Welcome to the LongMoney Line, a podcast hosted by Lucas Longmire. This podcast is here to help you better understand what's possible in the world of wealth building, investing, and developing the right mindset to make it all a reality. Lucas shares his own strategies and experiences, including trading mindsets, low-risk investing, and recognizing the type of trader that you are. He also introduces a real-life trader who had to set alarm clocks at weird times at night and force himself to do it in order to make a killing.
Lucas also talks about his own story of making as much as $9,000 a month and demoting himself to sales associate to make more money, as well as trading to help create passive income. He shares tips on how to approach trading, such as risk management and looking within oneself to figure out the recipe for trading success. Not only that, but he also provides advice on mixing your trading skills with business sense to win the game.
So, tune in to the Long Moneyline and take advantage of Lucas Longmire's investment strategies, wisdom, and lessons shared on the show. It's a great opportunity for you to learn more about building wealth, trading, and having the right mindset to succeed in life.
Blog Post
Blog Post 1 – The Benefits of Trading Mindsets
For all traders out there, host Lucas Longmire of The Longmoney Line podcast offers great insight into what it takes to have the right mindset for trading. During this episode, he talks about his own come up journey and the lessons he’s learned along the way. One of the major highlights was his introduction to trading in 2017 which he admits he didn’t handle especially well due to his lack of technological savvy and the occasional frustration.
The mindset behind trading is just as important as the technical aspects, according to Longmire. If you don’t have the right perspective and strategy, it could be easy to become overwhelmed by the complexities of the trading environment. He offers some tips to help traders take their game up a notch:
1. Have Patience – This is probably the most important tip Longmire has since patience is a huge component of trading. Set goals and understand the power of patience in the long term.
2. Set Boundaries – Create boundaries around your emotions so that you don’t let fear and excitement interfere with your decision making. This leads to better decisions in the long run.
3. Have a “Why” – Having a clear “why” for trading helps to keep you motivated even when the going gets tough.
Gain insights from Longmire’s tips and experiences by listening to the episode. As he said, “it must be nice or you got lucky” but trading isn’t easy. Learn from his own journey and use his tips to take your trading mindset and game to the next level.
Blog Post 2 – Learn How to Overcome Challenges When Trading
Trading requires more than just technical know-how, as host Lucas Longmire of The Long Money Line podcast knows all too well. During this episode, he shares his journey since 2017 when he was initially introduced to Forex trading. He candidly admits to his own challenges, most notably his lack of technological savvy and difficulty managing frustration, and how he’s since tried to "come away back" and do things smarter.
Longmire has some advice for traders and potential traders who may be facing their own challenges with the trading environment. First, he says to have patience, setting goals and understanding the power of patience in the long term. Second, set boundaries for your emotions so that fear and excitement don’t negatively affect your decisions. Finally, it’s important to have a “why” – a reason to keep trading, even when the going gets tough.
Don’t miss this episode to gain insights from Longmire’s own journey and tips, and to determine the strategies that best work for you. As Lucas astutely remarks: “It’s easier to handle the challenges if you strive for growth instead of just relying on luck. Investing in yourself, studying and taking action will help you succeed.”
Best Quotes
[00:04:14] "I had a 10000-dollar account, and I was risking a hundred bucks. You know, which is absolutely nothing."
[00:03:50] "You have 2 types of greed. You have that you want more, and you have the greed you don't wanna lose what you already have. Right? Which is kind of hoarding."
[00:04:35] "You need to stay in the game long enough to win. And staying in the game long enough to win is through what risk management."
[00:07:52] "You need to know what type of trader you are? Are you a scalper? Are you inter day? You know, are you a swing trader? You know?"
All Quotes
[00:01:29] "I don't know how many times you know; it's been said to me, it must be nice. Or, you know, you got lucky or or whatever have you, but, you know, going back you know, I got introduced to network marketing, to 4 x, to invest in entrepreneurship, you know, basically 01/20/2017."
[00:02:05] "I'm not the most technology savvy."
[00:02:20] "When I get frustrated, that's probably 1 of the motions I don't handle the best."
[00:02:25] "And it goes back to your I'm a speed up and actually come way back and."
[00:02:39] "If you're a very impatient trader, you're going to have to face your impatience."
[00:03:30] "Most people have the greed because they had the lack of, I want, yes, mentality, but they just never had some money, you know."
[00:04:14] "I had a 10000-dollar account, and I was risking a hundred bucks. You know, which is absolutely nothing."
[00:03:50] "You have 2 types of greed. You have that you want more, and you have the greed you don't wanna lose what you already have. Right? Which is kind of hoarding."
[00:04:35] "you need to stay in the game long enough to win. And staying in the game long enough to win is through what risk management."
[00:05:29] "I had what I would call an account emotional experience, I went from 900 to 200 and I felt sick to my stomach."
[00:06:14] "I'm a very low risk investor. Right? I'm not I'm not 1 of those guys swinging home runs, you know, I believe and getting on a single. Get on a single. Get on a single. Get in a single. In the single. And after 05:10, 50, a hundred of those singles, those runs add up."
[00:06:39] "It's just not my investing, making money, you know, it's just not my style. You know, it's just not my way of doing things. You know, it's just not my way of making money."
[00:06:47] "Anything can change, but we're even where I'm at today, I make a lot of money."
[00:07:36] "You got to know your risk tolerance. You know? It's for me, like, risking 3 to 5 percent. That's my sweet spot."
[00:07:52] "You need to know what type of trader you are? Are you a scalper? Are you interring day? You know, are you a swing trader? You know?"
[00:08:36] "You don't want to go against your personality. You know, you want to go with who you are as a person, as a trader. That personality is key. Right?"
[00:09:02] "Most of us as traders were not financially free in the beginning. We're not sick 7 figure earners, we're working from home."
[00:09:28] "I had a career. I was making right under 6 figures a year. I thought I had figured it out."
[00:09:52] "The best time to trade for me is New York. Well, New York opens at 9AM."
[00:10:44] "Creating that structure for my day was so hard because it's funny thinking back so I don't think of all these, you know, memories a lot. But you know, I remember times where I would be, you know, about ready. I'm a price action trader. Right? So, I have to wait. I wait for candles to close. And a kid will be closing in 15 minutes. The next thing you know, it does what I want it to do. And I'm like, alright. 1 more kid. Oh, shit. I got to go to work."
[00:11:40] "Doing that once twice. A handful of times is cool. You're taking a trade while you're on the highway, entering, taking profit, stop loss, waiting for candles to close while you're driving is 1 thing. Do it month after month after month after month there's another thing, you know."
[00:11:56] "I bet. I'm going to completely defeat all this; I'm going to trade the London session. Right? I'm not a night person. I used to be a night person you know, back in the back in the dead streets. Right? But I'm not a I'm not a night person. You know, I can force myself to stay up till midnight or 1, but Yo. We're talking about 234 in the morning. I'm good at that. Right?"
[00:12:24] "I made this killer strategy for the London session, and I made a lot of money. Oh, I thought, you know, at the time a lot of money. You know, I was having, you know, 02/03/5000-dollar days. You know, it was amazing. All that stuff. Right?"
[00:12:48] "My issue, you know, I'm daring, daring slash engaged at the time. So, my alarm clock is what? Her alarm clocks. So, there were times where I would set these alarm clocks at midnight at 2, at 4, at 6, you know, all through the night. And I, you know, as your bodybuilding, you need your sleep. It's part of working it's part of the body building, your rest, you know, on recovery."
[00:13:46] "You're probably at a place where you're sick and tired, being sick and tired."
[00:13:51] "That was 1 of the biggest leaps of faith I've ever you know, I have, like, 3 or 4 that I can, you know, name off the top of my head, but, you know, that was probably 1 of the biggest leaps of faith."
[00:15:09] "I demoted myself. Now, I'm a regular sales associate. My income is basically cut in half, maybe even a little bit more. My income drops, my ego drops, my everything."
[00:15:30] "I'm like, alright. I'm actually getting better at this. I'm getting better at this. Now I go from part time sorry, from demoted myself to regular associate associates at part time. Now it's really kind of like, alright, now I'm not making shit for income. I'm, you know, p on."
[Unknown] "Nobody has respect for me. I'm nobody. I have no value. I'm just a regular person."
[00:16:27] "This is very uneasy for me. This is very not me, but I think there was 1 month where I was like, "yo, babe, can you pay the majority of the bills?"
[00:16:51] "I built this life, you know, to a certain amount of success and now I'm giving it away."
[00:17:19] "I was scared. I had to call what it was. I was very scared. What if this doesn't work? What if this what if I fail? What if I can't do it? What if all this shit's of AAAAA garage? What if it's fake? What if it's not real?"
[00:19:21] "You don't want to trade to, like, be on the charts 24 hours a day, 7 days a week, you know, audit."
[00:19:04] "It's really formulating the structure of your own day. You know? You don't want to trade all day."
[00:19:17] "Trading is a skill set. You want to trade to live."
[00:19:51] "Using that to to use it as a vehicle to invest. So, for me, trading was a tool to get out of my job."
[00:20:19] "If it wasn't for 4 x trading in general, you know, I want to be where I'm at today and that come up, you know, and I'm not my story isn't really to, like, oh, this is how I did it. My story is to look at your lifestyle. Look at, you know, my sacrifices I had to make, you know, and take notes, you know what I mean?"
[00:20:42] "What do you have to do in order to create a new structure for your trading to do this? To do that, maybe take a step back from your job or, you know, pivot or whatever it is."
[00:21:18] "Every setup I give well, every trade I take, I give it to my trading group. We trade live 3 times a week, Monday, Tuesday, Wednesday at 9AM Eastern. Aside from our course, we have a trade community. Right? And in doing so, every trend I follow is exactly the same. It might be a different pair, but the structure is the same. Entry is the same entry technique."
[00:22:27] "If you do the same thing over and over and over, what happens? You tend to get better at it. If you do the same shot, if you shoot a free throw, are you going to shoot that free throw the same way? Yes. If you're doing a jump shot, you know, mind you, it might be like a fade away or you jump higher, jump lower, but your shot form is the same. Right. Baseball. You have the same batting stance as, you know, in a Barrett's box. Ballet Ball, you know, on your serve, you're probably going to serve the exact same way. So, follow me here. If so, how to word this a better way? If you do the same thing over and over and over, what happens? You tend to get better at it."
[00:22:36] "you cook the same steak, if you play the same sport, if you play the same backgammon game, if you do it over and over and over, by law, you're going to get better at it. Right?"
[00:23:04] "What that means is you get to a place where you're robotic. I can look at the charts and see my stop sign, my bank heist moves without even drawing charts. Every single day, I can look at the candlesticks with no trends, no support resistance. I'm like, alright, this is a good setup. Because I see the structure of it every single time."
[00:23:31] "You want to get to a place where trading is breathing. You want to get to a place where trading is boring. Like, bro, like, it's the same move every day. Gold SP XGUGA, fucking, e u, it's the same move every single day."
[00:24:27] "So you want to get more of a challenge, you maybe enter a trade without, you start entering trades without a intertrades without a confirmation or you start, you know, trading outside your parameters or you trade outside the trading time you know, and so forth."
[00:25:39] "If I shoot a free throw, I shoot a free throw. I don't get overly excited when I make this shot because I have a pretty confident belief that I'm going to make this shot. Right?"
[00:23:31] "You want to get to a place where it's expected. It's the law of assumption. It's like, yeah, I know prices wanna do this. It's done every single day. Every single setup is like this. This is what happened. You know, 80 percent hit take profit, 20 percent stop loss, it's part of the game, you know. And you just run the numbers."
[00:26:56] "You don't want to trade for tips or money. Right? Or points or money, Pip's points. Or money, you wanna trade for percent growth. You want to trade as an investor Are you risking 1 person to make 2, 1 to make 1, 1 to make 3? Are you trading?"
[00:26:39] "What's your training plan? You know, what is your trading plan? Are you trading at this time? This pair? This goal? You know? And you want to get to a place, people and everybody has a different way of teaching. Right? But I'm going to share a certain way of it, if you don't want to trade for tips or money. Right? Or points or money, Pip's points. Or money, you want to trade for percent growth. You want to trade as an investor."
[00:27:12] "2 to make 6, 2 to make 4? You know, what it is, what are you risking in the whole grand scheme of things. Right? So instead of focusing on because 5 percent is 5 percent you know, 5 percent of, you know, x amount could be 5 dollars. 5 percent could be 5000000. Well, it's still 5 percent. Right?"
[00:28:24] "If you keep blowing thousand-dollar accounts, why would you want a hundred-thousand-dollar account? You're just going to blow a hundred grand. And now it's like, you didn't lose a grand. You're like fuck. I blew a hundred grand. I blew a million. You know what I mean?"
[00:28:38] "You want it. How you practice this is how you're going to perform. If you're if you're going to be taking all the overleveraging or events trading and everything like that, when it comes down to your yeah. Your smaller account, you're going to do it on the bank account."
[00:28:56] "And, you know, another thing, you know, I I mentioned I want to spam on as well is, you know, for me, you know, I have a session. Right? A session is a game. And in that session, if I lose, I shut off my computer. I go on with my day. If I win, I also shut off my computer and I go on with my day. It's a session. Right? So, it's just a game."
[00:29:17] "If I lose a game, cool. I take my loss and I move on. I'm going to the next game."
[00:29:56] "By just following 1 rule, you overcome the biggest flaws in trading, and you don't have to be super, super disciplined."
[00:30:10] "If I win and I make my 5 percent, I'm not going to risk the 5 percent that I just made. I'm going to shut it off and go on with my day."
[00:30:46] "There's only, really, unless you're, like, super scalping, you know, on intraday level, there's only, like, 2 or 3 good setups a day that you can really take."
[00:31:26] "Otherwise, you're misfortunate."
[00:31:42] "You need to have the rules right there right with you. If you're struggling, you know, put them on a sticky note, put them on a wall, put them on the back of your not the back of your screen, but all, like, on your charts, you know, rule 1, rule 2, rule 3."
[00:31:56] "Confirmation. Confirmation. Boom. End of the trade. Right?"
[00:32:37] "I Lucas Longmire will wait for the confirmation of x to end the trade. Lucas Longmire will not over trade."
[00:34:37] "Are you going to be able to overcome your greediness?"
[00:34:56] "Are you going to keep being impatient and keep losing money?"
[00:35:03] "Are you going to learn from your mistakes? Are you going to learn and apply?"
[00:35:35] "Today, it stops. And I promise you, when you become disciplined with your trading, everything rolls over to other areas of your life."
Topics
The Right Mindset for Wealth Building and Investing
Investing conservatively and reaping the rewards of steady returns.
What Type of Trader Are You?
The Impact of Intensive Forex Trading Strategies on Mental and Physical Health.
The Benefits of Taking a Pay Cut in Your Career
Generating Income Through Trading and Coaching Others
The Benefits of Practicing to Become Unconsciously Competent
Trading Strategies: Risk vs Reward
The Power of Letting Go: How To Improve Your Trading Performance by Letting Go of Losses
"Evaluating Yourself: Taking Control of Your Trading Goals"
Trading Mindset and Insights
Episode Links
Resources
Connect with Lucas Longmire
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