In this episode, I am excited to welcome my friend and longtime investment mentor, Doc Severson. Doc is known as the Options Doctor. He is a principle at TheoTrade, an organization that provides, solid, no hype, time tested advice those looking to trade options and futures in the US Markets. The organization is unique in that is has very specific requirements to be on their team - All of the traders/mentors on the team must have a minimum of 15 years’ experience of hands on trading in their specialty with proven documented results that you can see and review.
Doc is your quintessential misfit – walking out on a 6 figure job to pursue his dream of trading for a living almost 10 years ago. Starting from essentially square one, Doc created a multimillion dollar business.
He is also the author of Hacking the Holy Grail: The Trader’s Guide to Cracking the Code of Profitability, an Amazon best-seller.
Doc’s story of starting over in his mid-40’s because he was displaced by disruption is a great example of how you can reinvent yourself at any time.
Pay close attention to around the 12 minute mark when Doc talks about taking the chance and leap of faith, running through walls, finding what you are meant to do, and breaking the bonds of being an employee. We also discuss writing a “day in the life paper” and what the power of convincing yourself and your mind of what is possible can do for you.
Doc, who is arguably, one of the world’s top option traders, gives us some of this best insights on investing and getting started in investing. Doc mentors thousands of people all throughout the world and gives us some of the biggest pitfalls to avoid in investing.
Doc also discusses some other great success tips such as choosing not to be mediocre and focus on the “one thing” to be the best, challenging the convention norms by being a contrarian and NOT diversifying, putting a value on your knowledge, and advice for starting out in investing and trading.
He also talks about what it’s like to compete against the best every day in the markets and how to create an edge and carve out a place to win. Pay attention to this at the 41 minute mark for some great content on this.
Doc's Misfit 3
1. Corridor effect: When you close a door, you walk into the corridor with many doors– Disassociate yourself from defining yourself by your job title, free yourself to the opportunity around you. You will become alive again and get your life back. Today, take 20 mins to look around you and find one opportunity you never thought about before, write it down, and put a plan in place to maximize it.
2. The Secret of the Entrepreneur: Open you mind and your ears to what problems that people are having…then go solve them. Pick one problem that you know you and other people have, one in which you have clarity and know you could provide a solution. It doesn’t matter if it is large or small – you just need to get in the act of finding and solving a problem. Then go do it. You can start on this right now, today.
3. Learn to recognize disruptive forces in the world. The things that are changing the way we live, work, and play – and seek to be one yourself or align yourself with them. Don’t ever get complacent or comfortable. It’s when things are going well that you need to be most alert for a disruptive force. Take time today to identify a disruptive force in your life. Whether it’s to your work or business or a trend you see coming. Ask yourself how you can use this to give you an edge and ride its wave. Then start doing it!