Navigating the Complexities of Success: A Candid Conversation with Tyler Riches

I just sat down with Tyler Riches, a successful trader and social media influencer. We delved into the realities of achieving success and the sacrifices it entails.

Here are some of the main points of what he had to say:

The Reality of Day Trading:
Tyler debunks the idea that trading is a quick path to riches. He highlights the value of dedication, patience, and a willingness to learn from failure.

Sometimes you have to turn off the YouTube guru and have a go at the task yourself.

The lessons you learn from your mistakes are 10x more valuable than the ones you learn form someone else’s experience.

He had to make many sacrifices during his journey, particularly during his college years.

Whilst his peers indulged in social activities, he remained steadfast in his pursuit, often sacrificing sleep to trade during the London market hours.

Navigating Relationships: Growth and Change
Tyler discusses the impact his work has had on his relationships, both with friends and family. He explains the struggle of outgrowing old friendships and navigating familial tensions.

Throughout these moments, Tyler learned some valuable lessons about staying true to himself while respecting the perspectives of others.

He opens up about his decision to step away from his family's religious beliefs—a choice that caused tension and misunderstanding in the beginning.

Despite facing opposition and judgment, he continued to hustle. Through resilience and self-reflection, he made a path that aligned with his values and aspirations, ultimately earning the respect and support of his loved ones.

Sometimes the bravest thing for a man to do is to take a stab into the unknown, the reward is in the risk.

The people around you won't understand your vision. They'll probably talk about you behind your back, but you’ll get what you deserve if you put in the work, just like Tyler.

The Role of Passion and Purpose
We talked about the significance of pursuing one's passion and finding purpose in life. Without purpose, the fancy cars and the nice food all just feel a little mundane.

Tyler says money is just an amplifier of your current self, it won't fix your problems, but it will fuel your ideas.

Example: despite having millions in his bank account, he found himself grappling with inner turmoil and a lack of fulfillment. His story highlights a crucial truth: money alone does not equal happiness.

Tyler used the power of his environment to help him in his personal growth. His decision to move to Puerto Rico exemplify the transformative impact of changing surroundings.

By surrounding himself in new environments conducive to their goals, he was able to reinvent himself and align his lifestyles with his aspirations.

Navigating Distractions and Staying Focused
As his success grew, so do the distractions. Tyler discuss the challenge of staying focused amidst numerous opportunities and temptations.

He emphasized the importance of prioritizing long-term goals over short-term gratification, even when presented with enticing prospects.

His resilience in remaining steadfast on his chosen path serves as a testament to his commitment to his personal growth.

Even though his net-worth is in the 8-figure mark, he still try's to ground himself. If he really wanted to he could go out and party every night!

But when he delays the short-term pleasures, it gives him the ability to tap into a focus state that allows him to dominate his work.

Tyler and I’s conversation is available in full, exclusively on Spotify. Follow us on Spotify by clicking here, so you can get first-hand access when the podcast goes live at 8am on 02/16/2024.

What is Day Trading?
Day trading, at its core, involves trading a market within the same day, with no overnight positions.

By closing out all trades before the market closes, day traders eliminate exposure to overnight risks.

However, while this strategy offers protection from after-hours market shocks, it also means potentially missing out on significant overnight movements.

Which Markets to Trade?
Virtually any market open during the day is fair game for day trading.

However, popular choices often include stock market indices like the S&P 500 or NASDAQ, prominent European indices such as the DAX or FTSE 100, major currency pairs like EUR/USD or USD/JPY, and volatile commodities like oil.

These markets offer ample liquidity and volatility, essential for day trading opportunities.

Time Frame Considerations:
Although day trading involves closing positions within the same day, traders can adopt various time frames, from one-minute to fifteen-minute charts.

Selecting the appropriate time frame depends on personal preferences and tolerance for market noise and volatility. Typically, shorter time frames provide more granular insights but also increase noise levels.

Choosing Your Trading Style:
Day traders must determine their trading style—whether they'll follow trends throughout the day or contrarian strategies, capitalizing on overreactions to news events.

Trend followers aim to ride momentum, while contrarians seek to profit from market reversals. Both approaches have merits, but it's crucial to align your trading style with your objectives and risk tolerance.

Utilizing Orders and Risk Management:
Day traders can utilize various order types to execute trades efficiently, reducing the need for constant monitoring.

Additionally, effective risk management, including setting stop-loss orders, is essential to safeguard against adverse market movements.

Despite the short-term nature of day trading, overlooking risk management can lead to significant losses.

Chart Analysis and Execution:
Analyzing charts is fundamental to day trading success. Whether assessing support and resistance levels, identifying trends, or spotting entry and exit points, chart analysis guides trading decisions.

Traders may also automate trade execution using predefined orders, streamlining the process and maintaining discipline.

How to find your purpose:
Tyler puts a big emphasis on purpose, so here’s how to find yours according to Robert Greene (Author of the 48 Laws of Power)

The Quest for Your Life's Task
Your life's task, as I define it, is the most crucial element in your existence. It's about delving into your unique individuality, akin to being a detective investigating the nuances of your childhood and formative years.

Fueling Your Quest: Desire and Determination
Uncovering your life's task hinges on your level of desire. If you ardently desire something, if it ignites a passion within you, you'll find the energy and determination to pursue it relentlessly. Conversely, lukewarm interest won't fuel your quest.

The Power of Specificity
When seeking your life's task, specificity is key. Just as in problem-solving, focusing on details rather than broad strokes is essential. Look for subtle cues from your past experiences that reveal your inclinations and passions.

Insights from Intelligence Frameworks
Howard Gardner's "Frames of Mind" introduces five forms of intelligence: linguistic, musical, logical-mathematical, spatial, and bodily-kinesthetic, with a social intelligence addition. Understanding which of these resonates with you can shed light on your inclinations.

Embracing Your True Calling
Discovering your life's task isn't confined to a single career path; it encompasses your mental well-being and self-discovery.

Continuously assess what you genuinely love and hate, discerning between internal desires and external influences.

Conclusion: Unlocking Your Purpose
Discovering your life's task is akin to finding gold—it unlocks a world of opportunities and fulfillment.

Whether you're young or older, embarking on this journey will lead to a profound understanding of yourself and your purpose. So, embrace who you are, uncover what sets you apart, and embark on the adventure of a lifetime.

---