#592: Two Traders Talk Prop Firm Trading, Mindset and Lifestyle

Two Traders Talk Prop Firm Trading, Mindset and Lifestyle

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#592: Two Traders Talk Prop Firm Trading, Mindset and Lifestyle
In this video:
00:25 – Andrew Mitchem and Rimantas Petrauskas talk trading. 
01:05 – Rimantas’s background and how he got into trading and coding.
05:12 – Andrew’s background and how he started trading.   
06:50 – How Rimantas discovered trading.
14:15 – Andrew’s style of trading.
20:40 – Breakthroughs for Rimantas.
29:39 – The dangers of algorithm trading.
36:12 – Controlling your emotions.
43:45 – Prop firm trading.
51:49 – How much do you really want to be a good trader?
58:39 – Andrew’s and Rimantas lifestyle outside of trading.
01:05:20 – Controlling your risk as a trader.
01:10:05 – Summary and contacting Rimantas https://www.mt4copier.com/
Hi everybody. It's Andrew Mitchem here at the Forex Trading Coach. I'm, really pleased to be joined today by Rimantas Petrauskas, who's over in Lithuania. Rimantas lovely to see you. Nice. Nice to be there. Thanks Andrew for having me here. Awesome! Look, I think we'll be really cool if we can give everybody the next half an hour or so, depending on how long we spend.
Andrew Mitchem and Rimantas Petrauskas talk trading
Just talking a little bit about us, how we got into trading difficulties are trading, breakthrough secrets. That we found, you know, things that we're looking at doing into the future. Some pitfalls that people may have, you know, the common issues that people fall into. And then to show everybody a little bit about us as people and what we do with, you know, friends, family, hobbies, etc. would be really cool.
If we can do that because, I think we've both got a very similar kind of story, different different topics and different hobbies, but kind of similar in a way on different sides of the planet.
Rimantas’s background and how he got into trading and coding.
So, yeah. Tell us about yourself. Where are you based? And, and you know, family background, etc.. Yeah. So I just mute the phone. It's just buzzing there. So I am from Lithuania. Yes. A small country in Europe. A lot of people don't even heard about it. Like when I travel to US or somewhere, somewhere further from from Europe.
A lot of people though, you know, like, where is it? You know, and I'm like, oh, it's next to Poland, this small country, you know. So we have to do some background story about Lithuania. So yeah, I'm born and raised here all my life. I love living there. Lifestyle, taxes low, you know, all that stuff. And you can pretty much travel anywhere you want, especially with the freedom that you are on business.
And, and trading can give you. Yeah. So that's what I love about it. And, yeah, my story began, I would always say 15, 16 years ago, you know, you know the saying, well, there's this, famous saying, they say, you get you get you get two lives, like the first one when you're born and the second one when you realize that there is not, you know, the time is not unlimited.
Yeah. So that's when you start living. So I remember in like 2009, I went through a lot of transformations. I lost 30kg. I started exercising and started eating healthy. Started learning, you know, developing myself basically got into self-development, reading a lot of books, courses, starting flying to seminars, all that stuff, basically. So there's been going on ever since, you know.
So I always improve myself year after year after year. So I created my own business, got into trading, and it just never stops, you know, and I believe that it's one of the most important things for everybody. It's like, especially those who who feel stuck, you know, those people who feel stuck. There is a reason why you're stuck.
And the only way to get unstuck and move forward is to get yourself better. Every day. There is this, Japanese thing called Kaizen. It's like getting better every day by just one step, one person. Right? You know, one thing a day. Yeah. One thing. And and we'll we'll have the same 24 hours, which, you know, eight of those eight of those will go to sleeping and other things.
And your work and like, you know, but everybody of us can find one or a few hours a day that you can work on yourself or your dream or whatever the that's, you know, or getting unstuck. So I remember when I started doing that, I just couldn't stop, you know? So so now whatever a new day comes, I know I have a limited amount of hours basically, so I always want to improve myself in one year or another, you know?
So that's pretty much what's been going on. And I love seeing in the past years and looking how much I've improved, comparing myself to who I was before, you know, it's like you're not trying to compare yourself with others because you are on your own path, on your own pace, improving, you know, so that's an important part. Yeah.
Yeah. So my life lately is like work, travel and trying to enjoy life because that's all we we need. Yeah. Thank you. Right. Enjoy it. That's what we're here for. Yes.
Andrew’s background and how he started trading.   
And that's that's fascinating. If I compare what you've just said to me on a slightly different timescale, but sort of similar, you know, New Zealand's the same way we say to people, you know, other parts of, in other parts of the world, I'm from New Zealand.
And they go, oh, that's nice. Does that, you know, near Australia or is that in Australia? And I go, no, it's like a, it's a three and a half, four hour flight away. It's a long, long way away. But people think we're Australia. And the same thing, you know, we're 5 million people. I think you're about 2.5 million people.
You know, we're both very small but very nice places. And, it's quite interesting that we both have a similar kind of, you know, love of our countries. But also we find that when we go overseas, almost nobody knows about our countries. Yeah, we find that, I got into I used to be dairy farming. I suspect you probably might have known that.
And, I got into trading through getting divorced. You know, and it was. I had a young son at the time who's about three, and it's like, what am I going to do? So I started doing the same as you. I went to a lot of those, self-development conferences and, you know, to see a lot of people got into Robert Kiyosaki, “Rich dad, Poor dad” understanding a lot of those kind of motivational financial, you know, books as well.
And I found that really good. And that's how I kind of stumbled into trading. It's how did you find when you got into trading, how did you find back then when it wasn't known particularly well, how did you find people treated you?
How Rimantas discovered trading.
Did they think you were a little bit a bit odd or a bit lazy or something for doing it?
The there's a funny story of how I discovered trading in the first place. So I was on a 9 to 5 job back then. I remember it was 2007, 2008, sometime around that. And, I was just browsing online looking for ways for additional income. You know, I remember I found this, this software website or whatever, and I can't remember the name exactly, but it was something called, like Forex Killer or something of that kind.
You know, there's a lot of fact turbos and those type of things back then. Yeah. And it looked like, you know, all very suspicious and stuff, but I don't know why, but it caught my attention because, like, I back then, I was like, I don't know what forex is, but but whatever this is, this is, it's it's killing it.
You know, it's like you can win like cheats, hacks and stuff like that, you know? And this got my attention. So I got him to start getting to know more and more about it. And I thought, okay, like, it seems I'm going to be a millionaire by next month. You know, that's why I'm going to do that. Yeah.
So obviously as soon I realized that's not going to happen that fast. It's not as simple as it is. You know, especially with that scale or whatever software back in the days. But but this is what got me into, you know, and, I'm a programmer. I've been a programmer since I was 12. Yes. I've always loved computers, you know, write code and stuff and tell computer what it should be doing.
So it's easier for me or whatever. So, I was very fast to create some indicators, trading bots for MetaTrader 4 back in the day. And and that's where it all started, you know. So so eventually it's not that I become a trader, you know, at that time, but I became a software developer for traders. I just started creating apps for others.
Like I went on the forums, read what people are looking for, I just message them, you know, and they who can create this and that app. And I'm like, yeah, I can do it. And then I remember my first $200 that I've earned, like this guy from US, send me 200 bucks to create an indicator. And back at the day, 200 bucks was like, have to multiply by two, two and a half to convert to Lithuanian currency that we had at the time that we have euro.
But back in the time we had let us. So that is pretty a lot of money, you know, and, and I'm like, okay, if I do this like five, six times a month, I'm pretty much making my, my salary, you know. Yeah. So I started starting doing more of that, just coding for others in the evenings. And soon after a few months, I started replacing my 9 to 5.
It kind of kind of on my job, I would be working on the indicate, you know. Yeah. So nice. And soon, like after a year or two, I started making 2 or 3 times my salary from creating software because traders need that stuff, you know. Yeah. So, I wanted to leave my 9 to 5 job, so my boss kind of knew about it,...