We had the good fortune of connecting with Richard Gates and we’ve shared our conversation below.
Hi Richard, what is the most important factor behind your success?
There are a lot of factors that go into being a successful stock trader. Things like discipline, controlling emotions, implementing a good risk to reward strategy, and following your plan are all examples of things that can lead to overall success. The most important factor; however, is the ability to stay true to who you are as a person. Humans, by nature, are creatures of habit. We tend to do things subconsciously without even noticing such as putting on our pants with our left leg first every single time or using our left hand to open the front door instead of our right.
These subconscious habits play an important role in all factors of our lives, including trading stocks. By recording all of your trades (aka journaling) you are able to review large amounts of data points that you have accumulated over time. This data, in turn, will allow you to see the things that you do well versus the ones that you do not.
At which point, you must make a conscious decision to learn how to recognize, in real time, when you are making an error.
For me, my success in trading came only after I was able to recognize who I am as a person. I would rather stay at home and wait for two hours to go to the bank when there isn’t a line as opposed to go to the bank right away and wait in line for 30 minutes. I am an impatient person.
I like my things on my desk in a particular order. I am very organized.
I like planning for the day as opposed to being free spirited. I need to be prepared.
I like to have structure. My life is regimented and I am disciplined.
The impatience, organization, preparation, and discipline needed to be carried over to trading and applied to my strategy because that’s who I am as a person. Once I was able to implement these things, I found myself as a trader. I knew what types of opportunities in the stock market that I excelled at and which ones I didn’t.
For the success to happen, I had to stick to my rules and only trade the setups that made the most sense to me. As a result, I learned which opportunities I could exploit and I have been repeating that process for years now.
To be a successful trader, you have to know who you are as a trader. It is my belief that 90% of people lose money in the stock market because they do not give themselves enough time to find out who they are as a trader prior to quitting.
This is where I can help. I now teach my trading strategies and techniques to clients in an effort to help them find consistency with their trading. My company is growing at an exponential rate and that is directly due to the fact that my techniques work. I encourage any one that is interested in trading and learning more to look me up on Instagram, YouTube, Twitter, or TikTok @TradeLikeGates
Can you open up a bit about your work and career? We’re big fans and we’d love for our community to learn more about your work.
What sets me apart from other trading mentors in the industry is my transparency and honesty. Yes, I have a large following on my social media accounts, but I didn’t get there by posting pictures of myself at the rolex store or driving around rented lambos. I got there by providing true, honest, and valuable content that my followers can learn from every single day. What I do isn’t easy. There is a massive learning curve to trading and people that treat it like a hobby wont make it very long. But those who put it the time and dedication to learn can change their lives, their mom and dads lives, their friends lives, and their kids lives.
I struggled when I first started. I lost over $10,000 my first year trading, but what I didn’t have then was a mentor. I also didn’t have a winning strategy implemented. I also didn’t have direction. How did I overcome that? I never gave up. I constantly worked on improving the things that weren’t working and hyper-focused on the things that were.
I have learned that anything is possible if you just keep going. I am at a place in my life now where I never thought that I would be and its all due to the fact that I was willing to put in the time to be 1% better every single day.
I want everyone to know that making millions trading is possible, but it isn’t a get rich quick scheme. It will likely take years to get to the point where I am at but if I can do it, then anyone can
If you had a friend visiting you, what are some of the local spots you’d want to take them around to?
Some of my favorite spots in the city are la jolla cove, liberty station, mount soledad, mount cowles hike. Some of the best places to eat are ortizs taco shop, gotta have a cali burrito and tom hams light house. The views of the city are to die for. I also really enjoy the padres games.
Who else deserves some credit and recognition?
I would like to shoutout myself for my success. I put in hours and hours of work for years to learn how to be successful in the stock market and perfect my strategies. Back when I started learning, there weren’t many stock trading mentors an gurus that were easily accessible and the ones that were, felt like a scam or con-artist or they charged ridiculous prices. But since finding my own success, I wanted to be there for the people who were like me when I first started and needing a mentor. I have a master’s thesis written on my techniques, I offer week-long training programs, and I have a chat-room where my members can trade with me live every single day.