How Danny Scaled his Day Trading Strategy from $10/day to $350k/Year
Published: 2024-11-28
Status:
Available
|
Analyzed
Published: 2024-11-28
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The trader found profitability by buying dips in stocks that had previously shown strength, anticipating a bounce rather than buying at the low of the day or below VWAP.
"And so that's kind of where I initially started to find a little bit of edge and some profitability or at least that my stats were improving so was were were those like dip trades would you say or just buying on pullbacks like as it was curling back up yeah more so dip trades so like fast fast types of like it dropped yeah I don't totally know where the bottom is yet I'm not even good at reading level two or the tape yet but I know that it's not going to go probably a whole lot lower if I buy here and there's a good chance that it might bounce"
Pending
The speaker developed a 'dip buying' strategy during the early pandemic, focusing on buying stocks that experienced dramatic flushes after showing strength, as these were observed to consistently bounce back up.
"so like fast fast types of like it dropped yeah I don't totally know where the bottom is yet I'm not even good at reading level two or the tape yet but I know that it's not going to go probably a whole lot lower if I buy here and there's a good chance that it might bounce so um interesting so then were you using like I I mean I love that strategy and that is a strategy that at the beginning of the pandemic when I was running that live stream on YouTube that was like we're all in lockdown I'm just going to run this live stream we're going to trade you know together whatever so that was during that period And I I remember that was when I kind of developed that setup or that strategy because I mean I was trading the breakouts you know i' bu into the breakout but then you know we would see these flushes and some of them were kind of dramatic you would see like a 50 Cent flush and I just started noticing this pattern that they kept bouncing back up yeah yeah totally so I was like if I buy this dip then I mean look they can go lower but I'm going to buy the dip"
Pending
The trader started with $500 but quickly realized it was insufficient, leading them to add approximately $25,000 from savings to their trading account.
"so I started with $500 in my account quickly realized two things number one that wasn't really going to get me anywhere and number two was that I probably wasn't going to lose all of my money right away so I added you know a couple hundred here and there couple thousand here and there taking from pretty much all that I had saved from retirement or you know from my last full-time job which was like pretty much 25,000 that I had"
Pending
Within months of starting, the trader's account grew to $5,000, but experienced significant losses of $300 on multiple days within a short period due to bad trades.
"so I I got myself to the point of having like 5,000 or so in my TD account but there were definitely days that like I remember in um I think it was like March and April of 2020 just a few months after I had started I averaged down into a bad trade or just held too long got caught in an offering I think I remember all three of those things happening and there were two two or three days within like a week or two of each other that were like negative 300 days and they those days were crushing"
Pending
Despite significant losses and nearly quitting, the trader's determination led them to focus on reducing the frequency and severity of losing days.
"and I remember I almost quit and um so there were those days too but I was determined and I was just looking at like how can I make those days further apart and less bad when they do happen"
Pending
The trader realized that buying at the bottom of strong stocks, despite the fear and uncertainty, improved their chances of making profitable trades.
"and I think basically I just had the realization if I do the opposite if I buy the bottom even though it feels scary and I'm a beginner and I don't know exactly where the bottom ends yet if I buy down at the bottom on a stock that is in a strong pattern um I have a much better chance of having a green trade and so that's kind of where I initially started to find a little bit of Edge and some profitability or at least that my stats were improving"
Pending
The trader identified specific patterns for buying dips, including false breakouts above key levels, followed by a quick flush where the red candle was a third to half the size of the previous green candle, and signs of buying support.
"so I I would probably describe it more as like maybe even a false breakout or a quick pop above a psychological or technical level like half dollar whole dollar um or some sort of daily level and if it if it's the first time in the day that it pops over that level usually it's going to pop over it for just a second and then people are going to sell because we don't know if it's going to hold yet right and so you'll see the selling and um for me I would usually like visually I I wouldn't go by cents like 10 cents 20 cents or whatever I would like to see the red candle come down probably like a third to half of the previous green candle a quick amount of profit taking okay it still maintained the chart looking bullish overall or it could even be a little bit more than that um a little bit more of a drop as long as it kind of like stopped and we saw that there were people buying it at that point"
Pending
A bullish trend is confirmed even after a short-term flush if the stock remains above key moving averages (9 EMA, 20 EMA, VWAP) and below a critical resistance level.
"so when you get let's say you know three green candles in a row and then maybe you get two small candles you get the formation of a bull flag it pops back up you surge back higher you pull back and let's say this next pullback is right underneath a critical level like $6 right and maybe that's that's a daily level or sort of resistance we see that kind of pop up and then that jack knife candle where it ends up flushing back down so initially it's green and then it goes red that dip there if you get a B if you get a drop and it drops down 203 cents but you're still generally you know trending up you're still above your 9 EMA you're still above your 20 EMA you're still above your vwap then even though you get that short-term Lush the trend is still bullish"
Pending
The trader initially opened an account with TD Ameritrade (TDM trade) with $500.
"I opened an account with TDM trade with $500 in it"
Pending
The trader's TD account reached $5,000, but they experienced significant losses, including several $300 red days, within a short period in March/April 2020 due to averaging into bad trades, holding too long, or being caught in offerings.
"so I I got myself to the point of having like 5,000 or so in my TD account but there were definitely days that like I remember in um I think it was like March and April of 2020 just a few months after I had started I averaged down into a bad trade or just held too long got caught in an offering I think I remember all three of those things happening and there were two two or three days within like a week or two of each other that were like negative 300 days"
Pending
The trader's TD account reached $5,000, but they experienced significant losses, including several $300 red days, within a short period in March/April 2020 due to averaging into bad trades, holding too long, or being caught in offerings.
"um so I I got myself to the point of having like 5,000 or so in my TD account but there were definitely days that like I remember in um I think it was like March and April of 2020 just a few months after I had started I averaged down into a bad trade or just held too long got caught in an offering I think I remember all three of those things happening and there were two two or three days within like a week or two of each other that were like negative 300 days and they those days were crushing"
Pending
Starting with $500 in January 2020, the trader experienced consistent gains through April-June, and by July, increased their TD account to over $25,000 (exceeding the $25k PDT threshold), followed by a $10,000 profit in August.
"so I started trading January 2020 with a $500 account by June of 2020 or so I had I had had like I think May April maybe was tiny tiny green um May was a little bit more green June was even more green and so by the end of July I took the remainder basically out of my savings and went from 10 or 12 in my TD account to 25 over PDT wow um and then August I had a $10,000 month"
Pending
The trader's account grew from $500 in January 2020 to over $25,000 by July 2020, surpassing the Pattern Day Trader (PDT) rule threshold.
"so I started trading January 2020 with a $500 account by June of 2020 or so I had I had had like I think May April maybe was tiny tiny green um May was a little bit more green June was even more green and so by the end of July I took the remainder basically out of my savings and went from 10 or 12 in my TD account to 25 over PDT wow"
Pending
After exceeding the PDT threshold, the trader experienced a $10,000 profit in August, which felt empowering, but they had previously practiced restraint by trading with a small cash account and adhering to settlement rules.
"and then August I had a $10,000 month wow because I was it felt like superpowers I was just able to take as many trades as I wanted all of a but that's so good though that you throttled you you kept yourself rained in for those first certainly six months trading with a small account so it was a cash account when you ran out of cash you'd wait for it to settle"
Pending
In February 2021, the trader was up $40,000 for the month but experienced a $20,000 loss on the last day due to an error with order timing (Time in Force) while short a stock.
"so I can't remember how I did in January of 2021 but February of 2021 was a big month for me I was up 40,000 on the month wow I remember this and this is towards the end of the month it was the last couple days and I had started the day at um like maybe 35,000 or so on on the month and um I was trading my p&l I had just broken 40,000 for the month and just took like a couple paper cuts a couple couple thousand some dollar losses and I was back to uh I can't remember exactly but it was close to the end of the day close to the close and I got stuck short on a stock with like 4,000 shares and it started spiking because the market closed it started spiking I was stuck and I was like why can't I get out and I realized eventually that I hadn't changed my time and force so the orders that I was sending to the market were going to nothing and uh yeah I took a $20,000 red day wow so I went from points so went up like share on 4,000 shares wow yeah something like that"
Pending
Despite a $20,000 loss, the trader still finished February 2021 with a record $18,000 profit, but recognized the inconsistency of monthly earnings in trading.
"so I went from up 40 on the month to giving some back and then taking a $20,000 loss and finishing the month at like $18,000 okay which was still a record month for me um and you know you can't complain too much about 18,000 but not in one month no you can't I mean you know the thing of course with trading is is you know I mean you could have an $118,000 month and then the next month you make nothing or or even a red month so $2,000 red trade too sure it's easy to kind of get in this mindset of 18,000 a month that's 180 that's two 220 a year you know you start I'm now a sixf figure Trader I can and then you get a it doesn't really work like that right"
Pending
In a strong market, the trader recovered losses within two weeks and achieved a new record month of $27,000 in March 2021, though the market later cooled, leading to a $20,000 red month in April.
"so luckily we were in such a hot Market that I recovered it in like two weeks so actually I remember February of 2021 I was pretty stressed out like most of the time because things were just moving and um I was such a new Trader that it was just a little overwhelming and so I remember March of 2021 I didn't have any record days like February 2021 was like new record day 3 Days Later new record day next week another new record yeah it was so hot yeah and so I remember March of 2021 I didn't have any new record days but a lot more consistency and I actually finished the month at like 27,000 wow new record and then the rest of the year uh became more difficult slowed down and um I think April was like a $20,000 red month"
Pending
Despite significant losses ($20k red day, $20k red month), the trader's determination to move forward was reinforced by observing their mentor's long-term success and the mentor's own experience with a $275,000 red day.
"so that $20,000 loss and then that big red month were both just like that those $300 red days hurt just the same felt the same y um but I was like really the only way for me is forward I and and a huge part of that thought process for me was seeing you do it and seeing your results and that you've been doing it for like 15 years um and I was just you also got to see on February 4th 2021 I had the biggest red day of my career I was down $275,000 in one day"
Pending
After a significant drawdown, the trader doubted if their success was luck but was determined to prove it wasn't, exploring alternative income sources like web development while seeking independence.
"so with you being a little bit newer and not quite having as I mean you know a year of track record is not nothing but it also is at that point where you can kind of question like was it a fluke was it just good luck was it beginners luck how did you deal with that during you know following that draw down um well yeah totally that's that's a huge point I I also didn't know but I was determined to have it not be luck and just the market and um when I was trying to figure out a new source of income I was looking into a couple things actually I was I was doing online courses uh that were available for free on web development I learned how to build my own website I was I was interested potentially in becoming a programmer or a web developer um what I really wanted was to find something that I could do on my own with an internet connection and provide for myself and what I really really wanted was to not have to rely on anybody else to do that I didn't have want to have to work with anybody else um like in a in a co-worker type capacity I didn't want to have to like sell anything to somebody or have to rely on somebody buying things or employing me and that kind of thing"
Pending
Motivated by seeing successful traders and the community's verified profitable members, the trader resolved to identify and master their own trading discipline and strategy.
"so I had such a such a big motivator to figure out how to do this and I didn't have the track record yet um but I saw you doing it and I saw and I had joined Warrior at this point so we have the room and we have all these verified um badge holding profitable people and I'm like so it's like one or one of two things is happening all of it is fake and it's all made up or these people actually exist and if they exist and they're doing it then why can't I and kind of similar to you I was like I just have to figure out what my discipline and what my main strategy is and dial into it"
Pending
The trader had to overcome emotional attachment to past losses, particularly money inherited from their father, by focusing on a consistent daily profit goal and adhering to strategy rules.
"and I remember telling myself at one point that it doesn't matter how much you've lost in the past and I had a real emotional attachment to the money I've lost because it was money I got from my father when he passed away so I I felt so guilty and so upset and I said you know what just put that aside for a second because if you follow this strategy and you're consistently making $200 a day yeah doesn't matter what it cost you to learn this you've got it now so just follow the rules today and and that was like it's it's it's a really hard it was hard for me to kind of forgive myself and and let go of you know the baggage of th those mistakes but it was really important to separate myself from that emotion"
Pending
In year one, the trader profited $23,000. In early 2021 (year two), they achieved a $50,000 badge, which was based on their previous year's earnings plus early 2021 profits.
"so year one 23,000 then year 2 2021 um you had a tough stretch through the summer um and I remember at some point then I think was that the year you got your 100K badge yeah I had a 50k badge pretty early on um after I had joined cuz I had had like 23 from the year before and then I think think it was like January and February combined or something like that put me over 50 nice which is when you interviewed me for the first time yeah um so almost four years ago"
Pending
The trader earned their $50k badge early in 2021 and finished the year with approximately $53,000, after a difficult summer period. It took a significant amount of time to reach the $100k badge from $50k.
"so year one 23,000 then year 2 2021 um you had a tough stretch through the summer um and I remember at some point then I think was that the year you got your 100K badge yeah I had a 50k badge pretty early on um after I had joined cuz I had had like 23 from the year before and then I think think it was like January and February combined or something like that put me over 50 nice which is when you interviewed me for the first time yeah um so almost four years ago and um it took me a long time to go from 50 to 100 actually um the rest of the year was okay I finished 2021 at like 53,000 or something like that"
Pending
The trader experienced a very difficult 2022, making only $6,000 for the entire year, and finally earned their $100K badge in August 2022. 2023 proved to be a record year, achieving approximately $125,000 before fees.
"but 2022 was a huge struggle for me I think that the entire year I made like 6,000 wow that a lot of dedication to show up every single day but not be pulling away and 2022 was a tough year for me and then 2023 was actually worse for me but I remember that yeah 2023 was a good year for you wasn't your best year you'd ever had 2023 was my was a record year by like two and a half times 2021 so that was last year um I finished at about 125,000 I think with like 10,000 in fees last year so yeah very good year for me last year but uh 2022 was a big struggle um it took me until the end or like August of 2022 I think to get my 100K badge"
Pending
Switching to the DAS Trader Pro platform on a Windows laptop significantly improved trading speed and efficiency, removing constraints and acting as a turning point by enabling faster execution and better utilization of existing strategies.
"and um for one thing they were all using Windows and dos so dos the software linked with TD y so I got home I bought a Windows laptop I put dos on it linked it to TD and that was definitely a change and kind of a a turning point for me yeah um I think that it wasn't necessarily groundbreaking as much as it gave me a boost to the edge that I already had at that point which it's almost like you were you were kind of like I I I sometimes would say like if you're not profitable already on thicker swim switching platforms probably not going to make a difference yeah but it was almost like you were carrying like dead weight or you were just like being there was a ceiling and I was I was a little constrained yeah yeah constrained and then once you took that off you could trade so much faster you could move in and out you're like you're just your ability because of of the offsets and the way the ORS work and the hot Keys you're just it's like a little baby bird leaving the nest pretty much"
Pending
The trader found that commission-based direct access brokers like LightSpeed were not suitable for their active trading style, as the commissions would significantly eat into profits.
"I did I did go from TD and thinker swim to light speed and back twice and then um I I basically just figured light speed and direct access commissioned Brokers just aren't right for my style of trading which is um sometimes more involved or just like more screen time more trades and and shares than you'll put through so yeah for me it would just eat up a lot more of my profit"
Pending
The speaker prefers commission-free brokers for nimbleness and fast execution, but acknowledges that trading frequently (100-200 times a day) on such platforms can lead to thousands in commissions, a constraint the other speaker does not face.
"so yeah for me it would just eat up a lot more of my profit yeah um yeah I would say that is a a little bit of a difference between our strategies because you know one of the re I mean I've although I've used the commission free brokers in challenges and stuff like that since once you get used to you know the the ability to be so nimble have such fast executions it it's hard to go from I don't know I'm thinking of doing something like and then trying to do the same thing with like snow gloves on I know like some delicate like watch fixing a watch You' just be like this is ridiculous now of course if you learned with a snow gloves you'd be like I guess this is how it works but when you've you've gotten good at it with the software that lets you be so dnamic and you know what that feels like yeah it for me it's it's hard to go back but I am restrained in the sense that if I want to trade 100 or 200 times a day I'm paying commissions on those trades I'm GNA spend I could spend thousands in commissions"
Pending
The trader admits to under-trading the 'front side' of a move and overtrading the 'back side', often giving back about 25% of profits. They resolve to focus more on aggressively trading the front side and avoid overtrading the backside.
"so you're saying the front side that's one that I think about a lot because I tend to I I'll I I feel like I tend to sometimes under Trade the front side and then overcompensate for it by overtrading the back side and I'm like yeah know why didn't and I sometimes will end up it happened today I had $111,000 of profit on this one stock and I gave back 4,000 off the top so I finished up only 7,000 on that stock and it was like why didn't you just stop you know when we had the macd crossover when when it was so obvious that we were on the backside I mean yeah sometimes I can scr a couple of dips and this and that but I'm overtrading the backside and and what if I just wait for the next stock on the front side and hit that one really hard and just only do front side and stop goosing around I say gooing around cuz but you know stop goosing around with trading the backside of these you know because it's just it's like it feels like clockwork that I get back 25% of my profit on every stock I trade"
Pending
The trader's primary focus is on being patient to wait for preferred trading setups and being aggressive on the 'front side' of moves they recognize.
"so for me at this point I'm like yeah every now and then I have a solid red day but generally as long as I'm kind of following what I know I do well I'm going up quite well over time and so the only two things that I really need to focus on are being patient to wait for those things and being willing to be as aggressive as I know that I need to be on the front side in the action that I recognize"
Pending
The trader aims to double their share size by the end of the current year and then double it again by the end of the following year.
"so by the end of the year I have a goal of doubling the share size that I'm currently using or I love that yeah or at least like that I was using a couple of weeks ago because I'm already making progress on that good and then next year I have a goal of doubling the size that I'm using by the end of the year"
Pending
The trader identifies three core trading strategies: parabolic action (squeezes), halts (including false halts), and easy-to-read price action for consistent 'base hit' days.
"number one is like parabolic action I'm really good at trading stuff that's squeezing number two is halts which is basically similar idea yeah d and rip or uh false halt stuff yep yeah false halts stuff like that um and then the third one is just price action that is um easy enough for me to read which is not going to be like my outlier green days but it's going to be my base hit type of days"
Pending
The trader's focus is on patience for preferred setups and aggressive execution on the front side of recognized opportunities, with a goal to double share size yearly, indicating confidence in their strategy's long-term growth.
"and then next year I have a goal of doubling the size that I'm using by the end of the year so for me at this point I'm like yeah every now and then I have a solid red day but generally as long as I'm kind of following what I know I do well I'm going up quite well over time and so the only two things that I really need to focus on are being patient to wait for those things and being willing to be as aggressive as I know that I need to be on the front side in the action that I recognize"
Pending
The trader plans to double their share size by the end of the current year and then double it again by the end of next year, indicating a strong growth trajectory.
"so by the end of the year I have a goal of doubling the share size that I'm currently using or I love that yeah or at least like that I was using a couple of weeks ago because I'm already making progress on that good and then next year I have a goal of doubling the size that I'm using by the end of the year"
Pending
After a $17,000 red day on the last day of a $100,000 profit month, the trader identified patience in waiting for preferred setups and the willingness to be aggressive as key to achieving monthly goals.
"so I'm like okay for one thing I was over 100,000 on the month and obviously that's a goal that I want to do again and I think that I can do that again um how am I going to get there the biggest two points for me I think are a combination of patience and willingness to be aggressive and by patience I mean not necessarily like when I have a position or I'm in a trade but um in waiting for the things that I'm best at trading"
Pending
After a significant drawdown, the trader experienced a rapid recovery, going from $34,000 to over $100,000 in two weeks through consistent, disciplined trading.
"and then and then the next week was a record green week 38,000 and then the following was 37,000 so in two weeks over 100 yeah it's crazy yeah two weeks went from 34 to like um over a 100 in the account so wow it's and that's all you that's all I've found that you really have to do is just like we were talking about keep your head down just take one at a time one trade at a time and yeah all of a sudden things can change"
Pending
The trader highlights the power of positive and negative feedback loops in trading: quick recovery builds confidence and leads to larger size and more trades, while losses erode confidence, often leading to desperate, increased trading and larger emotional swings.
"so in two weeks over 100 yeah it's crazy yeah two weeks went from 34 to like um over a 100 in the account so wow it's and that's all you that's all I've found that you really have to do is just like we were talking about keep your head down just take one at a time one trade at a time and yeah all of a sudden things can change um or then you get that confidence because then all of a sudden it's like it's crazy how suddenly you get a couple nice trades now your confidence is coming back so now you feel confident taking a few more trades taking bigger size and now you're on this positive feedback loop that's like just reaffirming like I know what I'm doing and it can pick up quick but the exact opposite can happen with the negative feedback loop where you have a loss of confidence and and either what should happen is l confidence you trade less but what ends up often happening is desperation you trade more you increase size emotions get bigger now you trade even more and now it's like yeah it's and that that that is the that's the aspect of trading where you know it's it's it's psychological it's mental"
Pending
The trader realized that trading discipline differs from other forms of discipline (like in sports or the gym), emphasizing the importance of patience and restraint – the discipline to sit out and wait for ideal setups rather than forcing trades.
"so the discipline that you need for trading can be a little bit different than the type of discipline that I need to be going to the gym six days a week um uh and that's that's a really interesting point that I had never really thought about I was like and and this is like during September when I was having such a hard time I was like I'm so disciplined in everything I do in my life basically why is it so hard for me sometimes to do the right thing trading when I'm having hard time and that was kind of one aha type of moment that we had had was um the type of discipline that you need to be good at trading isn't necessarily showing up and doing it every day if there's nothing to do um it's different than going to the gym every day or it's it's just a different type of discipline the discipline might be watching and sitting and not doing anything because the things that you're best at trading aren't in front of you"
Pending
Following a $17,000 red day at the end of a $100,000 profit month, the trader identified patience in waiting for trades and the willingness to be aggressive as the two main points for improving their trading and repeating high-profit months.
"um assuming the market stays hot what do you think you need to do in order to be able to like what are the steps that you want to take to like improve your trading over the next few weeks few months really clear to me and I've actually been doing a lot of work and thought on this just in the last week or so um because I had had $100,000 green month last month and on the last day made some bad decisions had a $177,000 red day um so I'm like okay for one thing I was over 100,000 on the month and obviously that's a goal that I want to do again and I think that I can do that again um how am I going to get there the biggest two points for me I think are a combination of patience and willingness to be aggressive"
Pending
The trader excels at trading parabolic squeezes, halts (including false ones), and straightforward price action that results in consistent 'base hit' profits.
"number one is like parabolic action I'm really good at trading stuff that's squeezing number two is halts which is basically similar idea yeah d and rip or uh false halt stuff yep yeah false halts stuff like that um and then the third one is just price action that is um easy enough for me to read which is not going to be like my outlier green days but it's going to be my base hit type of days"
Pending
The trader emphasizes the importance of patience in waiting for their preferred trading setups and resisting the temptation (FOMO) to trade other strategies used by successful traders in the community, advocating for focusing on mastery of one's own core strategies.
"so just having the patience to wait for those type that type of action that I know I'm really good at trading and not getting caught up in um one of the drawbacks of being in a room where there are a lot of good Traders is there are a lot of different strategies and just because somebody's making money on this different strategy that they trade doesn't mean that I should be trading it and um I struggle with that too I get a little fomo seeing other people like oh darn it maybe I should have could have would have yeah totally and just realizing that maybe it's not worth the mental Capital you know maybe I could try to learn that strategy better but why I could just focus more on doing better at the stuff I am I already know how to trade well"
Pending
The trader plans to double their share size by the end of the current year and then double it again by the end of next year, indicating a strong growth trajectory.
"so by the end of the year I have a goal of doubling the share size that I'm currently using or I love that yeah or at least like that I was using a couple of weeks ago because I'm already making progress on that good and then next year I have a goal of doubling the size that I'm using by the end of the year"
Pending
The trader's focus is on patience for preferred setups and aggressive execution on the front side of recognized opportunities, with a goal to double share size yearly, indicating confidence in their strategy's long-term growth.
"so I'm like yeah every now and then I have a solid red day but generally as long as I'm kind of following what I know I do well I'm going up quite well over time and so the only two things that I really need to focus on are being patient to wait for those things and being willing to be as aggressive as I know that I need to be on the front side in the action that I recognize"
Pending
The trader admits to under-trading the 'front side' of a move and overtrading the 'back side', often giving back about 25% of profits. They resolve to focus more on aggressively trading the front side and avoid overtrading the backside.
"so you're saying the front side that's one that I think about a lot because I tend to I I'll I I feel like I tend to sometimes under Trade the front side and then overcompensate for it by overtrading the back side and I'm like yeah know why didn't and I sometimes will end up it happened today I had $111,000 of profit on this one stock and I gave back 4,000 off the top so I finished up only 7,000 on that stock and it was like why didn't you just stop you know when we had the macd crossover when when it was so obvious that we were on the backside I mean yeah sometimes I can scr a couple of dips and this and that but I'm overtrading the backside and and what if I just wait for the next stock on the front side and hit that one really hard and just only do front side and stop goosing around I say gooing around cuz but you know stop goosing around with trading the backside of these you know because it's just it's like it feels like clockwork that I get back 25% of my profit on every stock I trade"
Pending
The trader acknowledges giving back profits (around 25%) is sometimes necessary to identify peaks, but often gives back more than intended. They also note the difficulty in distinguishing between the 'front side' of a potential move and the 'back side' until after the fact.
"so it's like it feels like clockwork that I get back 25% of my profit on every stock I trade which on the one hand I do often say that if you don't start giving back profit you don't know that you peaked so you got to push it until you give back a little off the top but I often seem to give back a little more than I'd like I totally agree yeah and the other thing is like sometimes and it depends on the Market you're in but you don't always know that it is the front side of what is going to be a really good move eventually sometimes that becomes clear and you're like okay I can actually be really aggressive here if I want to um but sometimes you only know it's the backside because it's like clearly the backside and sometimes you only know that because hopefully you avoided the big red candle"
Pending
The trader does not build a cushion before sizing up, but rather enters trades at full size if the setup is favorable, adjusting size throughout the day based on market feel and conviction.
"and that's the type of thing that could put you on a bad red day right it's a spiral do you try to build a cushion on the day before you size up or do you not really think about that no not not really I'm not necessarily looking to build a cushion um I do like if we're talking about when the Market opens um I will observe like volume and range and Direction but pretty much like when I have a feel of how it's moving I'll just pretty much be getting in there um not necessarily with like third size or half size it's like you go full size right away if you see the setup you like pretty much yeah but like at the open my full size isn't going to be that big um relatively I'm I'm willing to do like two to three times what that size is later in the day I guess so yeah"
Pending
The trader does not adhere to a daily profit goal, preferring to focus on the quality of trades, market conditions, and knowing when to stop trading for the day, rather than fixating on an arbitrary number.
"yeah that's a good question and I I get that question a lot in the mentor sessions that I do I don't have a daily goal at all um and I honestly don't totally know how to think about a daily goal in terms of like is it good or bad I think that for a very experienced Trader like you or or like me like you have a daily goal I have numbers in my mind that I'm like okay that's a respectable day and it also depends on what the Market's giving us yeah um but with the experience that we have we also know like like things are slowing down it's time to back off doesn't really matter what number I hit or if I stick around and like today this thing pops up and doubles my day it's like well what if I had shut down just because I had hit this arbitrary number"
Pending
The trader has never used a maximum daily loss limit, as their trading style involves significant intraday swings. They believe that with enough trades, their nearly 70% accuracy would prevent overall red days.
"I never have yeah for me it just hasn't historically been the right thing like yesterday I went from up 2000 pre-market to taking some bad hits on djt as it halted down at the open I was up two to down five and finished the day up six so yeah a b yeah and I I I don't like days like that I don't like one of my trading looks like that which is yeah I think a big reason why my trading today was much smoother and just up you're such an active Trader I'm you know I'm kind of sometimes I think that in theory if I had enough trades every day I would never have a red day cuz my accuracy is almost 70%"
Pending
The trader uses a daily max loss that is equivalent to their daily profit goal, ensuring any recovery can happen the next day. They acknowledge that strict rules might cause them to miss significant afternoon moves, unlike a trader with no rules.
"so my daily Max loss is the same as my daily goal and and I do keep those numbers in my mind so I'm like if I have a Max loss day I can recover it in the next day without a challenge and I and and I don't go into like you know the type of draw down that's going to take you know 15 20 days to recover from yeah not that I couldn't do it in one day if the market was crazy hot but that realistically it wouldn't happen yeah so like I I keep myself a lot more I have a lot I have guard rails on but sometimes and I know Jess said this that he trades with zero rules whatsoever because he's like you know I have that rule I have that guard rail the next thing you know we have a stock like celu that goes up 200% in the afternoon and I miss it because I hit my Max loss well now I just stopped myself from taking a great trade could have been back to green so who's that done now"
Pending
The trader actively avoids triggers that lead to emotional trading, like revenge trading after a small loss, to prevent spiraling into larger losses.
"so I have in my notes the things that I know tend to trigger me and tend to set me off in a bad spiral either into Revenge trading because I'm like I see Nvidia doing something I take a loss on it it's like a $200 loss whatever I'll make that back on the next one that I take okay now I'm down 800 on it now I'm kind of pissed and right um so just avoiding that kind of stuff in general"
Pending
The trader believes learning to trade was more valuable and cost-effective than college, emphasizing that for beginners, staying in the market and minimizing losses while learning is paramount.
"I paid a lot more to go to college than I paid to learn how to trade the markets and yeah um yeah I totally agree with that especially for a beginner I think the most important thing that you can do is just keep yourself in the market learning and losing as little as possible and hopefully making some gains while you're learning too but that's not necessarily the main point at that time"
Pending
The trader's success allows them to cover significant expenses with a single day's profit, such as treating friends to dinner or buying groceries without concern, highlighting the financial freedom gained from trading.
"so like I I I can pay for a nice dinner for everybody and in one good day of profit um yeah so like I I like to have dinner parties with friends and stuff like that where I'll cook for them and um that makes me feel really good or I mean it's it's amazing I think about this often sometimes when I'll have a nice day trading so today I'm up 13 $1,366 if I go to the grocery store today there's nothing in the grocery store that I could possibly put in my car that's going to move the like it doesn't matter and and just that and and if I if you want to shop for friends or you want to take dinner for friends out to dinner yeah it's the the ability to make that kind of money period even if you were doing it in for eight hours a day working but then the additional fact that realistically I I today I traded for like two and a half hours"
Pending
The trader's success allows them to cover significant expenses with a single day's profit, such as treating friends to dinner or buying groceries without concern, highlighting the financial freedom gained from trading.
"so like I I I can pay for a nice dinner for everybody and in one good day of profit um yeah so like I I like to have dinner parties with friends and stuff like that where I'll cook for them and um that makes me feel really good or I mean it's it's amazing I think about this often sometimes when I'll have a nice day trading so today I'm up 13 $1,366 if I go to the grocery store today there's nothing in the grocery store that I could possibly put in my car that's going to move the like it doesn't matter and and just that and and if I if you want to shop for friends or you want to take dinner for friends out to dinner yeah it's the the ability to make that kind of money period even if you were doing it in for eight hours a day working but then the additional fact that realistically I I today I traded for like two and a half hours"
Pending
Trading has provided the financial freedom and flexibility for the trader to travel extensively, including visiting places like Italy and planning trips to Japan, a significant shift from their original dream of living abroad.
"and also just the opportunities and things that I consider doing or um yeah it's it's it's much different it's you know you've traveled quite a bit in these last few years which is yeah something do ordinarily when I started trading in 2020 I had had a dream of moving to Italy and trading which has changed a little bit now I don't necessarily want to live in Italy um and trade and and uh have my life centered there but I do get to visit whenever I want really I think Japan might be up next on the list"
Pending
The trader's motivation for trading stemmed from a desire for direct correlation between effort and income, and an aversion to a traditional 9-5 salary structure, fueled by a 'nightmare' experience in traffic that prompted a search for an alternative life path.
"and then probably the second is why are you doing it um for me it was really really clear that I wanted to have something that I could earn an income on my own um a big part of that being a former highlevel athlete was and and um sales right out of college was that I I really enjoyed seeing the output of whatever I was putting in directly I really didn't like the idea of like this is my salary maybe next year it gets bumped 3% and that's my life um yeah that was a big part for me just like financially and like what am I going to do the rest of my life I had a an existential crisis one time driving into San Francisco across the bay bridge was just in traffic with everybody else and uh welcome to the Machine by Pink Floyd came on yeah on my Shuffle and I was like this is a nightmare yeah yeah and so for me I desperately wanted to find a way out of that I didn't want my life to look like that"
Pending
The trader advises new traders to analyze why most people lose money in trading (lack of strategy, high risk) and instead focus on the path taken by successful traders, implying a need for a defined strategy and risk management.
"and I have to figure out how to make those big losses smaller and further apart and figure out how to make some more in the meantime and you know for you guys that are watching this you're you're you're learning about what the path out looks like I I think there is um the path most traveled when it comes to how to approach trading and what we know is that most people that take that path well the statistic is the path most travel is people lose money so you've got to really think about what is it that most people are doing that's resulting in them losing and I my opinion is they come into the market really without strategy kind of shooting from the hip taking too much risk and then they just sort spiral out and then what's the path that people are taking where they're finding success"
Pending
As of the interview, the trader's year-to-date performance in 2024 was $354,000.
"um that is a good question um I can pull it up here uh let's see I think I'm somewhere just under 400 wow so a little bit different wow pull that up 354 yeah okay 354"
Pending
With three weeks left in November, the trader is aiming for $500,000 for the year, projecting mid-$400,000s if market conditions remain favorable. They identify 'buying too high' as a recurring issue during difficult market periods.
"so like back of Mind stretch goal at this point it's uh not hard to think that I could hit 500 this year we have three weeks left of November um if we have one or two hot weeks in there and easily get to Mid 400s and then we'll see um but like we were talking about earlier it could be dead you we never know so yeah just one day at a time we'll see what the market gives us and yeah um but yeah it's been a good year last year after 2022 was so hard and slow um I think really what I started to understand and realize was that I uh I was just buying too high every time I'm having a hard time in the market it's because I'm buying too high I'm chasing things as they're going up either because of fomo or whatever yeah and then I'll take losses or I'll barely get anything out of the trade and um so like like you were talking about with that huge red day anytime that I'm just struggling or in a draw down or whatever I always try to go back to basics and almost always the answer is I'm buying too high"
Pending
The trader acknowledges that chasing trades (buying high) can be successful in a hot market but fails when the market cools, emphasizing the need to adapt to changing market conditions rather than rigidly sticking to a strategy.
"I mean honestly I I think I could say the same for myself the thing is it's tough because in a hot Market when it's really hot you can get away to a certain extent with chasing you know what I mean like you buy High and the things just keep going but when the market cools off that strategy it doesn't work as well anymore Y and so so it's like sometimes it's like what what did what am I doing different it's nothing you're doing different it's Market is shift you didn't shift fast enough you've got to adapt to that change in the market"
Pending
The speaker reflects that during drawdowns, it's crucial to scale down and restrict trading ('trade rehab') to prevent emotional spirals, a lesson learned in hindsight after wishing they had slowed down sooner.
"and I remember especially in August when you were struggling is I was thinking you know I've been through this before and you know where you you go on these sort of like draw downs and it's like the right thing to do is to step back and kind of really restrict yourself into trade a rehab you know like scale down down size down cuz the deeper you dig that hole when you start spiraling the bigger the emotions get and it's like you know in hindsight it's like yeah I wish I had slowed down sooner so I could have dug the hole half as deep you know but in the moment you keep thinking maybe today's the day it's going to turn"
Pending
The speaker emphasizes that while hindsight suggests slowing down during drawdowns, the immediate 'maybe today's the day' mentality often prevents it. The painful experience of drawdowns serves as a crucial, self-learned reminder to reduce risk quickly.
"so I mean you know in hindsight it's like yeah I wish I had slowed down sooner so I could have dug the hole half as deep you know but in the moment you keep thinking maybe today's the day it's going to turn yeah exactly and like I might make 5,000 today and but then you're down another 2500 another 2500 and next thing you know it's like oh my gosh this is unreal and I think my feeling is that as much as I as much as I say and I you know it'd be like you got to slow down this and that there's a certain extent that we have to learn these things kind of ourselves and and go through the experience of like wow that was painful I thought you know this was going to work but it didn't so that pain is what's going to remind me the next time I start a draw down to get my foot off the gas real quick yeah"
Pending
The speaker notes their tendency to aggressively trade in hot markets but struggle with slowing down, leading to stubbornness, adding to losing positions, and experiencing multiple consecutive red days (up to six), creating a feeling of never recovering.
"and that's something I've been doing this for a really long time and when I do these sessions with Ted it's like he's like Ross you have no problem putting the foot your foot on the gas you know the Market's hot next thing you know you're having big green days your problem is slowing down because all of a sudden you know I'll have that final trade where I'm in way too high and then I get stubborn I add more I add more it's a huge loss and then I have a huge red day max lost red day I come back day two to swing hard to make it all back second red day in a row come back day three third red day in a row I I remember once having six red days in a row and each one of them were been yeah crazy it's awful yeah and you feel like again you feel that way that's the thing you feel when you're down like that you feel like it's never going to come back"
Pending
During difficult trading periods, the market can feel different and strategies underperform due to market conditions. Traders must maintain internal optimism, as negativity hinders performance, even though the market doesn't always cooperate.
"and it is incredible how in those moments the market really does feel different oh to it's not like you're not wrong in being like wow what is wrong this isn't working like it's not working because the the you know strategies depending on market conditions yeah you know have different performance and part of the problem I think is as as a Trader um at least in my opinion it kind of forces you to be an internal Optimist um yeah yeah if you're if you're pessimistic or you're down on yourself or just negative it's not going to help you trade better that's right um and so you have to come in every day thinking you know today's going to be better or I'm going to trade better today or the Market's going to give us something different today yeah and some times that's just not the case"
Pending
During a drawdown, the trader's account fell from $80,000 to $25,000, representing a $55,000 drop, which was about 15% of their annual profit and required correction.
"so I had uh I think I was probably at about 880,000 in the account and the bottom of my draw down was when I had 25,000 in the account um so I was in like yeah I was in like a $5,000 draw down um which was like 15% of my profit for the year which is like still manageable but not good yeah need to fix it at that point"
Pending
To manage a drawdown, the trader implemented a 'trader rehab' program with friends monitoring their P&L and a strict $1,000 max loss per day, requiring them to stop trading if this limit was breached.
"so I had two of my buddies um check in on my p&l every 5 minutes past the market open wow and I had a strict Max loss of a thousand and and this was for the first week or two weeks or so and they would be checking in with me and if I didn't respond they would just start spamming me and calling me that's Traer rehab that that's really good you had you had a a sponsor in a way exactly yeah I had some sponsors and if I hit Max loss uh I had to send a picture of my stuff shut down and I wasn't able to trade the rest of the day"
Pending
To manage a drawdown, the trader implemented a 'trader rehab' program with friends monitoring their P&L and a strict $1,000 max loss per day, requiring them to stop trading if this limit was breached.
"so I had two of my buddies um check in on my p&l every 5 minutes past the market open wow and I had a strict Max loss of a thousand and and this was for the first week or two weeks or so and they would be checking in with me and if I didn't respond they would just start spamming me and calling me that's Traer rehab that that's really good you had you had a a sponsor in a way exactly yeah I had some sponsors and if I hit Max loss uh I had to send a picture of my stuff shut down and I wasn't able to trade the rest of the day"
Pending
To manage a drawdown, the trader implemented a 'trader rehab' program with friends monitoring their P&L and a strict $1,000 max loss per day, requiring them to stop trading if this limit was breached.
"so I had two of my buddies um check in on my p&l every 5 minutes past the market open wow and I had a strict Max loss of a thousand and and this was for the first week or two weeks or so and they would be checking in with me and if I didn't respond they would just start spamming me and calling me that's Traer rehab that that's really good you had you had a a sponsor in a way exactly yeah I had some sponsors and if I hit Max loss uh I had to send a picture of my stuff shut down and I wasn't able to trade the rest of the day"
Pending
After implementing the rehab strategy, the trader experienced a rapid recovery, with a $6,000 green week followed by a record $38,000 week and then $37,000, bringing their account from $34,000 to over $100,000 in two weeks by focusing on disciplined, one-trade-at-a-time execution.
"and then the next week the market got better and I had a $6,000 green week I went from like 27 to 33 in the account and then the next week was a record green week 38,000 and then the following was 37,000 so in two weeks over 100 yeah it's crazy yeah two weeks went from 34 to like um over a 100 in the account so wow it's and that's all you that's all I've found that you really have to do is just like we were talking about keep your head down just take one at a time one trade at a time and yeah all of a sudden things can change"
Pending
The trader highlights the power of positive feedback loops in trading: quick recovery builds confidence, leading to increased size and more trades. Conversely, negative feedback loops erode confidence, often resulting in desperation, more trades, and amplified emotions.
"and then all of a sudden it's like it's crazy how suddenly you get a couple nice trades now your confidence is coming back so now you feel confident taking a few more trades taking bigger size and now you're on this positive feedback loop that's like just reaffirming like I know what I'm doing and it can pick up quick but the exact opposite can happen with the negative feedback loop where you have a loss of confidence and and either what should happen is l confidence you trade less but what ends up often happening is desperation you trade more you increase size emotions get bigger now you trade even more and now it's like yeah it's and that that that is the that's the aspect of trading where you know it's it's it's psychological it's mental"
Pending
The trader realized that trading discipline differs from other forms of discipline (like in sports or the gym), emphasizing the importance of patience and restraint – the discipline to sit out and wait for ideal setups rather than forcing trades.
"so the discipline that you need for trading can be a little bit different than the type of discipline that I need to be going to the gym six days a week um uh and that's that's a really interesting point that I had never really thought about I was like and and this is like during September when I was having such a hard time I was like I'm so disciplined in everything I do in my life basically why is it so hard for me sometimes to do the right thing trading when I'm having hard time and that was kind of one aha type of moment that we had had was um the type of discipline that you need to be good at trading isn't necessarily showing up and doing it every day if there's nothing to do um it's different than going to the gym every day or it's it's just a different type of discipline the discipline might be watching and sitting and not doing anything because the things that you're best at trading aren't in front of you"
Pending
Following a $17,000 red day at the end of a $100,000 profit month, the trader identified patience in waiting for trades and the willingness to be aggressive as the two main points for improving their trading and repeating high-profit months.
"um assuming the market stays hot what do you think you need to do in order to be able to like what are the steps that you want to take to like improve your trading over the next few weeks few months really clear to me and I've actually been doing a lot of work and thought on this just in the last week or so um because I had had $100,000 green month last month and on the last day made some bad decisions had a $177,000 red day um so I'm like okay for one thing I was over 100,000 on the month and obviously that's a goal that I want to do again and I think that I can do that again um how am I going to get there the biggest two points for me I think are a combination of patience and willingness to be aggressive"
Pending
The trader excels at trading parabolic squeezes, halts (including false ones), and straightforward price action that results in consistent 'base hit' profits.
"number one is like parabolic action I'm really good at trading stuff that's squeezing number two is halts which is basically similar idea yeah d and rip or uh false halt stuff yep yeah false halts stuff like that um and then the third one is just price action that is um easy enough for me to read which is not going to be like my outlier green days but it's going to be my base hit type of days"
Pending
The trader emphasizes the importance of patience in waiting for their preferred trading setups and resisting the temptation (FOMO) to trade other strategies used by successful traders in the community, advocating for focusing on mastery of one's own core strategies.
"so just having the patience to wait for those type that type of action that I know I'm really good at trading and not getting caught up in um one of the drawbacks of being in a room where there are a lot of good Traders is there are a lot of different strategies and just because somebody's making money on this different strategy that they trade doesn't mean that I should be trading it and um I struggle with that too I get a little fomo seeing other people like oh darn it maybe I should have could have would have yeah totally and just realizing that maybe it's not worth the mental Capital you know maybe I could try to learn that strategy better but why I could just focus more on doing better at the stuff I am I already know how to trade well"
Pending
The trader plans to double their share size by the end of the current year and then double it again by the end of next year, indicating a strong growth trajectory.
"so by the end of the year I have a goal of doubling the share size that I'm currently using or I love that yeah or at least like that I was using a couple of weeks ago because I'm already making progress on that good and then next year I have a goal of doubling the size that I'm using by the end of the year"
Pending
The trader's focus is on patience for preferred setups and aggressive execution on the front side of recognized opportunities, with a goal to double share size yearly, indicating confidence in their strategy's long-term growth.
"so I'm like yeah every now and then I have a solid red day but generally as long as I'm kind of following what I know I do well I'm going up quite well over time and so the only two things that I really need to focus on are being patient to wait for those things and being willing to be as aggressive as I know that I need to be on the front side in the action that I recognize"
Pending
The trader admits to under-trading the 'front side' of a move and overtrading the 'back side', often giving back about 25% of profits. They resolve to focus more on aggressively trading the front side and avoid overtrading the backside.
"so you're saying the front side that's one that I think about a lot because I tend to I I'll I I feel like I tend to sometimes under Trade the front side and then overcompensate for it by overtrading the back side and I'm like yeah know why didn't and I sometimes will end up it happened today I had $111,000 of profit on this one stock and I gave back 4,000 off the top so I finished up only 7,000 on that stock and it was like why didn't you just stop you know when we had the macd crossover when when it was so obvious that we were on the backside I mean yeah sometimes I can scr a couple of dips and this and that but I'm overtrading the backside and and what if I just wait for the next stock on the front side and hit that one really hard and just only do front side and stop goosing around I say gooing around cuz but you know stop goosing around with trading the backside of these you know because it's just it's like it feels like clockwork that I get back 25% of my profit on every stock I trade"
Pending
The trader acknowledges giving back profits (around 25%) is sometimes necessary to identify peaks, but often gives back more than intended. They also note the difficulty in distinguishing between the 'front side' of a potential move and the 'back side' until after the fact.
"so it's like it feels like clockwork that I get back 25% of my profit on every stock I trade which on the one hand I do often say that if you don't start giving back profit you don't know that you peaked so you got to push it until you give back a little off the top but I often seem to give back a little more than I'd like I totally agree yeah and the other thing is like sometimes and it depends on the Market you're in but you don't always know that it is the front side of what is going to be a really good move eventually sometimes that becomes clear and you're like okay I can actually be really aggressive here if I want to um but sometimes you only know it's the backside because it's like clearly the backside and sometimes you only know that because hopefully you avoided the big red candle"
Pending
The trader does not build a cushion before sizing up, but rather enters trades at full size if the setup is favorable, adjusting size throughout the day based on market feel and conviction.
"and that's the type of thing that could put you on a bad red day right it's a spiral do you try to build a cushion on the day before you size up or do you not really think about that no not not really I'm not necessarily looking to build a cushion um I do like if we're talking about when the Market opens um I will observe like volume and range and Direction but pretty much like when I have a feel of how it's moving I'll just pretty much be getting in there um not necessarily with like third size or half size it's like you go full size right away if you see the setup you like pretty much yeah but like at the open my full size isn't going to be that big um relatively I'm I'm willing to do like two to three times what that size is later in the day I guess so yeah"
Pending
The trader does not adhere to a daily profit goal, preferring to focus on the quality of trades, market conditions, and knowing when to stop trading for the day, rather than fixating on an arbitrary number.
"yeah that's a good question and I I get that question a lot in the mentor sessions that I do I don't have a daily goal at all um and I honestly don't totally know how to think about a daily goal in terms of like is it good or bad I think that for a very experienced Trader like you or or like me like you have a daily goal I have numbers in my mind that I'm like okay that's a respectable day and it also depends on what the Market's giving us yeah um but with the experience that we have we also know like like things are slowing down it's time to back off doesn't really matter what number I hit or if I stick around and like today this thing pops up and doubles my day it's like well what if I had shut down just because I had hit this arbitrary number"
Pending
The trader has never used a maximum daily loss limit, as their trading style involves significant intraday swings. They believe that with enough trades, their nearly 70% accuracy would prevent overall red days.
"I never have yeah for me it just hasn't historically been the right thing like yesterday I went from up 2000 pre-market to taking some bad hits on djt as it halted down at the open I was up two to down five and finished the day up six so yeah a b yeah and I I I don't like days like that I don't like one of my trading looks like that which is yeah I think a big reason why my trading today was much smoother and just up you're such an active Trader I'm you know I'm kind of sometimes I think that in theory if I had enough trades every day I would never have a red day cuz my accuracy is almost 70%"
Pending
The trader uses a daily max loss that is equivalent to their daily profit goal, ensuring any recovery can happen the next day. They acknowledge that strict rules might cause them to miss significant afternoon moves, unlike a trader with no rules.
"so my daily Max loss is the same as my daily goal and and I do keep those numbers in my mind so I'm like if I have a Max loss day I can recover it in the next day without a challenge and I and and I don't go into like you know the type of draw down that's going to take you know 15 20 days to recover from yeah not that I couldn't do it in one day if the market was crazy hot but that realistically it wouldn't happen yeah so like I I keep myself a lot more I have a lot I have guard rails on but sometimes and I know Jess said this that he trades with zero rules whatsoever because he's like you know I have that rule I have that guard rail the next thing you know we have a stock like celu that goes up 200% in the afternoon and I miss it because I hit my Max loss well now I just stopped myself from taking a great trade could have been back to green so who's that done now"
Pending
The trader actively avoids triggers that lead to emotional trading, like revenge trading after a small loss, to prevent spiraling into larger losses.
"so I have in my notes the things that I know tend to trigger me and tend to set me off in a bad spiral either into Revenge trading because I'm like I see Nvidia doing something I take a loss on it it's like a $200 loss whatever I'll make that back on the next one that I take okay now I'm down 800 on it now I'm kind of pissed and right um so just avoiding that kind of stuff in general"
Pending
The trader believes learning to trade was more valuable and cost-effective than college, emphasizing that for beginners, staying in the market and minimizing losses while learning is paramount.
"I paid a lot more to go to college than I paid to learn how to trade the markets and yeah um yeah I totally agree with that especially for a beginner I think the most important thing that you can do is just keep yourself in the market learning and losing as little as possible and hopefully making some gains while you're learning too but that's not necessarily the main point at that time"
Pending
The trader's success allows them to cover significant expenses with a single day's profit, such as treating friends to dinner or buying groceries without concern, highlighting the financial freedom gained from trading.
"so like I I I can pay for a nice dinner for everybody and in one good day of profit um yeah so like I I like to have dinner parties with friends and stuff like that where I'll cook for them and um that makes me feel really good or I mean it's it's amazing I think about this often sometimes when I'll have a nice day trading so today I'm up 13 $1,366 if I go to the grocery store today there's nothing in the grocery store that I could possibly put in my car that's going to move the like it doesn't matter and and just that and and if I if you want to shop for friends or you want to take dinner for friends out to dinner yeah it's the the ability to make that kind of money period even if you were doing it in for eight hours a day working but then the additional fact that realistically I I today I traded for like two and a half hours"
Pending
The trader's success allows them to cover significant expenses with a single day's profit, such as treating friends to dinner or buying groceries without concern, highlighting the financial freedom gained from trading.
"so like I I I can pay for a nice dinner for everybody and in one good day of profit um yeah so like I I like to have dinner parties with friends and stuff like that where I'll cook for them and um that makes me feel really good or I mean it's it's amazing I think about this often sometimes when I'll have a nice day trading so today I'm up 13 $1,366 if I go to the grocery store today there's nothing in the grocery store that I could possibly put in my car that's going to move the like it doesn't matter and and just that and and if I if you want to shop for friends or you want to take dinner for friends out to dinner yeah it's the the ability to make that kind of money period even if you were doing it in for eight hours a day working but then the additional fact that realistically I I today I traded for like two and a half hours"
Pending
Trading has provided the financial freedom and flexibility for the trader to travel extensively, including visiting places like Italy and planning trips to Japan, a significant shift from their original dream of living abroad.
"and also just the opportunities and things that I consider doing or um yeah it's it's it's much different it's you know you've traveled quite a bit in these last few years which is yeah something do ordinarily when I started trading in 2020 I had had a dream of moving to Italy and trading which has changed a little bit now I don't necessarily want to live in Italy um and trade and and uh have my life centered there but I do get to visit whenever I want really I think Japan might be up next on the list"
Pending
The trader's motivation for trading stemmed from a desire for direct correlation between effort and income, and an aversion to a traditional 9-5 salary structure, fueled by a 'nightmare' experience in traffic that prompted a search for an alternative life path.
"and then probably the second is why are you doing it um for me it was really really clear that I wanted to have something that I could earn an income on my own um a big part of that being a former highlevel athlete was and and um sales right out of college was that I I really enjoyed seeing the output of whatever I was putting in directly I really didn't like the idea of like this is my salary maybe next year it gets bumped 3% and that's my life um yeah that was a big part for me just like financially and like what am I going to do the rest of my life I had a an existential crisis one time driving into San Francisco across the bay bridge was just in traffic with everybody else and uh welcome to the Machine by Pink Floyd came on yeah on my Shuffle and I was like this is a nightmare yeah yeah and so for me I desperately wanted to find a way out of that I didn't want my life to look like that"
Pending
The trader advises new traders to analyze why most people lose money in trading (lack of strategy, high risk) and instead focus on the path taken by successful traders, implying a need for a defined strategy and risk management.
"and I have to figure out how to make those big losses smaller and further apart and figure out how to make some more in the meantime and you know for you guys that are watching this you're you're you're learning about what the path out looks like I I think there is um the path most traveled when it comes to how to approach trading and what we know is that most people that take that path well the statistic is the path most travel is people lose money so you've got to really think about what is it that most people are doing that's resulting in them losing and I my opinion is they come into the market really without strategy kind of shooting from the hip taking too much risk and then they just sort spiral out and then what's the path that people are taking where they're finding success"
Pending