Podcast – Forex Education

I was watching an excellent video on the Tory Trades YouTube channel: Mike Aston, a seasoned day trader with over 27 years of experience, shares insights into his approach to the markets. His journey reflects resilience, a focus on consistent learning, and a dedication to simplifying trading. His success isn't built on complex strategies but a disciplined approach, focusing on two fundamental questions: when to buy and sell. This article delves into Aston's approach, tools, and principles that have led him to a seven-figure income through trading. 1. Priorities and Financial Independence Mindset Aston emphasizes that a successful trader must realign priorities. Instead of chasing material possessions or quick profits, he focuses on gaining financial independence and successfully serving others. In Aston's view, financial freedom isn't just about making money—it's about building a sustainable income that allows for flexibility and peace of mind. He stresses that wealth should not be measured by material acquisitions but by financial stability, avoiding debt, and eliminating the need for credit reliance. “The most efficient way to be in control is to aim for independence, ample income, and the ability to handle unexpected expenses without worry.” 2. Simplicity in Trading: Knowing When to Buy and Sell Aston's philosophy revolves around simplicity. His primary goal in trading is to answer two questions: when to enter the market and exit. This focus, he says, removes the unnecessary clutter of news, world events, or other external factors that many traders tend to overanalyze. “There’s nothing else I need to know. When to buy and when to sell—those are the only two questions that matter.” Aston likens this approach to developing muscle memory; he practices these two questions relentlessly, ensuring that his decisions become automatic, reducing emotional reactions, and maintaining consistency in trading. 3. The Importance of a Mentor vs. Self-Discovery in Trading Aston strongly advocates finding a mentor, especially for traders early in their journey. While online material is abundant, he believes that a mentor can provide structure, guidance, and insights that self-learning might miss. He cautions against the "trial-and-error" path of solo learning, which is why many traders fail. “People should focus on finding a mentor rather than a strategy alone. Nine out of ten who try to piece everything together on their own don't make it.” 4. Tools and Markets: Choosing the Right Trading Instruments Aston specializes in trading U.S. indices like the Dow Jones (YM) and NASDAQ (NQ). He prefers futures markets for their liquidity, volatility, and suitability for day trading. While acknowledging the variety of assets available, he finds sticking to a few instruments beneficial, especially for newer traders. His trading setup is streamlined. He focuses on specific indices and minimizes distractions, which allows him to become deeply familiar with each asset's price behavior. 5. Trading as a Muscle Memory Process: The Role of Repetition and Focus Aston's trading routine is built around repetition. He describes trading as a form of "muscle memory," where repeated exposure to similar market conditions allows for instinctual decision-making. To him, this level of expertise can only be achieved through continuous focus and limiting distractions. He advises newer traders to avoid using their phones for trading initially and to focus entirely on understanding the setups from a computer screen. While he acknowledges that mobile trading offers flexibility, especially for seasoned traders like himself, he insists that foundational learning requires deep focus without distractions. 6. Building a Strong Mindset: Resisting Distractions and Staying Focused Aston warns against the numerous distractions in today's world, including social media. He believes the proliferation of quick-content platforms like Instagram hinders people's ability to focus, which is critical in trading. “We’re trying to rewrite your thinking patterns. Learn to focus, shut the world off, and avoid social distractions.” For Aston, concentration is critical. He encourages new traders to engage in deep work with dedicated study sessions and frequent notetaking. His structured approach to learning and practicing trading creates an automatic thought process, which he considers essential for long-term success. 7. The Advantages of Mobile Trading While Aston initially advises against mobile trading for beginners, he recognizes the advantages it offers experienced traders. For him, mobile trading allows flexibility in managing trades on the go without compromising his disciplined approach. Mobile trading, he notes, has allowed him to earn substantial daily returns, even in unexpected situations. 8. Financial Discipline and Long-Term Wealth Aston underscores the importance of financial discipline and savings, highlighting that many people retire with insufficient funds. His trading success has allowed him to avoid credit reliance, manage unexpected expenses, and maintain financial stability. “I’ve reached a point where a $4,000 or $20,000 expense doesn’t set me back. This financial discipline is something I urge every trader to prioritize alongside their trading journey.” 9. Final Advice: Serious Focus and Commitment to Trading Aston's primary advice to those interested in trading is to treat it with the seriousness it deserves. He believes that while trading offers lucrative opportunities, success requires dedication, focus, and a mindset willing to resist distractions and engage deeply with the markets. “If you can commit to trading and avoid unnecessary distractions, you can reach financial independence faster than you think. It doesn’t take years if you focus and learn with dedication.” Conclusion Mike Aston's success as a 7-figure trader stems from a straightforward, disciplined approach. His focus on simplicity—answering two questions of when to buy and when to sell—allows him to avoid the market's noise and maintain consistency. For Aston, trading is a vehicle for financial independence, and he encourages traders to focus on learning, discipline, and resilience to achieve similar success. By following his guidance on focus, mentorship, and simplicity, traders can develop the mindset and skills to thrive in the financial markets.