The benefits of military discipline with Erik Smolinski

Trading can be confusing. Even when you think that you’ve mastered the necessary skills, often you will come up against a completely new experience that will take your breath away. 

Personally, I have found that drawing on inspiration is essential. Inspiration can come through people in high-performance arenas, as well as learning from exceptional traders. As you clock in multiple trading hours, it will not only be the techniques of mentors that you are looking for, but also you'll want to take lessons from their views on life.

That’s why I’ve invited Eric Smolinski along today.
Eric is the founder of www.esinvests.com. He is a Marine veteran, and a trader for more than 15 years. He became a self-made millionaire before the age of 30. He was raised in a single-parent household, with quite humble beginnings. 

He had 2 mentors that selflessly shared outstanding advice in his younger years, and now he looks to pay forward what he's learned about mindset and trading. I’ve asked Erik to share the lessons from his background as a marine, and to let us gain an insight into the way his mind works. 

Welcome Erik…

Questionnaire

It’s hard to talk about trading without hearing the word ‘discipline’. You have a strong background as a Marine Officer and a martial artist. What are some of the skills and techniques you’ve adopted to be successful in the markets that all traders should consider? 

What does having financial freedom mean to you?

Do you feel that your early experiences with money set you up for success? Or was it more that you knew what you wanted to avoid?

I've heard you say: "The beauty with investing is you can start with very little and begin the compounding clock." I definitely understand how when you were hungry before you’d developed wealth. But right now, what gives you the energy to keep running towards your goals?  

I have heard you ask “What is one piece of risk management advice you’d share with a friend”. That’s an interesting question. What would your answer be?

I know you’re not only trading the markets – you aim to harness several sources of income. Some people think you should just stick with your fast ball, and not have a Plan B. What would you say to them?

I loved the 'Make Your Bed' speech given by Admiral William H McRaven. Military discipline to overcome day to day hardships. What are your thoughts about this?

I've heard that the military teaches you that your body can handle 40% after your mind has given up. Do you feel that’s accurate?

I’ve heard that they train combat medics in quite extreme conditions. They have loud noises, chaos, and people throwing things at them – to try and replicate the type of conditions they’d experience on the battle field. Students who do well on tests put themselves under pressure by doing practice tests under exam conditions. How important is a ‘success environment’ when it comes to trading? 

Do you have a ‘try this at home’ tip?