading serves that well!
Cheers to our success. And enjoy summer, as it won't last long! In the photo of this article you can see my first flight with a glider, here in the small town where I live. It was a crazy hot day and I almost vomited because of the heat and overload, but I did it! We flew together with a professional pilot and stayed in the air for over an hour. It was a very interesting experience, but I still found that flying with a paraglider is more pleasant than a glider. Of course, it depends on the type of glider and weather conditions too, as this was a very stubborn type of glider and the temperature in the cabin was around 40 degrees. If I try a not-so-stubborn glider on a cooler day I might change my opinion. But for now I'm still in the search of a more pleasant flying experience which would stick with me. Trying the ultra-light airplane and a paramotor (paraglider with an engine) is on my list!