A special video covering questions people from Instagram wanted Austin and Rylee to answer. From inside their new Tesla, Rylee and Austin answer questions about trading, accepting the life you dreamed about, and controlling your emotions while trading.
Q: Does Rylee Trade?
Rylee: “No, I understand everything that goes on with trading, but we don’t find it necessary to have two trading accounts. It doesn’t make sense right now, and I trust Austin with the trades.
It’s our money in the trading account and we talk through each trade when it’s happening.
I’ve been thinking recently about starting to trade, but I’m finding other things outside of trading that I’m really enjoying, so it’s not my focus right now.”
Q: You’ve mention mushrooms a few times, do you microdose? Does it help?
Austin: “No, we’ve wanted to try but haven’t gotten around to doing it. When we do, you’ll definitely hear about it.”
Q: What’s the hardest thing you had to overcome when starting ASFX?
Austin: “For me, breaking free from the mould that I had been in with my previous job in New York. Breaking free from everything they had going on and how I was told to work. Once you realize you’re acting a certain way because of what you were told to do before, then you can break free from that.”
Rylee: “Getting over the feeling of thinking that sometimes I wasn’t doing enough because our tasks were so different at the beginning of creating the business.
I was behind the scenes working on marketing and admin tasks whereas Austin was the one building courses, making videos, and doing all the editing. I do think I’ve gotten over that pretty quickly.
Before ASFX, I was a workaholic, so that was also why I felt like maybe I wasn’t doing enough, but I never wanted to be the person who worked their life away, so part of it was accepting the new reality. It was the life that I dreamed about so it was time to accept it.”
Q: How do you control your emotions while trading?
Rylee: “First and foremost I don’t like the word “control”. What you’re actually doing is bringing awareness to your emotions and choosing how you respond instead of merely reacting. It’s important to become aware of your emotions, and aware of yourself.
What are your triggers?
What causes you to become anxious?
What causes you to over trade?
It’s crucial to become super aware of yourself and then you can notice when you those thoughts and feelings are creeping in and you can choose to respond differently.
You’re the one clicking the button, not your emotions.”
Austin: “Awareness is key.”
Q: How do you detach from money so that you’re not that emotional and close trades early?
Austin: “Rylee would trade for the mental stimulation, but I got into it for the money, so I will answer.
You’re never going to detach from money.
Once you decide you’re in a trade, don’t stare and watch the money. Check-in on it and monitor it, but don’t watch it go up and down. Turn the screen into pips and just count pips, not money.
Be aware of what you are doing. Try not to stare at the screen because then you won’t be tempted to close early.
If you’re watching it and making appropriate risk management decisions and your system has a way for you to get out early when it’s not working, that’s fine.
In situations where you find you’re closing early because you’re attached to the money, close the screen.
I would also say that if you’re closing your trades early, I would guess that you’re probably trading a little too big or you’re not confident enough in your system.
If you’re focusing on the money as opposed to the percentages, then you will set limiting amounts on your accounts. If you can grow a $1000 account by 25% a year for 5 years, you’ll get someone to give you a big chunk of money to trade with.
Focus on the percentage growth as opposed to dollar growth.”
Q: Have you ever gambled before and did that affect your risk management in trading?
Both: “[Laughing]… we went to the casino a couple of weeks ago.”
Rylee: “Let me tell you my first experiencing gambling. I went to a casino for my 21st birthday, but it was only because of a band that was playing there that a family member was in.
The next morning we were leaving the casino and I hadn’t gambled at all the night before, so in the morning I wanted to do some “gambling” before I left just to say I did. So I played, I think, it was penny slots. I had no idea what I was doing and didn’t even realize I had to cash out… so no, I don’t gamble.
Austin: I like gambling. I like playing Blackjack and the strategy stuff, not the slots because it’s just literally gambling. You’re better off lighting your money on fire.
We went to the casino a while ago, but we are just amateurs trying to apply risk management. Professionals probably understand how to do that, but for us, it’s much different than it is with trading. I can’t count cards, so it’s really hard to assess risk management with gambling.
What I do is just assess which hands have the most probable outcome and bet accordingly.
Another thing I do is I take some profit when I win hands in blackjack, just like I do in trading, so I always make money when I go to the casino.”
Thank you for reading our Q&A! Check back in to read our lightning round coming soon!
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