How To Stick With Your Passions And Turn Them Into Profit | Cashflow Hacking Ep #21 Anmol Singh
Anmol Singh, the founder of Live Trades, joins us on the podcast to discuss the importance of sticking with your passions, and how staying true to his dreams led him to become a successful day trader now responsible for seven figure accounts. As a full-time day trader Anmol now spends his time teaching other traders how to take smart positions, and shares his real world experience with traders all over the internet to help them achieve financial independence like they have never experienced before.
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Podcast Transcript
Intro: 00:07
This is the Cashflow Hacking Podcast with Casey Stubbs, where you will learn the tips, tricks, and strategies to increase your cashflow. And now to your host, Casey Stubbs.
Casey Stubbs: 00:21
Hello everybody. This is Casey Stubbs from Finance and Markets and we’re on the Cashflow Hacking Podcast. And today we’re with Anmol Singh, he’s the founder of Live Traders. Thanks for being on the show today Anmol.
Anmol Singh: 00:32
Thanks for having me.
Casey Stubbs: 00:35
So you have this business where you help traders learn to trade. Can you give us a little bit of background on how you got started with trading?
Anmol Singh: 00:44
Sure. So I actually started trading right from college from my dorm room. I usually would just you know just reading articles, blogs, and you know trying to figure this stuff out. So for the whole first year I was just figuring out phase to see if I want to be be a technical trader. I want to be a long term trader and I have just started off in college and eventually I found a mentor whose actually my business partner now, at Live Traders but he actually taught me. He had a course at that time for another firm that he used to teach. So I took out their courses, joined their program and then they kind of funded me with their own money to trade like a platform, so just like levels to go through. The firm was in New York and I used to trade at capital and in exchange I gave them a percentage of the profit. I did that for about, you know, three years, and then eventually he said, you know what let’s do this on my own. And I contact my mentor, I said “hey!, you know, you’re really good at pitching. You’re a really good trader and you know I’ve also (PLEASE CHECK) in your program and you know I’m also pretty business savvy so let’s bind our team together and you know let’s be live traders and so we can actually teach people what real trading really looks like (PLEASE CHECK)
Casey Stubbs: 02:01
And so based on what you were saying earlier, you were going to college and then you started trading right towards the end of college. Is that correct?
Anmol Singh: 02:13
Well yeah, and in the beginning of college I had like the little trader bug that start, you know, like I wanted to, I was curious though. I was taking courses. I was watching Youtube videos, all the stuff that everybody does when they start but you know eventually I joined the firm like 2 years in the second year into my college. I actually joined them and I started trading from them and I worked through the levels. They had like 10 levels, level 1 you got $50,000, level 2, you get $75,000 and you keep working it way up until level 10 where they will give you $10M straight and they have targets. So you hit certain targets you progress to the next level. And I got to my level seven, level eight which was a about 2 to 5 million dollars while I was trading at that time. So that took me about the third year of college to get to that level. So the whole first year was just kind of figuring it out.
Casey Stubbs: 03:13
I like the setup of that where you have goals and targets to reach. That sounds pretty cool. When you were going to college, was it for finance and business or trading or was this training just totally unrelated to what you were going to college for?
Anmol Singh: 03:27
Right. I went to college for business, but I didn’t really go into, in terms of you know, the finance aspect of it. It was purely in the business aspect that I was planing in the business degree of college and then nothing trade related it’s just something that I kind of got it later down the road.
Casey Stubbs: 03:43
And what do you think was the initial drive to get you to start in trading was because you were trying to find it a little extra money to pay for college or you just thought it was something that would be really interesting to learn or what was it that got you interested in that?
Anmol Singh: 03:57
I think it was just like money, you know, because you see that Wall Street, everybody was doing well. You grew up watching movies on about wall street, trading and so there’s real money in there and that’s what kind of got me interested, got motivated, you know, learn more.
Casey Stubbs: 04:24
And you had said that you were getting up in the levels while you were going to college. By the time you got out, were you actually earning enough money to make a living with your trading at that point?
Anmol Singh: 04:39
It took me about a year to get to that point, you know. To get to the point where I like well, initially was just learning, figuring it out, losing money. I think to the whole first year, probably lost. $10,000 the whole first year. So it was like the 2nd year onward I started . Toward the end of the second year.
Casey Stubbs: 05:02
And during that time where you had lost money, did you get discouraged at all? Was there like times where you thought that this is not going to work or it can’t be done or you felt like if I want to quit or anything like that?
Anmol Singh: 05:02
Yeah, I think almost everyday. You know, almost every day I really felt like I wanna give up, I wanna quit because you don’t see the results, you know, immediately. The results starts showing up down the road. So the first year, probably I would say every week. There was one of those nights that felt really like, I don’t know if this is for me or I don’t know maybe this is all the marketing hype that people I bought in to and maybe there are people not doing well but then again I saw a mentor, he was like “hey, here’s my account statement. Nobody did that at that time. So that’s what you know, really, I guess it made me confident, that will give you the impossible, here is my log in detail, log in to my brokerage account then you can see everything right there. So I log into this account and I saw, alright he just took this $10,000, then six figure right now the other year for the $10,000 account. Doable, so he can do it, why not. So I just lash on to them, and said hey, I’ll do whatever it takes, I’ll get in my $7,000 for coaching just, whatever it takes just teach me. So he put me into his wing, he taught me and I, you know work out. But it was really important for me to see the real with those people actually doing well because at that time I was, I had those nights on maybe this is not real, maybe this is not possible or when I had a lost I would felt like something had punch me in the stomach, you know and I felt like giving up. Pretty much everyday on the first year. It finally started making sense towards the 2nd year.
Casey Stubbs: 06:41
Right, and I think that one of the things that you just mentioned about finding a mentor is really important. I noticed a lot of people when they’re dealing with trading, they want to do it on their own, they’re at home, they want to just, you know, not rely on anybody else and try to figure everything out on your own, but you actually went out and found somebody to get help. I think that’s probably a pretty smart thing on your behalf. And do you still do that in life? Find people to help you when you’re learning new things and trying to accomplish new tasks?
Anmol Singh: 07:17
Always, always cause you know, it’s one of the things that makes the most sense, you know, because if you don’t have a mentor or somebody showing you the rules, it’s gonna take you a lot of time to figure out on your own. You could spend 3 years, problem error, and you know trying to figure out yourself but if you have somebody, you could say hey, here’s a mistake that I’ve made in my first career, as long as you’re not gonna do those, you’ll be fine and he just gave me a list of all the things that I don’t wanna do and it really helps and I still do that today, you know all the business and other ventures that I’m involved with, I always seek out mentors who are doing, who are playing the game at a better level than I am so that I can learn from their mistakes, you know, and a lot of people will say, “oh you could learn from mistake, you should learn from your mistake.” I think that’s fine and better if learning from other people’s mistakes, but you don’t have to make them to save a lot of money, save a lot of time, save a lot of headaches, learning from other people’s mistake.
Casey Stubbs: 08:05
Yeah, you’ll still make mistakes on your own, but at least now there’s less mistakes you’ll make when you learned from somebody else and I think that takes somebody who’s willing to be teachable because a lot of people are not teachable and if they’re not teachable, they’re never gonna learn anything. So I think that’s pretty good. So is that kind of what you guys do at Trader’s Live where you actually are mentoring and helping, show people the ropes so that they don’t have to make those same mistakes?
Anmol Singh: 09:01
Yeah, you know, so we do the same thing every day. We wanna broadcast, where me and my partner we actually trade live. We have webinars. We trade live in front of them in real time. Microsoft and then be explained in detail so that people can learn from our mistakes, make mistakes today. I made a mistake on complacent. You come after winning streak and then progress faster and that’s one of the things I’m proud of which are still here now.
Casey Stubbs: 10:28
Yeah. And I think that, um, that’s a pretty difficult thing to do is to actually be open and transparent about losing. I think just being transparent, it takes a lot of courage and not everybody wants to open up everything and just show, show exactly what’s going on behind the scenes.
Anmol Singh: 10:45
Yeah, nobody wants to do that, but at the same time I’m like, why not? you know, because if they are doing well, they’re actually gonna do well, then why not. Why not show these things, so I would always be skeptical Because we do have a date, we have like a manage money, so sometimes the investors call me and ask me about performance and everything they don’t have that accountability so that’s why they’re not that open because they don’t care, right? there is no accountability but if you have people, investors calling you about performance, there’s no choice but to be transparent. So I think transparency is key not just in trading but in life and anything general. It’s just stray off about your performance and let them decide.
Casey Stubbs: 11:32
Yeah, I think that’s pretty good. If somebody was just starting out and they were looking to make some extra extra money on the side, would you recommend them getting started with trading or what types of steps would you say? What approach would you recommend for them?
Anmol Singh: 11:48
Right, so the first thing it all comes down to learning first, you don’t, never want to just open an account and jump in to trading. You know, I did that when I started. Everybody actually does that when they start. They open an account, they just read something then apply it. But easy approach is to first learn. So maybe take a little money out put as an education fund and train yourself, learn, right. The good thing with technology these days, is that you can get platform that are demo but they are as closest it can be to a real battle, right. It does the exact same thing but the only thing that’s different is the money is not real, so you can practice it and make all those mistakes that new traders make on a virtual account so that when you actually go live, you already fixed those mistakes. That helps traders, I help people open a demo account traded for a month and you know make all the mistakes that you want right now. You know, when you go live, you don’t want to make those mistakes. You practiced it on the demo, but here’s a thing if you can’t make money on demo, your’e not gonna make money on real account. right? you got to start there first.
Casey Stubbs: 12:52
Now, do you think that this is something that’s realistic for somebody who needs a little extra money, they’re working at a regular job they’re slaving away all day and they just aren’t making enough money to survive or at least be comfortable. Do you think this is a realistic thing for them to make a little extra money on the side?
Anmol Singh: 13:14
Yeah, but it might not be day trading because if you have a job then you know, you know, you can’t be in front of the computer in the morning. You know, stock market opens at 9:30. If you wanna be a day trader you gotta have time at least from 9:00 to 11:00, right. If you have that time from 9 to 11 and you work in a job after that, you’re working on a night job, you’re working on a later shift, then that’s fine, you can absolutely trade on the side of the morning and then go to your job. That’s why a lot of people in the West coast do that a lot. A lot of our students on the West Coast, the West Coast markets opens in the morning, like 5 or 6 whatever the time is so they trade in the morning and then they go to their regular job, so they’re financing their passion with their job. So that takes away the pressure because if you’re just trading after quitting your job, now there’s pressure to pay on bills, right. You could remove that pressure by, like the West Coast people do it. They have their job, funding their passion and they’re trading in the morning then they go to their job. Well there’s some people who I commend them for their efforts. Like I know one of my students, he was trading for, he quit his job, he started trading. Trading for six months, didn’t make any money. Didn’t make any money for six months but then he still have to pay his bills he had a lot of pressure. So what he did instead of giving up or whining about it, he drives Uber at night. So he drove Uber like in the evenings, in the afternoons and the night and traded in the morning and now he got to the point where he doesn’t need to drive that Uber and we’re gonna work up with a strategy with him. We’re gonna scale his size and I hope next year he’s gonna make 70, you know, so it’s all in the matter of funding your passion, like what do you want. You gotta decide first, what do you want? Do you wanna have this profession, do you wanna have this (PLEASE CHECK). There’s gotta have to be some sacrifices that you have to make along the way. It’s absolutely doable. A lot of people do it, it’s just what extent you on a go with it? And if you do have a job that’s keeping you up all day, you (PLEASE CHECK). You can hold sales for more than two days. On day trade, in and out everyday, hold sales for two days, three days a week, or do Forex markets, foreign exchanges, 24 hours a day, you can do whatever you want.
Casey Stubbs:15:19
Okay? So based on your circumstances, you can adjust your plan to fit within it and make some extra money on the side. If you’re looking for some extra cash flow?
Anmol Singh: 15:42
Yeah, you have to have a plan. You have to decide, alright, this is the time I can do it, these are thee times I’m absolutely busy, here’s what I need to fund my lifestyle. We need to have a plan just like a business plan. We need to have a trading plan. What’s your plan for your trading business and how much money do you need for your bills, what does your platform. And you need to prepare all those, these are your expenses, you know. Good thing about trading is, except for your trading platform, commissions and fees, there’s not a whole lot of expenses. As long as you don’t have to pay a payroll or salary that you. That’s why trading is in fact one of the best business that I see that literally all you need is the initial capital, there’s no expensive, there’s no overheads, anything to start a business, no other business like that.
Casey Stubbs: 16:17
Yeah, that’s a huge advantage because starting a business is a lot of expenses, and I agree with what you were saying earlier about, you know, finding a way like your student, he was working on the side. I think that’s fantastic and you’re talking about doing what you want, to be passionate, but what do you think people could do to be more passionate in life and to be more passionate about what they do?
Anmol Singh: 16:52
Perhaps disagree with a lot of the talks on the internet about passion. You know, doing what you’re passionate about, or be passionate about this and how do you create passion? I think there’s only one way to go about it which is to get through that it. You know, once you’re good at something your passion will follow. Once you are bad at something or you know, you’re not good at something there’s is no passion. Just getting through that is the way to passion. You look at any, let’s say anyone who plays football or baseball, minor leagues or something like that, maybe he’s not that good at all. Was he gonna be passionate about it? No he’s not, but if you see somebody who’s like playing at a higher level, playing for the national team, playing for the state you asked him, is he going to be passionate about it? People are passionate about things are good at it. People who are not good at something are not passionate about it. The way to get passion is to get through that passion. I don’t like the talk about, do what you’re passionate about. You know you gotta do what you’re doing right now and just get good at it and the passion follows. Passion does not exist out there in the space that you can just grab and you can be passionate all of a sudden. Because you can be passionate about painting, Legos but that’s not gonna make you any money, so you’ve got to decide first. What your passion about doesn’t even have money in it, you know, because we live in this capitalist society that we do need money no matter what you say, money is a part, so it does your passion have the ability to support your dream, that’s the first and then if it does then get good at it. If it doesn’t then find another passion.
Casey Stubbs: 18:25
I think that makes some sense about practicing it and getting good at it and making sure that you can make some money and I know that a lot of time money into true success. They say that in order to be successful you have to make money. What do you think true success actually is?
Anmol Singh: 19:21
Exactly very good question because my book is coming out which is called Prepping for Success. it’s all bout true success, what success means and how they can get that. You know true success means achieving success in each and every area of their life and be okay with where you’re at to those areas because you know money and success absolutely but that’s not the only thing because you could have all the money in the world but still be miserable. So you need relationships, money to do the finance, be in good healthy most importantly. You need a circle of friends or social family around you. You need money, you need health and when everything comes together that’s when true success occurs. Because you could have all the money in the world but if your health is bad there’s no successful life. If your relationships are messed and you have all the money, that’s not successful life. Sell all those areas needs to come together that’s when true success occurs. Well money is an important fact because you got the best relationship, best health, but if you’re broke, that’s not success. So money does define success.
Casey Stubbs: 19:55
All right now I think that’s a really good point about having, ‘coz life is not just about money. There’s a whole bunch of different things, but what can people actually do to try to make it in life where they can have all of those things lined up and consider themselves successful in each area?
Anmol Singh: 20:15
So again, going back to one of the chapters from a book, it’s called stickiness which is, you know your ability to stick to something. You know like a lot of people these days are enjoying the forex live trading room. One day they’re trading stocks. One day they’re trading Forex. One day they want to do Cryptocurrencies and next day they wanna do is Amazon drop shipping or real estate wholesaling, you know every body is just jumping on to the next shiny object. When you narrow your focus down into that one thing and just put it all in, you know you call in to all that profession and just stick to it just takes times. You know I didn’t make any money on my trading for the whole first year. I lost money. If I quit now, I wouldn’t be where I am right now. (PLEASE CHECK) stuck to it, I found a way and you know learning. I was into the second point of success is learning. You know always be learning. You gotta always be learning. I still spend 10% of my whatever I’ve made, 10% of my income into attending networking events, entered into any conferences, seminars, buying an online courses, you know, I still buy online courses from people on the areas that I might not be good at. If I wanna learn marketing I’m gonna buy a marketing course or take a mentor. You know I’m always seeking those new knowledge because you don’t know everything and you can’t do everything so there’s somebody out there who knows what you want, you learn. I’d rather pay somebody a thousand dollar to teach me something than having to spend a month reading 10 books. You know I’d look at money and find time. You know I could read those 10 books learn those information for a hundred bucks but I could pay somebody a thousand right now and just tell me right now what I need. (PLEASE CHECK) which is your ability to stick to something, your ability to get good at it, your ability to learn it and when you learn it, you get good about it, you get passionate about it and you just build on top of that’s and that’s how you get successful.
Casey Stubbs: 22:09
I agree again, and I like to read books and go to marketing events and networking events. I like to do mix them up both. Get both sides of the story but..
Anmol Singh: 22:26
That’s why you need both, because you don’t wanna just be an online course, you want to go offline and interact with people. It does make a difference, you know, like you could watch online course, you can learn a lot but like actually creating networks, actually connecting with people that’s really important. Connect with physical people, not just online. I mean, online you can build connections but when you actually meet somebody, you have a much stronger connection with them. And you’re gonna learn something that have might not shared online. So that’s another thing where I suggest mixing physical time with online time.
Casey Stubbs: 22:57
Right. And I could just tell you with my business, I don’t really like to go to events and I’m kind of like an introvert. And so for years I didn’t do that and that my business was going sideways and then I started to go to these events and meeting people and making deals and learning stuff and making connections and then I started making more money and so..
Anmol Singh: 23:48
Yeah, I’m exactly like you, I was an introvert and I think I still am and you know but introversion is something that, again, just like with time, if you put yourself out there, you expose yourself, you know, it’s not gonna feel that bad anymore. First time, I remember, I’ve moved to New York and I kinda like in a network event and I was just standing there with a drink on the side and not talking to anybody because I was an introvert too but then I just did that over and over you know the 4th event, the 5th event, I was still uncomfortable there. I don’t know how to start the conversation or you know, do any of that but I still put my self out there and the 5th, 6th time you’re just standing there and now that anxiety is gone and you know, you get that conversation, anybody whose trying to do conversation with and you’re not able to but all it takes is a simple Hi. People say “Hi” and that’s it, conversation opens up and you say Hi to that and it started that way. You know introvert (PLEASE CHECK), you’re putting yourself out there can turn into an extrovert.
Casey Stubbs: 24:20
Right? And that’s pretty funny because I go through the same thing when I go to those events. I hate you. And especially because everybody else is talking, right? So I don’t want to be the guy to go up and interrupt a conversation. So I just stand there. But what I’ve noticed happens with me is I just keep going, I just keep going and then eventually people start to know me and then now everybody’s chatting with me all the time and I just keep expanding my network. So that’s some really good stuff. Tell me a little bit about your book when it’s coming out. You told us the title, but like who is the book for? Who are you trying to help? What’s your goals with it?
Anmol Singh: 24:58
Right. So the book is something that I’ve been working on for a while. It’s suppose to actually come out earlier this year but every time I read it I’m like I wanna change that a little bit so now I might get it on (PLEASE CHECK) So hopefully I’m thinking another 3 months it should be out, another 2 to 3 months, the book should be out. The book is basically anybody who aspires for more. Anybody whose looking to get more from life. Anybody whose kinda feel stuck, like how do I get that success or what action do I need to do to get that success. So there’s not a lot of fluff in the book. When I read books, there’s books that really interests me like they have a lot of information but they can they get more with this lot of information? and then there’s books that has large stories but then where is the information? What I’m trying to do is tone it down where sliced stories but then breaks it down, action point. Every chapter ends with something for you to do like an action step or something for you to do. Every chapter ends with these are the 5 things to take action right now before you move on to the next chapter. So the book is balance and success with forex live trade. There’s nothing to do with trading although the concept will help you in trading but there’s nothing to do with trading. It’s a self-development, personal development book talking about success, educating every area and what I have found in my research that people need to do to be successful. So I read thousands every book, edit thousands of courses, spend hundreds of thousands of dollar (PLEASE CHECK) so what I’m trying to do is compile my knowledge to this book in to like 10 keys that people I could get into these 10 keys that will better be prepared for success that’s why it’s called Prepping for Success. I too am prepping for success. I’m not there one of them yet yet but I’m also prepping for success, so these are the 10 things I’m gonna be doing the next 10 years for myself and that’s what the book is there’s are the things that I’m gonna be doing and these are the things that you’ll be doing to be successful.
Casey Stubbs: 26:58
I really loved the fact that you put action steps in there and here’s what I believe. I believe that if you intake knowledge and you just keep learning and learning and learning and you don’t actually apply any of it, it’s just wasted space and you actually get this like disconnect in your mind. You actually become a little bit crazy because you never apply. We become unuseful because you never apply what you learn. And so when I’m going to conferences or training or education that I paid for it, I always made sure that I write down at least one or two action items that I’m going to execute because I have a ton of stuff going on and I could just execute nothing. But if I’m gonna pay for it, I’m going to do it. I want to execute at least one thing. So if I buy your book, which I plan on doing, I’m going to say, okay, I bought this book, I’m going to read it. I’m going to esecute one thing that I learned from this book.
Anmol Singh: 27:47
Definitely. I mean it’s almost like you already read the book, but that’s another chapter, is take action. Okay, you can be the life long learner you learn all these things but there’s no good if you don’t execute on it because a lot of people like I know there’s people even in a family that are like, Hey, I want to lose weight. And then you know, you chat with they’re doing this diet, follow them but six months later they’re trying this new another diet. A year later a year later they’re trying this new program and I’m like you know, Tony Robbins says there’s only a couple of things you need to lose weight, just eat less and run.
Casey Stubbs: 28:23
Right. It’s not rocket science.
Anmol Singh: 28:23
Yeah, it’s not rocket science. I wanna lose weight too.
Casey Stubbs: 28:23
Yeah me too.
Anmol Singh: 28:23
But if you really sum it all down. It’s only two things. Just work out and hire a person who will run behind you.
Casey Stubbs: 28:41
Yeah like if you join the army because I was in the army, they’ll yell at you if you don’t run.
Anmol Singh: 28:41
Exactly. So that’s it. So people can know all these information but are you actually doing them that’s a totally different story. It’s common sense and not all these are common facts.
Casey Stubbs: 28:55
Right. Well that’s really good stuff. Well I’m looking forward to your book. Thanks for being on the show today. What can, where can people go to find out more information about, about what you’re up to?
Anmol Singh: 29:07
Sure. So if you’re interested in the trading side of things and you can head on over to livetraders.com. There you’ll find a free ebook which will give you a lot more information about what we do, trading acts and works and if you go to the blog section you’ll find a lot of educational articles that we published. So that’s how people can get an idea on how to learn without spending any money. You can always call our office for a free consultation and you know so we can see where you at, what your goals are and you know, see if it’s even right for you ’cause it might not be right for you. So that’s the trading side thing but if you’re more interested more in personal development side that I’m involved with now, I started podcast a few weeks ago as well and if you’re interested in that, the book then you can head on to preppingforsuccess.com. You’ll be able to find free chapters from the book, podcasts episodes that I have up and take it from there. Otherwise I’m on Instagram, I’m on twitter. My username on all those channels are the same which deltaninety. Instgram, twitter…
Casey Stubbs: 30:12
Okay. And we’re gonna. We’re gonna post all that information on my website with the show notes for the podcast, so anybody that’s listening or watching on youtube or reading from the website will be able to get access to that and that’s really good and keep us posted when the book comes out because I’d like to share that with my audience and maybe even have you back on the show today.
Anmol Singh: 30:32
Definitely. I love it.
Casey Stubbs: 30:33
Okay. Thanks for being here today. Really good. Good stuff.
Anmol Singh: 30:33
Thank you.
Outro: 30:42
Thank you for listening to the Cashflow Hacking Podcast. If you want to get the show notes, just visit our podcast page at financeandmarkets.com
