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Mark Sear – Interview

73DF75CE-CCF8-4050-B215-6EFB8B24100DQUESTION – Thank you for taking the time to participate in the Q & A session. Before we start in detail. Would you like to share with everyone who may not know, who you are, what you do, where you live, work and your experience in the trading community. (including any Trading Services you might offer to institutions or individual retail traders)

MARK – My name is Mark Sear. I live in the UK, in a small village but not far outside the global financial centre of London. I am Co-founder of Inteligex, which is an algorithm based high speed trading alert system. Inteligex offers a fully automated trading system that runs on your own PC with your own personalised strategy and risk settings. It is a smaller version of the algo trading machines used by hedge funds and banks. I have spent over 20 years in the trading arena including working as a Quant with various big banks as well as Data Scientist roles and leadership in a number of start-ups.

 

QUESTION – What personal or professional failure/setback have you experienced in your life or professional career that has set you up for later success

MARK – I had a number of failures in my early years but if I had to find one that stands out it is when I damaged my leg very badly. That meant I couldn’t fulfil my dream of joining the Parachute Regiment. However, that led me instead into Intelligence where I found my passion for examining, understanding and forecasting data. I guess everything happens for a reason.

 

QUESTION – What role model did you have earlier in life? And do you currently have anyone you would consider a mentor?

MARK – I grew up in a poor home and wasn’t really looking for a mentor, I was just focused on surviving. My parents did what they could for me and provided great stability and I still look up to my late father. He was a good man, a much better man than me and use his influence to try and become a more decent person every day. Somebody I also hold in very high esteem is the famous WWII cryptologist Alan Turing. His focus, passion and dedication to understanding and interpreting data patterns undoubtedly shortened the war. His subsequent treatment by the UK government was abhorrent, but that’s a different topic.

 

QUESTION– How would you describe what makes a successful Trader – keeping in mind that it has been reported that 90% of traders fail.

MARK – Only 90%? I’d say it’s higher than that, especially for the self taught ones. When I started trading, over 20 years ago, you could get an edge and more easily make money trading. Now it’s hard to get an edge as the majority of trades in most markets are being done automatically. When you start out trading you need to have really clear expectations that it’s a new skill and will take time to learn. Too many people just want it to work now and won’t put in the hard yards.

First, I would say you need a system, something that gives you a trading structure and enables you to set a personalised strategy and risk profile. If you’re doing something consistently and recording it you can see where you are winning and losing and where you need to improve. Second, you need training. I learn something new about the markets every day and I’ve been doing this for over 20 years. Think like a child and absorb everything. Third, exploit technology. Over 80% of stocks traded in the US are automated, why would you want to be in the 20%. Are you still going to work on a horse when everyone else is driving a car!

That’s why we built Inteligex, it augments your human intelligence by using the best bits of AI and algorithms.

 

QUESTION : What is the role in having a balance all around life in your day to day activities. What hobbies do you enjoy?

MARK – I think balance is important but the markets trade 24/7 and to be honest I tend to get very focused on them. I love yoga so I make time for that and I’m happy when I’m in nature away from the hustle and bustle of the city.

 

QUESTION – What advice would you give to your younger self as it relates to your personal life. What about advice for your younger trading self?

MARK – Be yourself, do what you want to do not what you think others want. Lose the ego, it stops you learning and slows down your development.

 

QUESTION – What good & bad advice do you hear often in life, as well as in trading?

MARK – In these days of social media and constant news there is so much advice about you just need a really good filter. To be honest, my personal view is that there is so much rubbish and fake news, a lot of it you just need to switch off! Let’s face it, when it comes to trading, when it’s in the news you’re already behind the curve and you’ve lost the edge.

I advise giving yourself time to do the thinking and learning and know that you never become an expert, every day is going to be different and you’ll see many challenges so just enjoy the ride! We’re just passing through!

 

QUESTION – Outside of your own (which you can still list below)…. What are your favorite books to read and why?

MARK – I like historical books and am fascinated by the feats that humans have accomplished over the years, often against significant adversity; you could say I align with the underdog. I no longer read many business or finance books but I do like it when somebody comes along with something that aligns to my view of the world. This has recently happened with Simon Sinek, what he has codified is just obvious to me and that’s the beauty of it!

 

QUESTION – When you have lost your mojo or focus , what do you do to get back on track?

MARK – I have to be totally alone with my thoughts to get myself back on track, ideally out in nature or by the sea.

 

QUESTION – If you could have a big billboard with your favorite saying or message on it, what would it be.

MARK – Love all, trust a few, do wrong to none.

 

You can FOLLOW Mark Sear on Twitter at @InteligexTrader or visit his company’s website at bit.ly/2JWEw5o

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Anthony M. Denier – Webull CEO – Interview

ED70A448-F889-406A-B92B-3C29FE5A8855QUESTION: Thank you for taking the time to participate in the Q & A session. Before we start in detail. Would you like to share with everyone who may not know,who you are and your background.

ANTHONY: Thank you for recognizing me and our team at Webull. My name is Anthony Denier and I am the CEO of Webull Financial. Born and raised in New York, I grew up 20 miles east of midtown on Long Island, attended college at Columbia University, and got my first job out of school trading equities for Credit Suisse in New York. Compared to my fintech peers, I probably have a more traditional Wall Street background than most that is heavily rooted in adhering to industry regulation and customer protections.

 

QUESTION: Your company WeBull has burst upon the trading scene recently. Can you briefly describe what you do, your short and long term objectives. And the benefits you feel you bring to day,swing and long term traders.

ANTHONY: Webull provides premium trading, market data, and analytical tools to all investors, regardless of AUM or trade activity for free. No minimums, no fees. Many users don’t know, but Webull started as a free market data app, and we only added the brokerage and trading component in May 2018. We now boast over 10 million global downloads of the app and hundreds of thousands of brokerage accounts in the US. Our short term goal is to provide all the tools we possibly can for our users to make smarter trade decisions. We strive to continue to add new products for our users, like options, and crypto, but want to be sure we roll these products out correctly to our users so Webull can be a place where they grow their money, rather than lose it due to inexperience or lack of information on what they are trading. Eventually, Webull we be the premier destination for free trading and investing tools for users who don’t want to actively trade their own accounts.

 

QUESTION:  What personal or professional failure/setback have you experienced in your life or professional career that has set you up for later success?

ANTHONY: One of the reasons I love the northeast is the change of seasons, without the darkness and cold of winter, you cannot truly appreciate the light and warmth of summer. The same applies to life experiences. As an institutional trader, I was subject to the boom and bust cycles of the economy and found myself taking lateral jobs across my career because I was confident in what I knew and scared of what I didn’t. In 2012, I was trading equities for the Dutch bank, ING and they decided to close down their equities business in the US. I was devastated as I had a growing family and fears of not being able to provide for them. I knew I needed to adapt and embrace the fear of the unknown so I started my own broker dealer. This turned out to be the path of learning that would bring me to eventually start Webull Financial 5 years later.

 

QUESTION: How would you describe what makes a successful Trader – keeping in mind that it has been reported that 90% of traders fail. And how do you feel WeBull can better those odds for the everyday retail trader.

ANTHONY: A successful trader is someone that can learn from and perhaps more importantly, not repeat past mistakes. The main difference between a trader for an investment bank and a retail trader is information. Retail traders are always at a disadvantage because they simply lack the tools of their institutional counterparts. Webull levels the playing field. Webull provides real time volume analysis, community discussion boards, and stock analysis tools so retail traders are no longer only executing trades on last price and internet searches.

 

QUESTION: Away from your role at WeBull, what do you feel is the role in having a balance all around life in your day to day activities. What hobbies do you enjoy?

ANTHONY: I wear a suit most days and stare at a computer longer than the recommended daily allowance, so when I’m not working I am spending time with children. Most notably, I have been coaching my sons little league teams now for several years. It not only selfishly gets me out of the office early some days, but it gives me a chance to interact with them in a positive way by teaching, instilling confidence, and helping them to overcome failures.

 

QUESTION: What advice would you give to your younger self as it relates to your personal life. What about advice for your younger trading self?

ANTHONY: I would tell myself that disappointment and failure are unavoidable, just be sure to take from that a powerful lesson and don’t ever repeat.

 

QUESTION: What good & bad advice do you hear often in life (professional or personal)?

ANTHONY: My wife tells me, “Integrity is hard earned and easily taken away.” There couldn’t be a more succinct piece of advice. Always question anyone or anything that promises you to get rich quick, or success with little to no effort. This is just not true.

 

QUESTION: If you had to give a book or books as a gift to someone,  What would you recommendand why?

ANTHONY: I recently finished Moby Dick from start to finish. Even though I “studied” it in school I only read the parts that needed to be read. In order to fully appreciate the battle and futile dedication of Ahab and his mission the reader has to also endure. Its not an easy beach read, but when your through you have the feeling of accomplishment that only comes after doing something difficult. Such is life.

 

QUESTION: When you have lost your mojo or focus , what do you do to get back on track?

ANTHONY: Simple, take a day off and focus on what matters most in your life. In my case, my family. Spending quality time those that mean the most to me always refuels me drive forward and succeed.

 

QUESTION: If you could have a big billboard with your favorite saying or message on it, what would it be.

ANTHONY: Without risk, there is rarely reward. – Paul Allen

 

Thanks for allowing our readers to get to know you. To find out more information about Webull visit them at:

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CODY (aka Odds) – Interview

9939CD1C-3E63-4FC7-A0F6-BFB169BC980D.jpegQUESTION – Thank you for taking the time to participate in the Q & A session. Before we start in detail. Would you like to share with everyone who may not know, who you are and your background.

CODY – My name is Cody (aka Odds), I am a full time Dad who trades for a living. I am Co-creator of the Futures chat room called ThePitTradingFutures. I trade full time and manage multiple accounts. I live just north of the USA, in Canada. My Wife and two daughters are my rock. I always put my family before any business I run, including my own account managements. I believe the basis of my trading is developed on the aspect of “Time.” Having the ability to spend significant time with my daughters is the foundation of why I trade for a living. Although it did not happen over night, I trade without any connection to the financial aspect in the market. I don’t pay attention to my account balance, nor do I worry about making or losing money throughout the day. My primary focus when trading is taking and managing the RIGHT trades. Once I was able to disconnect this way from the money, not only did it improve my trading, but had a significant impact on my personal life.

 

QUESTION – What and who got you into trading. Any mentors and what is your trading focus or speciality (Equities, options, futures, eminis, micros, etc)

CODY – I got into trading back when the OTC (Over the Counter) market was more liquid then it is today, trading the pump and dump pink sheets. I loved the process of trading, what goes into being a full time trader and the competitive factor.  A big mentor of mine was Vwaptrader (JJ) on twitter. I have known him for 8 years now, and he has helped me discover the true meaning of the market and why those markets exists. This has been substantial in my success as a trader through the years. After the Pennystocks OTC volume dried up, I found myself watching Daltons videos on YouTube and learning the Market Profile. I was absolutely hooked. I loved the way he was teaching to see the market. I read his books, watched every free webinar he had on YouTube and then followed up with his intensive. It completely opened my eyes to seeing the market through the structure, instead of some of the other noise we find on candle charts. This completely changed my trading career for the better and I have been trading the ES since.

 

QUESTION – What personal or professional failure/setback have you experienced in your life or professional career that has set you up for later success?

CODY – When I first started trading, I opened a 10k min account with a broker in Canada. I found myself trading the penny stocks. It took less then 30 days to blow that account up. I had no idea what I was doing. It was my humbling moment in my trading career, and I’m lucky it happened early on. I was very young when I started, and that first 10k was a large amount of money to me. This took me out of the game immediately and brought me to my knees. This was the defining moment in my trading career, and personal life. It allowed me to fall in love with the process in life, rather then the end product.

 

QUESTION– How would you describe what makes a successful Trader – keeping in mind that it has been reported that 90% of traders fail. And how do you feel one can better those odds for the everyday retail trader.

CODY – I believe self understanding is the most important aspect of becoming a successful trader. Understanding who you are, a fast thinker, a slow thinker? How you respond to stress, failure, pain and emotional situations. Knowing if you are someone who has a lot of patience, a little, or long fuse. Having self understanding allows you to build your trading strategy around your weakest characteristics. I believe retail traders need to have a firm grasp on themselves. Once you are in tune with yourself and your surroundings, you become better at managing your weaknesses. Most retail traders spend time learning systems or trading mythologies. Very few spend the same time on their own personal understanding. No system will ever overcome your short comings in your personal characteristics.

 

QUESTION : What do you feel is the role in having a balanced all around life in your day to day activities. What hobbies do you enjoy?

CODY – Balance is significant in your life no matter the career your in. I always remember a very important quote, we work to live, not live to work. Your life is meant to be enjoyed, and lived to the fullest no matter your financial situation. I spend a lot of time with my children, playing outside, playing dolls, singing, dancing and just quite times together. These are the moments I live for, not the TPO’s on my screen. Having this as my basis along with my faith in God has allowed me the mental awareness to be present when working in my career. When I spend time with myself, I enjoy golfing and snowboarding. Due to where I live, we get 8 months of winter, so snowboarding makes those months a little easier to live through!

 

QUESTION – What advice would you give to your younger self as it relates to your personal life. What about advice for your younger trading self?

CODY – Personal – Don’t be afraid to stand out from the crowd, even when your the only one standing. Don’t lose your faith and rely on God and his plan for you.

Trading – Forget about the money, it comes from successful habits and proper management.

 

QUESTION – What good & bad advice do you hear often in life (professional or personal)?

CODY – Learn by doing, not by seeing. I don’t understand why people believe it is more beneficial to learn through hardships that you can avoid by following the direction of those who have been through it. I believe everyone should find a mentor and listen to their story so they can avoid the same U-turns and Road Blocks.

 

QUESTION – If you had to give a book or books as a gift to someone,  What would you recommend and why?

CODY – Thinking Fast and Slow – fascinating to gain an understanding of how your brain works in making choices throughout different situations.

Reminiscence of a Stock Operator –  I think all traders can agree it’s the best book to read if you have any interest in the stock market as it was written so long ago and still is relevant today.

Mind over Markets/Markets in profile – Dalton is a wealth of knowledge everyone should tap into.

 

QUESTION – When you have lost your mojo or focus , what do you do to get back on track?

CODY – Take a walk, take a break. Step away, clear your mind, focus on something completely outside of trading. Working out, shopping, reading, anything to pull your mind away from the struggles you may be feeling. Once I can fully pull myself mentally away from the markets, I am only then ready to return to the chair and get back in the trenches.

 

QUESTION  – If you could have a big billboard with your favorite saying or message on it, what would it be?

CODY – There are two kinds of traders. Those who are humble, and those who will be humbled.

 

QUESTION – Thank you for taking the time for our readers to get to know you. How can our readers contact or follow you on social media?

CODY – You can reach me on Twitter at @mr_c23h

 

 

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Peter Reznicek – Shadow Trader Interview

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QUESTION – Thank you for taking the time to participate in the Q & A session. Before we start in detail. Would you like to share with everyone who may not know, who you are, what you do, where you live, work and your experience in the trading community. (including any Trading Coaching Services you might offer to institutions or individual retail traders)

Peter Reznicek: My name is Peter Reznicek and I am co founder and head trader at ShadowTrader.net.  ShadowTrader.net is an advisory firm that has been
helping traders since 2006.  Around that time we became the first
outside vendor to be embedded into the thinkorswim platform with our
ShadowTrader Squawkbox which we still operate to this day. We continue
to serve a mix of exclusive content to tos/TD and some content that is
available to everyone on our site.  What started 13 years ago as just me
calling equity daytrades in a chatroom has grown to 3 newsletters,
multiple advisories, coaching,  and content that spans futures, forex,
swing trading, pairs trading, market profile, and trading psychology.
We are based just outside of Philadelphia in Haverford.

 

QUESTION – What personal or professional failure/setback have you experienced in your life or professional career that has set you up for later success?

Peter Reznicek: I worked in the music business before trading as a producer, promoter, and indie record label owner.  We were doing hip hop before the age of the internet.  Everything was brick and mortar. This meant hanging up
posters, giving out flyers, mailing out actual vinyl singles to college
radio stations and recording music at actual studios.  As you can
imagine, all of this is labor intensive and extremely expensive.
Although I definitely achieved some success on a local level, it became
apparent that I would never be able to take it to the next level without
real financial backing, and thus had to eventually fold up my tent.

While there isn’t a lot that overlaps with trading, there are some
things that definitely set the stage for future success.   The main
thing is that it allowed me to let go and give up something that simply
wasn’t working.  That’s something that comes in very handy in trading
for obvious reasons.  Beyond that it was the exercise of getting
something out of my system that I always wanted to do.  Even though it
didn’t work out, I sleep well knowing I gave it my all and I never have
to wonder “what if”.  A lot of people have unconventional dreams like
that and never pursue them because they are too scared to take the
leap.  As we all know, it’s the things you don’t do that cause the most
regret, not the things you do.

 

QUESTION – What role model did you have earlier in life? And do you currently have anyone you would consider a mentor?

Peter Reznicek: I would have to say my parents.  I’m a first generation American of Czech descent.  Anybody who has ever been raised in that environment
knows already what it’s all about.  They never made me do a thing around
the house, but seeing how hard they worked to keep everything together
was inspiring and gave me a very strong work ethic. Currently, I would
have to point to James Dalton whom I consider to be the most important
person as far as bringing market profile theory to the masses and
basically taking it further than anyone else.  For me personally, I can
honestly say nobody has taught me more valuable information about how
markets really work than him.

 

QUESTION- How would you describe what makes a successful Trader – keeping in mind that it has been reported that 90% of traders fail.

Peter Reznicek: I think there are only a handful of key traits that define all
successful traders.  One is discipline which is pretty self
explanatory.  The second is an ability to be fluid and change your mind
often.  The third (which is the most difficult) is to be able to let go
of the common sense, if this then that, rational thought that would be
valuable in almost all other endeavors but is actually detrimental in
trading.  You have to understand the simple concept that supply, demand,
inventory position, and timeframe outlook are the only true drivers of
price and what they do constantly goes against what we think of as
common sense.  Failure in these three areas is what drives that 90% number.

 

QUESTION : What is the role in having a balance all around life in your day to day activities. What hobbies do you enjoy?

Peter Reznicek: Certainly balance is important because your emotional capital is finite and you simply need to recharge it often to keep going.  That is
something that I learned from Jim (Dalton), that emotional capital is
far more important than financial capital.  You must recharge it often
because it’s needed on a daily basis.

While I maintain a very healthy lifestyle by choice, what’s far more
important is the mental balance that comes from letting go and being
mindful and in the moment no matter what you do.  This is obviously
easier said than done and I am certainly a student rather than a master.

Here’s one of my favorite yarns that explains this perfectly.  A man
walks into a Buddhist monestary because he is interested in meditation.
He goes up to one of the monks and asks “What exactly goes on around
here?”  The monk says, “Well…we walk, we eat, and we sit.”
Incredulously the man says, “That’s it?  I can do all those things at
home!”  To which the monk says, “Yes, but when we walk we walk, when we
eat we eat, and when we sit we sit.”  To me, that is the secret to all
of life right there.

 

QUESTION – What advice would you give to your younger self as it relates to your personal life. What about advice for your younger trading self?

Peter Reznicek: Younger self (personal): Be more open to listening to others, drink less, sleep more. Younger self (trading): Be more open to new ideas and approaches.

 

QUESTION – Outside of your own (which you can still list below)…. What are your favorite books to read and why?

Peter Reznicek: Reminiscences of a Stock Operator by Edwin LeFevreThe Disciplined Trader by Mark Douglas, Mind Over Markets by James Dalton

Those are my three favorite trading books in that order.  I’ve read them all many times over.  While “Reminiscences” doesn’t teach much in the way of technique, there is still no better book in terms of chronicling the vicissitudes of emotion and p&l that is trading.

 

QUESTION – When you have lost your mojo or focus , what do you do to get back on track?

Peter Reznicek: Take a pause, stop trading.  Then start again with smaller size to build up confidence again.

 

QUESTION – If you could have a big billboard with your favorite saying or message on it, what would it be.

Peter Reznicek: Price is an advertising mechanism, time regulates all opportunities, and volume judges the success or failure of an auction.

Thank you for taking the time for our readers to get to know you. How can our readers contact you on social media?

Peter Reznicek:  I am on twitter under the handle: @PeterReznicek

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Steven Goldstein (Trading Performance Coach) – Interview

StevenGoldstein

QUESTION – Thank you for taking the time to participate in the Q & A session. Before we start in detail. Would you like to share with everyone who may not know, who you are, what you do, where you live, work and your experience in the trading community. (including any Trading Coaching Services, you might offer to institutions or individual retail traders)

Steven Goldstein: My name is Steven Goldstein I work as a performance coach specializing with traders and investment professionals. I work specifically on the mindset, behavioural and emotional aspects of risk performance, what is termed ‘The Inner game’. The philosophy is that by addressing a trader’s ‘Inner Game aspects’ they can far more effectively and productively execute their ‘Outer Game’.

Though I live and I work in London my clients come from across the world and from all market types and asset classes. My clients include private and retail traders’, buy-side institutional traders and Portfolio Managers from hedge funds and asset management firms, plus sell-side traders from banks, energy and commodity firms.

I have been working as a coach for 10 years now. Prior to that I worked for almost 25 years as an investment bank trader in the rates and FX space. I worked in market-making and proprietary trading roles for banks such as Credit Suisse, Commerce bank and American Express Bank.

 

QUESTION – What personal or professional failure/setback have you experienced in your life or professional career that has set you up for later success?

 

Steven Goldstein: I am going to speak quite generally about this.

Many traders experience setbacks and failures which blindside them and leaves them with a feeling of ‘none of this makes sense’. Often, they try to rationalize these feelings, which just leads to further confusion. Herein lies the crux of the matter, we think we can explain the complexity that exists in Financial Markets and reduce it down to a few simple factors. You cannot, and if you never move past that. you are always going to struggle mentally and emotionally as a trader. As a trader, to become successful, at some point you have to learn to let go of that need to explain and judge every outcome, ’letting-go’ of that can become very empowering.

When I think of my trading career, it was in two phases. The second phase was far more productive and was after I learned to ‘let-go’. Perhaps some of the failures of the first half of my career played a part in leading me to this. What also helped was coaching I had in the year 2000. This was to be a major catalyst for self-exploration, new perspectives, and a new energy which I took into the second half of my career.

After this coaching my trading steadily improved, the years 2001 to 2009 were to be the most successful of my career by far.

.
QUESTION – What role model did you have earlier in life? And do you currently have anyone you would consider a mentor?

 

Steven Goldstein: I am not sure I had a role model earlier in my life.

In the early/mid-1980s when I started it was pretty much sink or swim. The rates and FX markets had opened only through the early 1980s, and there were relatively few people around me in the banks I worked at who had the experience. We were dealing new products which no one knew much about. My opportunity came when the head of trading at the bank I worked said to me, Steve there are these new products called Forward Rate Agreements and Interest Rate Swaps, if you can work out how they work, you can trade them. – It seems a little insane now, but that is how it was.

I guess if I look back now my trading career, I wish I did have a mentor. I see many successful traders these days who benefited from a guiding hand early in their career.

Nowadays I do have several mentors but there are people from the world of coaching. I have supervisors that help me as a coach, I regularly attend training programs and courses which teach me about certain models and approaches which I then use to help my clients.

 

.
QUESTION- How would you describe what makes a successful Trader – keeping in mind that it has been reported that 90% of traders fail.

 

Steven Goldstein:  Interesting you say that 90% of traders fail. – I believe the number is significantly higher.

A few years ago, a group of academics from University of California looked at 15 years’ worth of data of traders from a sample size of over 400,000 traders. They found the success rate in any one year among this group was about 20%. however, it was not the same 20% every year. The actual proportion of traders able to achieve sustainable success was close to 1%. Whilst those that made significant excess profits was much smaller at close to 1/8th to 1/4 of 1%.

One can compare this to sport, where only a small fraction of those who decide to pursue a career in a particular sport ever makes a successful career out of it, with a much smaller fraction become super successful.

So, what makes a successful trader. Often the difference is mental and emotional skills, at least as much as technical skill, and possibly much more so.

I believe there are several key factors which I have identified as common among the really successful traders and investment professionals I have worked with over the years

But there is one other important point to make. Whilst only a small percentage will ever be able to hold down a long-term career in trading, I think everyone has the ability and potential to succeed.

The first factor is Self-awareness at a level which is incredibly rare to achieve combined with a humbleness that allows you to divorce yourself from your ego and see your real self.

Very few traders have this or allow themselves to develop this.

I’m going to layout an example: Several years ago, I was asked by a large US investment bank to work with their trading businesses in Hong Kong. I started working with a small group of traders who had volunteered for the coaching.

Among them with an individual I was told was the best trader in the entire firm which had some 2000 traders globally. Before I started working with him, I met his manager to get some insight on him and his needs. This trader’s manager said that as far as he was concerned this individual had no challenges. So, I asked him why he wants coaching? He said he thinks he can get a lot better.

This is the same mindset as elite athletes. They don’t like to think of themselves as good enough, they believe they can always get better: They like to use coaches to help them get there.

This attitude is known as ‘growth mindset’. A growth mindset is where you believe that with effort and hard work you can always get better, you can always increase your potential, and you make the effort to make this happen.

The opposite of this is a fixed mindset. The fixed mindset sees talent as a fixed quantity, there is little you can do to change that. You believe you are either good enough and deserve or are entitled to success, or you believe are not good enough and don’t deserve success. Either way, it’s an extremely restricting and damaging mindset where failure is bad luck, someone else’s fault, a conspiracy or some other extraneous factor. Trading seems to attract a lot of ‘Fixed Mindset’ people, or it shifts people from a Growth to a Fixed Mindset.

Some other aspects I believe make a successful trader, in no particular order, include: Developing your edge:

It’s unlikely you really have one edge but instead a series of micro-edges which combine and compound to create a much larger edge. I call it the ‘law of multiples small edges’.

It is vital you find and understand your edges then learn how to optimise and leverage them. If you are not finding, developing and leveraging your edge, then it’s highly likely you are paying for the privilege of competing with those that are.

Working congruent to personality.

It is vital to work in ways which are congruent to your personality, not in ways that conflict with it. I use athletics as an analogy. A tall wiry runner is unlikely to succeed if he opts to become a sprinter, but he is far more likely to succeed if he opts for long-distance racing.

Cultivating a Mindset for Uncertainty

I alluded to this earlier: Most people come to trading with a mindset which believes there is a formula you can crack which will give you the answers to help you succeed. Our entire education, and dominant philosophy, seeks to solve problems and always explain ‘why’ something happened. It sees the world as deterministic. That may be ok in most fields, but not in trading and investing.

Financial markets are inherently uncertain, complex, emergent and adaptive. There is always cause and effect, but it’s incredibly hard to ever know it in real time, or anything remotely resembling real-time, with any high degree of certainty.

Thinking in Emergent Probabilities

Closely linked to the above, is the ability to think in emergent and adaptive probabilities.

Sound Money Management
If you aren’t doing this, you better start. Any success without it is down to luck. And luck is not a traveling companion you can rely on.

Process over outcomes or results.

Judging yourself on results will mislead you. Many of the best traders I work with evaluate their processes more than their results.

Getting used to deferred gratification
Virtually every successful trader that I worked with has developed the ability to think in terms of deferred gratification, this it makes it possible to accept that they may not make money today, tomorrow, next week, next month or even this year, but they will succeed over-time.

I could go on, but I realize this is an interview, not a book.

 

.
QUESTION: What is the role in having a balance all around life in your day to day activities. What hobbies do you enjoy?

 

Steven Goldstein: Balance is vital: The mind is like a muscle; it tires and when it tires it doesn’t work well. – Your mind is your number one weapon as a trader, it needs nourishment and rest. Without it you will start to lose objectivity and your mind will function sub-optimally.

You cannot be at the screens 12-14 hours a day and expect to remain balanced in your decision-making capabilities. There has been much research on this which found that as we progress through the day, our ability to be an optimal decision-maker diminishes. And if you are sub-optimal, you are against those who are optimal, they have a major edge over you.

When I traded, I would leave the office late morning to go running. I believe that helped my trading: – The ‘law of multiples small edges’.

Many of my clients practice meditation, other choose activities which helps bring refreshment to the mind, gym workouts, running, cycling, long walks. Changing the scenery also clears the mind.

Football is my non trading hobby. I’m a huge Arsenal fan I’ve been going to Arsenal since 1970 when I was just 6 years old. I also enjoy tennis and running.

 

 

QUESTION – What advice would you give to your younger self as it relates to your personal life. What about advice for your younger trading self?

 

Steven Goldstein: This idea of letting go of the need to explain and judge everything: Cultivating a mindset which is geared towards uncertainty and not needing to know the answer.

Purely based on observation, I have noticed there seems to be a group of people who do come to trading with this attitude. They are people who have suffered some sort of early life trauma. My theory for this is that people who suffer early life trauma learn at a very early age that the world will not bend to their needs.

I guess the point here is that you want to somehow develop a mindset for uncertainty as early as possible. That is a mindset which does not seek certainty but embraces uncertainty, not knowing, and where failure is an inevitable.

Related to this, but worth emphasizing, is ‘letting go’ of ‘worrying what others will think of me’. I see this time and time again; it never ends well. I was very affected by this in my early trading years, and whilst it motivated me at times, it also stifled me, particularly in relation to risk.

 

 

QUESTION – What good & bad advice do you hear often in life, as well as in trading?

 

Steven Goldstein: There’s plenty of well-meaning advice, much of it is particular to the person giving it, but it may not be true for the person receiving it.

As a coach, paradoxically I rarely give advice. My coaching approach is non-directive. The philosophy is that if you give the person the answer, it’s your solution not theirs. Instead you work with them, using various techniques to help them find their answers. This is far more empowering and resources them to grow and to manage when you are not around.

If I was working as an ‘Outer game’ coach, where direction and instruction is more pertinent, then it may be different.

Some advice I do like however would be:

Plan your trades: It’s unusual or unlikely that markets will go to plan, but it will still give you a road map.

Always practice robust ‘Money Management’. If you don’t you are setting yourself up to fail.

Keep a journal: People are unaware how powerful a journal can be as a growth tool. Its equivalent to doing the hard yards in sport. – Its tedious, boring, time-consuming, but the results will benefit you in the long run if maintained and used effectively.

 

 

QUESTION – Outside of your own (which you can still list below) …. What are your favourite books to read and why?

 

Steven Goldstein: When trading, I read the Market Wizards series about every 2 or 3 years. I also read ‘Reminiscences of a Stock Operator’ which I think every trader should read that at some point.

Other great books on trading include the Mark Douglas’s books, ‘The Way of the Turtle’ by Curtis Faith, ‘Market Mind Games’ by Denise Shull, ‘The Hour Between Dog and Wolf’ which goes more into the neuroscience behind trading. There was a brilliant book last year by Daniel Crosby called ‘The Behavorial Investor’ which though more focused more on investing than trading, the lessons within it are outstanding. There is also a terrific book I loved by hedge fund manager Garth Friesen about his journey into trading called ‘Bite the Ass off a Bear’.

One book which is under-read in my opinion is the ‘Psychology of Trading’ by Brett Steenbarger. This is a deep book, which may challenge some people looking for a lighter read, but it is outstanding.

There are also many non-trading books which can have a hugely positive influence on traders. Top on my list is a book by Stamford psychologist Carol Dreck called ‘Mindset’. I would urge every trader to read this, keep it near their trading desk, then re-read it again at some point. ‘Thinking Fast and Slow’ by Daniel Kahneman is brilliant. Also ‘The 7 habits of Highly Effective People’ and ‘The Power of Now’ by Eckhardt Tolle, which is more spiritual book and tackles the issue of Ego.

Another excellent, yet little heard of book, is ‘Risk Intelligence: How to Live with Uncertainty’ by Dylan Evans.

 

 

QUESTION – When you have lost your MOJO or focus, what do you do to get back on track?

 

Steven Goldstein: Step away, step back, take a break, make space, try not even to reflect for a little, maybe do something different, play sport, watch something on TV, remove yourself from the environment.

You need to get closure on whatever has happened. In 2007 I had an experience which felt like the end of the world. I did that process and came back stronger than ever.

A couple of years go an oil trading client who got himself in a dreadful period of drawdown, compounded by the fact that the market was doing exactly what he hoped for. In a two-month period he surrendered 6 months of P&L equivalent to about $500k. He took a break for a couple of days, didn’t enter the office, put up shelves at home, took the kids to school. He didn’t even look at the market. – We then had a coaching session to discuss the situation and help him get closure. He went back in on Monday with fresh eyes, a clear mind, and a renewed perspective. Over the next 3 months he made $3mio, more than twice what he had ever made in an entire year in 15 years of trading.

 

 

QUESTION – If you could have a big billboard with your favorite saying or message on it, what would it be.

‘It’s not the mountain you conquer’ it’s yourself’, by Sir Edmund Hillary

Thank you for taking the time for our readers to get to know you. How can our readers contact you on social media?

 

Steven Goldstein:  Best way to contact me is via my business email steven.goldstein@alpharcubed.com or email@alpharcubed.com

I can be followed on social media through
twitter@alphamind101
Instagram Alphamind_101

Also checkout out the AlphaMind Podcast series where myself and market veteran Mark Randall discuss and explore the Mindset of Trading. Go to alpha-mind.net or check out AlphaMind on itunes

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Dave Mabe – Interview

8203768F-B79C-4E4B-89D1-FAEDF4447A48QUESTION – Thank you for taking the time to participate in the Q & A session. Before we start in detail. Would you like to share with everyone who may not know, who you are, what you do, where you live, work and your experience trading as we understand you started at a very young age.

DAVE: My name is Dave Mabe and I work at Trade-Ideas.  I created a lot of the things you see in Trade-Ideas: the Holly AI, charts, Brokerage+, etc.  I grew up in Pfafftown, a small town in North Carolina outside of Winston-Salem.  I live in Carrboro, NC just outside of Chapel Hill (Go Heels!).  I’ve been trading for ~17 years or so.  As I was growing up my parents instilled in me a saving/investing mindset.  My dad was always investing in something – in fact, we had some cattle on our postage stamp sized property for a few years as an investment.  I learned the value of this mindset early on and it’s stuck with me ever since.  I started the online trading journal StockTickr which I sold to Trade-Ideas in 2011 and have been with Trade-Ideas ever since.

 

QUESTION – We understand you are considered by many as a data scientist. Can you explain in more detail what exactly that is – and how it relates to trading. And improving one’s trading performance

DAVE: I started using the term “data scientist” before it was cool to describe the way I think about trading the markets.  I have a programming background so I was pretty quickly drawn to backtesting.  I think it’s always good to be skeptical about lots of things and number one on that list is trading advice.  Hear someone promoting a trading technique?  Create a backtest for it and let’s see exactly how well it’s done over a long time period and a large number of trades.  This sometimes feels like a superpower and you quickly gain a lot of experience in the market without actually putting money at risk.  Even when strategies sometimes turn out to be a dead end, the knowledge you gain from learning that might pay off down the road in ways that are not obvious at the time.  Having a backtest as a reference point is hugely valuable.  When an inevitable drawdown comes, being able to refer to a backtest to determine the current health of the strategy is really important – without it I feel like I’m simply trusting my gut which I learned long ago is a bad idea!

 

QUESTION – What failure or setback have you experienced in your life that has set you up for later success?

DAVE: There’s not a single setback that stands out but lots of smaller ones.  I’ve traded lots of strategies that ended up not working.  I’ve been successful because I’ve always measured strategy performance like a hawk and while paper trading has its place, it’s way more valuable to take what I call “pilot trades” – real trades with tiny risk to start the feedback loop for improving.  I describe my process in some detail in a post on my Medium blog: https://medium.com/@davemabe/my-approach-to-trading-with-bigger-size-1a99564293db

 

QUESTION – What role model did you have earlier in life?  And do you currently have anyone you would consider a mentor?

DAVE: My wife Joan made a living running and coached herself to the U.S. Olympic Team in Track and Field (https://en.wikipedia.org/wiki/Joan_Nesbit).  I often joke with her that she’d be a terrible trader but she’s a great coach!  She’s not afraid to deliver difficult advice that you don’t want to hear.  Although running and trading are obviously very different there’s a good bit of overlap with any activity where you’re trying to be the best you can be.  Our personalities are very different which makes her perspective really valuable for me.

 

QUESTION– How would you describe what makes a successful Trader – keeping in mind that it has been reported that 90% of traders fail.

DAVE: My experience creating and running StockTickr showed me that there are a lot of ways to be successful in the markets.  So why do most traders fail?  It’s a variety of reasons with the main one being: it’s really hard!  You have to treat it like a full time job.  You have to be honest with yourself and oftentimes the truth hurts!  The best traders I’ve been around are meticulous record keepers.  They know their trading edge backwards and forwards.  A successful trader takes years to create through persistence and experience – most people aren’t able to consistently do anything for the length of time required, much less the risk of trading.

 

QUESTION :  What is the role in having a balance all around life in your day to day activities. What hobbies do you enjoy?

DAVE:I consider daily exercise part of my trading edge.  I run or bike every day and I take it seriously.  It provides the perfect kind of distraction I need to think about tough problems and performs a mental reset almost every time I exercise.  It’s a lot easier to do it when you treat it competitively.  If you’re going to do something you may as well try to be the best you can be at it.  I surround myself with friends who also enjoy exercise and being competitive which makes it all the more fun.

 

QUESTION – What advice would you give to your peers looking to enter the trading profession ?

DAVE: I’ve gotten this question quite a bit over the years and I also hear other traders gets asked this question.  I always emphasize just how hard it is – basically the opposite of snake oil.  If they’re still interested then I tell them to have another source of income and always trade money you don’t need.  If you’re not there yet then there’s probably things you can do in your financial life that would provide a better immediate return than trading would.  Once you get there and start trading, lower your expectations for success.  Set goals that are very attainable and way, way lower than your wildest dreams.

 

QUESTION – What are your favorite books to read and why?

DAVE: I’ve read a lot of trading books over the years and I find them not as useful as I once did.  My favorite genre is books that I think might relate to trading but only tangentially.  Books like Annie Duke’s Thinking in Bets – it doesn’t mention trading but there’s a lot traders can learn from a book like that.  Another one I can recommend is The Art of Learning by Josh Waitzkin.

 

QUESTION – When you have lost your mojo or focus , what do you do to get back on track?

DAVE: When one of my strategies has a drawdown, the first thing I do is compare my journal results with the backtest results.  Sometimes I find some tweak to make that can get things back on track.  Other times I realize that the drawdown is “normal” and no changes need to be made.  Every time I do this analysis, though, one thing definitely happens: I learn something.  It may not be applicable immediately but it very likely will be one day when you least suspect.  I think of it like this: I have a library of trading ideas that I’m constantly adding to and cultivating over time.  As time goes on I have more knowledge that I can apply to future strategies that I haven’t even thought of yet.  This is the kind of mindset that works for me.

 

QUESTION  – If you could have a big billboard with your favorite saying or message on it, what would it be.

DAVE: One of my favorites is from Richard Feynman: “The first principle is that you must not fool yourself – and you are the easiest person to fool.”

 

QUESTION: Thank you for taking the time for our readers to get to know you. How can our readers contact you on social media?

DAVE: I always enjoy connecting with people on Twitter: @davemabe  Thanks so much for this interview!

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Dan Ushman – Founder of TrendSpider – Interview

Interview-with-Dan-Ushman-Founder-CEO-Concurra

QUESTION – Thank you for taking the time to participate in the Q & A session. Before we start in detail. Would you like to share with everyone who may not know, who you are, what you do, where you live, work and your experience in the trading community.

DAN – My name is Dan Ushman and I’m the founder and CEO of TrendSpider, a Chicago and Denver-based trading platform I co-founded a few years ago with our CTO, Ruslan. TrendSpider is a chance to combine two passions of mine – for trading, and for technology – into one project.

QUESTION – We understand you work at Trend Spiders. Can you explain in more detail what exactly that is – and how it relates to trading. And improving one’s trading performance

DAN – TrendSpider is the world’s first fully automated technical analysis platform for average retail traders. It’s designed to level the playing field between big institutions and prop trading desks and the average work-from-home day traders of the world.

0A068FA5-72E1-4460-A40F-2A37FBBD648CIndividual traders are at a nasty disadvantage. They’re both time and resource limited, their accounts are smaller, their execution isn’t as good, and they lack the technology that makes institutional traders successful. Unless the trader is also a programmer, they’re only as fast as they can see, react, click and trade. Often times, that’s not fast enough.

To make matters worse, individuals also are subject to emotions, pressures, fear, anxieties that institutions are immune from. All of these things impact analysis. People get tired. Their eyes get sore. There is only so much chart-watching you can do.

TrendSpider is an attempt to solve all of these problems and more. It’s a new type of charting software, and I’m very proud of the progress we have made so far.

QUESTION – What personal or professional failure/setback have you experienced in your life that has set you up for later success?

DAN – As a trader, I’ve made many mistakes and lost money. I paid my ‘tuition’ to the Market like everyone else. The thing I realized was a lot of my mistakes were due to me being a human. Everything could be enhanced with automation.

As an entrepreneur, I’ve made plenty of mistakes that have lost money or caused anxiety for myself, my partners or my customers.

I like to say it’s not making mistakes that is a mistake, but sometimes it’s how you react to the mistake that is the real mistake. To that point, I look at failure as a way to improve.

QUESTION – What role model did you have earlier in life?  And do you currently have anyone you would consider a mentor?

DAN – My role models have generally been entrepreneurs who hacked their way into success at all costs. I’ve always looked up to Steve Jobs for his obsession with the customer’s experience. Jeff Bezos for his flexibility and ability to stay nimble even as his business got bigger and bigger. On that same note, Sergey Brin and Larry Page – their flexibility, willingness to take risks and try new things, weird things, things they are passionate about – that is one of the qualities that makes them great.

As a trader, I also have always looked up to patient long term investors, which may be an odd thing coming from a shorter term trader, but you know what – they do well, and probably have more peaceful lives than us active investors do. People like Warren Buffet and Bill Ackman who make big bets with lots of conviction then ride them out over time, holding firm. There’s something to be said for that. The ultimate discipline. A lot of confidence.

QUESTION– How would you describe what makes a successful Trader – keeping in mind that it has been reported that 90% of traders fail.

DAN – I would bet way more than 90% lose money over time. Very few make money trading. Recently, I saw someone mention a “90/90/90” rule – 90% lose 90% of their accounts in 90 days. Maybe that is a better way to put it? Anyway, in my humble opinion, what sets the pikers apart from the successful traders can be summed up with one word: discipline.

What I mean is they are…

  1. Disciplined in their analysis. They have a specific analysis system that they are expert in and apply it the same way each time.

  2. Disciplined in their planning. They always have a plan for their trades going into them and they stick to their plans.

  3. Disciplined in their timing and execution. They don’t get excited, they don’t fall for FOMO… they wait and pounce at the right time, then they wait some more.

You have to have all three. A trader might have the best system in the world, but without discipline to perform their analysis the same exact way each time, and then the patience to wait for the right time to take action, it doesn’t even matter. How do you even know if your system works if you don’t apply it the same way each time

QUESTION :  What is the role in having a balance all around life in your day to day activities. What hobbies do you enjoy?

DAN – I’m an entrepreneur – so I’m not really sure what you mean by “balance” 🙂 Building a startup is a round-the-clock thing.

In the 5 maybe 10 minutes of free time I get per day, I like to spend it playing with my daughter, or if I’m lucky, grilling. I make a mean homemade BBQ sauce and it’s a lot of fun to put it to work!

QUESTION – What advice would you give to your younger self ?

DAN – It wasn’t until I was in my late 20s when I realized having a stoic outlook on life would make me a happier and more productive person, a better entrepreneur, and a better trader. I would encourage my younger self to take time to think about what really matters before investing energy into something, to pick battles better, and to generally take it easier.

QUESTION – What good & bad advice do you hear often in life?

DAN – Well, for traders, I think a lot of people use stop loss orders improperly because they are afraid of seeing red in their accounts. I’m not a fan of using them to control risk unless they are dynamically adjusted as conditions change. Nothing more painful to me than seeing a stop loss order get filled on the lower tip of a long wick, right at support because of a short term flash crash type of movement. In many cases, it seems like stop loss orders create more risk (or at least lock in losses) than they prevent. Instead, I prefer basing stops on technical factors that are a little more dynamic, and to wait for a candle to close before making my decision. Will this exasperate some losses? Potentially. But in my experience, it will also spare you from others.

QUESTION – What are your favorite books to read and why?

DAN – I’m a big true crime reader – the last three books I read were these. All are excellent. BTW, when I say ‘read’ I mean ‘listen to’. Audible for life!

The Mastermind

https://www.audible.com/pd/The-Mastermind-Audiobook/1984885154

Secrecy World

https://www.audible.com/pd/Secrecy-World-Audiobook/B076T8NNHV

American Kingpin

https://www.audible.com/pd/American-Kingpin-Audiobook/B06Y1RH224

QUESTION – When you have lost your mojo or focus , what do you do to get back on track?

DAN – I don’t lose my mojo very often, but when I do, I usually just need a few days to recharge. I’ll go up to Michigan, spend some time playing in the water, take a few days off to play with my daughter and relax and then get my head back into the game. Life is short and we only have so much time to make an impact – so I try not to waste too much time being down.

QUESTION  – If you could have a big billboard with your favorite saying or message on it, what would it be.

DAN – Being the big data nerd that I am, I would use this quote. It’s one of my favorites:

“If we have data, let’s look at data. If all we have are opinions, let’s go with mine.” — Jim Barksdale, Former CEO of Netscape

QUESTION – Thank you for taking the time for our readers to get to know you. How can our readers contact you on social media?

DAN – Me personally on Twitter @danushman

TrendSpider can be reached @trendspider

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Kathy Donnelly – Interview

Flat design concept stock exchang and trader. Financial market business with graph chart analysis. Vector illustrations.QUESTION – Thank you for taking the time to participate in the Q & A session. Before we start in detail. Would you like to share with everyone who may not know, who you are, what you do, where you live, work or trade at?

KATHY: Hi! My name is Kathy Donnelly, and I am a proprietary equity investor. I currently live in Denver, Colorado with my husband, and pup Jolie. Prior to trading stocks full-time, I worked in the Oil & Gas industry as an Environmental Engineer. I consider myself a long-term growth investor. I like to find top growth stocks that will hopefully run 1 to 11/2 years and go up several hundred percent! That’s the goal anyway. Ha, ha. I also run a local IBD Meetup to help others learn the CAN SLIM® system developed by William O’Neil, a legendary trader and one of my mentors.
In my spare time, I have dedicated the last couple of years training for Ironman events. My next event is coming up in June. My goal is to become a two-time Ironman 140.6 finisher. And to balance that out, I also enjoy CrossFit and hiking!

 

QUESTION – We also understand you just presented at the recent Annual Chart Summit in Colorado. Can you explain to our audience what exactly this conference is and what your presentation was on (as we understand you are also a noted author?)

KATHY: I was honored to recently present at Chart Summit 2019 hosted by Brian Shannon with AlphaTrends and JC Parets with All Star Charts and presented by StockTwits. Chart Summit is a live conference on technical analysis with the goal to learn, interact, profit, and have fun! I presented research findings from a recently published book I coauthored: The Lifecycle Trade-How to Win at Trading IPOs and Super Growth Stocks. (www.thelifecycletrade.com)

My goal was to share key findings we discovered after a three-year study of initial public offerings (IPOs). Fun fact: I met my coauthors, Eve Boboch, Eric Krull, and Kurt Daill at a local IBD Meetup in 2006. I was only beginning to learn about growth stock investing. Eve, Eric, and Kurt were essentially my mentors. I immersed myself in my stock market education by attending Investor’s Business Daily events in addition to the local meetup. We all became good friends and now, we can also call ourselves fellow coauthors.

Now back to your question :-), in our study we were able to uncover unique insights into the behavior of Super Growth Stocks starting with their IPOs. We identified phases that stocks go through from their IPO to a mature stock, and within those phases, the patterns each stock creates as well. It’s kind of like art. We let these phases and patterns jump out at us. Because we are all very rule-based traders, we also felt it was important to include buy and sell rules in our book as well. What I think makes our book unique is that we tailor the buy and sell rules accordingly and how you can use them in the different phases and patterns. Additionally, we help with trade and risk management and share our personal good and bad trades. I did my best to present these core concepts at the Chart Summit.

 

QUESTION – What failure or setback both professionally and personally have you experienced that has set you up for later success?

KATHY: When I first started trading, I did not have a system. I tried different methods and inevitably lost money. It wasn’t until I discovered the William O’Neil book How to Make Money in Stocks that I was able to employ a method that finally started to make money. However, it took me a long time to truly be successful. Even with my new found knowledge, I did not stick to the rules. I chased stocks past buy points and made up reasons why it was okay. I took big losses because I thought the stock would come back as quickly as it went down. One big lesson was when I purchased shares of Intercontinental Exchange (ICE). I bought it and sold it several times all the way to the top and realized after doing a post analysis that I only had a very small gain when I thought I had done much better. Or I would do a post analysis of a big winner for the year that I purchased and thought I had made money on, and found I actually didn’t make any profits. These lessons learned were some of the pivotal insights that really set me straight to stick to my rules. Post-analysis is a key task I perform on all stocks that I buy. It helps keep me fresh and allows me to tweak my rules or test new rules as my trading experience continues to grow. In my opinion, it is imperative to have and follow a rules-based system.

 

QUESTION – You come across as very humble, honest and ethical in your approach to trading & IPO’s. Can you explain briefly your journey as a trader from the beginning to today.

KATHY: Thank you. I was lucky that my parents were investors and instilled in me the importance of investing for retirement. They were value investors. When I started researching what value investing was like, I determined that it was not the system for me. Mainly because I wanted to retire early! This is when I started reading many different books on investing. Finally, when I came across How to Make Money in Stocks, I found a system that clicked with my personality and skillset. My degree is in engineering, and I liked the rules and fact-based system. Even after my successes, I always consider myself a student of the market, still learning and re-learning. Reviewing the rules and hearing new ideas from others at stock meetups help me to stay humble and constantly hone my skills. This is why I attend at least two meetups and sometimes three meetups a month. My coauthors Eric Krull and Kurt Daill run an online meetup called Pilot Investors Group; I run a local meetup in Denver; and, a good friend runs one in Fort Collins.

 

QUESTION- How would you describe what makes a successful Trader or Investor, especially within the IPO space – keeping in mind that it has been reported that 90% of traders fail.

KATHY: Discipline is key to becoming a successful trader for the long haul. I like using the definition of discipline and modifying it for trading as the practice of obeying one’s trading rules and trading plan. It can’t be whimsical. Whatever process a trader has they must follow and follow well. It’s important to learn from mistakes, and tweak rules as necessary by conducting a post analysis. For IPOs, it is even more important since new issues can be volatile and often do not have great fundamentals. Having rules that tell a trader when to sell the stock is just as important, if not more, as having rules to buy the stock. With hot IPOs investors frequently get caught up in the fanfare and allure of a new company becoming public because they may have used the product and think it is great. In the past, I have been caught up in that too, until we did the study. Based on our statistics, we now know that there is no reason to buy a stock on the first day it trades. And unless it forms an IPO base, there is no reason to trade it. I prefer to wait for the Institutional Advance Phase that we talk about in our book. This phase usually doesn’t start until almost a year or more after the IPO date, but if a proper pattern forms, it’s the less volatile and hopefully, most rewarding phase of the stock advance.

 

QUESTION: What is the role in having a balance all around life in your day to day activities? Outside of trading, what hobbies do you enjoy?

KATHY: Life balance is very important to me. I mentioned that I have a long-term trading style. I don’t day trade unless the stock I bought quickly reverses, and I have to sell to cut losses. I like to keep occupied by training for the Ironman in the mornings. I keep tabs on the market via alerts from my iPhone. This allows me to be very flexible with my day and not be tied to the computer screen. I feel there is a lot of noise during the day that can mess with my emotions and possibly cause me to make trades based on intraday wiggles vs. rules. I prefer to let the weekly charts tell me something is wrong instead of having a predisposed thought that tempts me to not follow my rules. Luckily, as a proprietary trader, I can set my own hours which allows me to have this lifestyle. I do most of my research after the market closes with longer days of screening and chart reviews on Monday and Friday to wrap up and prepare for the week.

 

QUESTION – What advice would you give to your younger self?

KATHY: That is a tough question! I would tell myself that life is hard. No one ever told me life would be hard. You have to be prepared for anything and everything. Patience and perseverance is key and never give up on your dreams!

 

QUESTION – What good & bad advice do you hear often in trading and life?

KATHY: The best advice I ever learned was from William O’Neil. After attending several of his IBD seminars over the years, Bill said something to me that clicked more than anything else. He said that you don’t have to sell a stock when it goes below the 10-week moving average line unless it does so on huge volume. The first week a stock closes below the line is a key week. What’s interesting is that I had heard him say that at the very first seminar I ever went to, but it didn’t sink in until many years later. That bit of advice coupled with the famous quote by Jesse Livermore “It never was my thinking that made the big money for me. It always was my sitting” has shaped my trading life the most.

I try to always be a positive person and information that could be construed as bad advice might not be bad advice for someone else. I guess the only thing I will say is what I said earlier about IPOs. Don’t buy on Day 1. 91% of IPOs will undercut their Day 1 low, so don’t think you can get rich quick buying an IPO on Day 1. I think there is a lot of hoopla trying to convince the general public they should, and in my opinion, that is bad advice.

 

QUESTION – What are your favorite books to read and why (besides your own)?

KATHY: Besides How to Make Money in Stocks by William O’Neil, I really like Nicholas Darvas’ book How I Made $2M in the Stock Market. This book was such a fun read. I loved that he was a dancer by day and trader by night, so to speak. I guess it appealed to me because that is the lifestyle I wanted to lead and now, grateful to say, that I do. I can dance, train for my Ironman, go hiking, be there for my family, help others, and many other things by day, and plan for my trades at night.

 

QUESTION – When you have lost your mojo or focus, what do you do to get back on track?

KATHY: Sleep and meditate! When I start to lose focus or get off track, it’s almost always due to lack of sleep or missing my daily meditations. This always brings me back. When I was in college, I was always sleep deprived. I did not know what it meant to be well-rested. And now, training for an Ironman, I need even more sleep!

Regarding meditation, I’ve been doing that for a few years now. Every now and then I go on a stock market retreat with my coauthor Eve Boboch to hone our trading skills. One year the focus was on meditation. After the retreat, I made it a habit to meditate and it has made a huge improvement not only in my trading, but also in my quality of life. I highly recommend it.

 

QUESTION – If you could have a big billboard with your favorite saying or message on it, what would it be?

KATHY: Peace!

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Daisy Cruz – Interview

DaisyBeyondtheTrade

 

QUESTION – Thank you for taking the time to participate in the Q & A session. Before we start in detail. Would you like to share with everyone who may not know, who you are, what you do, where you live, work and your experience trading as we understand you started at a very young age.

DAISY: Hello! My name is Daisy Cruz. I am also known as “The Prodigy.” I am currently 18 years old and I am very fortunate to be a full-time day trader. I was born in North Carolina and I’ve been here ever since. In the future, I plan to move out of North Carolina and travel while also having the opportunity to educate others about the stock market. I began my trading journey when I was 16 years old. I started learning how to trade when I was 16 and soon began trading when I was 17. I got into trading through my mom, also known as @the_spyqueen on twitter. Every weekday before I’d drive myself to school I’d see my mom up in her office on her computer watching the market before it opened. I was always very intrigued by the fact that she was able to make money by simply being at her computer. Besides this, all the charts and candlesticks were very fascinating to me even though they looked super complicated. Due to this, I liked the idea of what a challenge it would be to learn how to navigate a trading platform and how to execute trades. As a result, whenever I had free time I would learn about the market by having my mom teach me. Thankfully, here I am today, a full-time trader.

 

QUESTION – What failure or setback have you experienced in your young life that has set you up for later success (or will set you up in the future for later success?)

DAISY: One setback I experienced was when I got one of my options executed. Never in the time that I have been trading have I ever gotten executed until then. At first, I was very confused about how I got executed. After realizing how and why they were executed, I obviously became upset. Even though it wasn’t the end of the world, it was somewhat disappointing that I had made such a careless mistake. After educating myself on what it means to have trades executed, I came to terms with what had happened. Later, while owning those shares of the stock it actually turned around and ended up giving me my money back and some more. Overall, even though it wasn’t a horrible setback, I considered it to be one of my best trades due to the fact that it was highly educational. Since I faced this, It had motivated me to educated myself about what could happen to my shares and how to not make careless mistakes.

 

QUESTION – Your social media profile is the “Prodigy”, Is there a story behind this that you like to share.

DAISY: I was given the name “The Prodigy” by one of my good friends Debbie. Since I started learning how to trade at such a young age and picked it up very quickly, Debbie called me a trading prodigy. After she said that, she brought up the idea that I should go by “The Prodigy,” thus the name “The Prodigy” was born.

 

QUESTION– How would you describe what makes a successful Trader – keeping in mind that it has been reported that 90% of traders fail.

DAISY: Discipline is VERY important when it comes to trading. I definitely believe that if you put in the hard work, study, and maintain discipline, you’ll become a successful trader. In order to execute successful trades, you must have a plan and stick to it! If you waiver and stray away from your discipline then you are essentially setting yourself up for failure. In addition to discipline, having no emotions is another key to being a successful trader. In the trading world, there is no room for emotions. Emotions can become your biggest enemy.
Many people that first start trading usually struggle with this due to the fact that the market is known to provoke you. Overall, if you allow your emotions to take over, from greed to panic, you will lose. This is why you must always have discipline and a trading strategy that you will stick with. With those, you can stay grounded and lead yourself down the path to success.

 

QUESTION: As a young adult trying to grind out a potential career in trading, What is the role in having a balance all around life in your day to day activities. What hobbies do you enjoy?

DAISY: Thankfully, I am blessed enough to be able to fully focus on developing my trading career. Every day the market is open I join my mom in our office where we both focus on trading and further educating ourselves. On my spare time when I’m not doing any extra studying, I like to take up different projects/ activities. I really enjoy challenging myself so I like to try new things that I’ve never done before. For example, recently I have taken up weightlifting so I can better my health and build up my strength. In addition to this, I have taken up learning how to ride a motorcycle, how to drive a car manually, and how to do acrylic nails. Ultimately, I try to be active and I try to better myself in whatever I can.

 

QUESTION – What advice would you give to your peers looking to enter the trading profession?

DAISY: If you are looking to start trading, I highly recommend paper trading! Trading is just like anything else, you must practice before you can be skilled at it. For example, Tom Brady did not become an NFL player by luck. He practiced his sport and as a result, he became very good at it. You cannot go into something blind and expect good results to come out of it. Realistically, life doesn’t work like that. In addition, studying is also very important. Just like practicing, you need to be knowledgeable about whatever subject matter you’re going to engage with. Knowledge will be your best friend when it comes to trading. If you are able to learn a variety of trading techniques, analysis, and terminology, you’ll be equipped to make informed and rational decisions with your trades.

 

QUESTION – What good & bad advice do you hear often in life.

DAISY: One good piece of advice that I often hear in life is to make connections! Getting out there and connecting with other traders is very beneficial! Firstly, making connections is great because it allows you to become exposed to new information about the stock market. Through connections, you can become exposed to new trading software, methods, and platforms. Besides having access to all kinds of information, amazing friendships can come from meeting new people. As many are aware, trading can become a lonely career that can leave you feeling isolated. Through connections, you can surround yourself with like-minded people and create your own unique relationships. On the other hand, one bad piece of advice I always hear is to average down. Personally, I don’t believe in this method nor do I practice it. Frankly, I don’t see how it could benefit to do such a thing, thus I just completely steer clear away from it.

 

QUESTION – When you have lost your mojo or focus, what do you do to get back on track?

DAISY: Usually, when I get thrown off I go back to my trading journal. In my journal, I have notes that I have written regarding various trading techniques, strategies, and terminology. I go over these when I have forgotten certain things or when I need confirmation. Besides this, sometimes I’ll take a small break so when I come back I’ll have a definite judgment.

 

QUESTION – If you could have a big billboard with your favorite saying or message on it, what would it be.

DAISY: A long time ago I saw one of my followers had this quote in their bio and it really stuck with me. If I could have a big billboard with my favorite quote it would be, “Money is not the goal, freedom is the goal.”

Thank you for taking the time for our readers to get to know you. How can our readers contact you on social media?

You can find me @daisy.crxz on Instagram and @tradinqprodigy on twitter

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Donald R. Hensley Jr. Interview

donSpeedTraders

QUESTION – Thank you for taking the time to participate in the Q & A session. Before we start in detail. Would you like to share with everyone who may not know, who you are, what you do, where you live and your role at SpeedTraders

DONALD: SURE!  My name is Donald R Hensley JR.  My friends and family call me Donnie.  I suppose the industry knows me as Donnie from Speedtrader or sometimes; Speedtrader Donnie.  I live in Connecticut with my wife and two kids.  I grew up in CT but lived in Westchester County, NY for 15 years before moving back 2 years ago.  Prior to my role at Speedtrader, I ran Investment Wealth Management for a Regional Bank in CT.  My role at Speedtrader is Senior Vice President of Business Development.  It’s a really fancy way of saying that I develop ways to make our client’s lives easier.  Easier can be defined as perhaps finding new vendors for short locates or perhaps it means advocating better commissions structures for our clients.

I live in Connecticut with my wife and 2 daughters.  When not glued in front of my terminals, I enjoy Crossfit and Brazilian Jiu-Jitsu. I also collect wine and currently have about 96 bottles in my cellar, all red.  Robert Moses State Park and Misquamicut are a stone’s throw from our house, so in the summertime on the weekends, we pack up the kids and head to the beach for the whole day, it really just depends if we feel like hanging on Long Island or Rhode Island LOL.  Other than that, I mow my own lawn and do all the renovations on our house.

 

QUESTION – Besides being an online brokerage, what if any, is SpeedTraders role in the trading community?

DONALD: We offer Direct Access to the Markets.  What we do is route the order directly to the Order Book of the Exchange and cut out the middleman, namely, the market maker.  What that gives the trader is the opportunity for a better fill and if you use the routes correctly, a rebate.  ARCA and INET rebate on orders that add liquidity $0.002 and $0.0015 per share respectively.  In short, if you are an Active Trader, a Day Trader, or a High Net Worth Investor, you absolutely want to be at Speedtrader, no questions about it.

 

QUESTION – Lets get to know you personally in more detail. What failure or setback in both trading and life have you experienced that has set you up for latter success?

DONALD: That’s an interesting question.  I call these the “gloves off” questions.  I love it!

Frankly, I do not see failure, only lessons.  One of the phrases I took from my experiences as a younger me in US Army Basic Training in Ft. Leonard Wood, Mo was this; “Attention to Detail.”  The Devil is in the details as they say.  Mistakes happen, but careless mistakes aggravate me like you cannot imagine.

 

 QUESTION – Outside of trading, what strange or unusual habit do you have and enjoy?  We see you active on Social Media hanging out with some of the titans of the trading industry. (be careful of J.C. Parets at AllStar Charts as he may get you into trouble. LOL)

DONALD: HAHA  JC is a great guy with a GREAT Product.  One of my new hobbies is carpentry.  I read books on residential construction and finishing all the time.  Proud to say I’m a subscriber to Fine Woodworking Magazine.  I really enjoy cabinetmaking.  We had friends of our buy a home and they were looking at contractors… I’m like, “Hey, I’ll build your kitchen cabinets, custom, for free!”  I think it’s because it is a little less risky than trading and I can see my results within a few days.  Think about it, if I screw up cabinets, all I’m out is the price of the wood.  Versus trading where I could be out thousands!

 

QUESTION- How would you describe the recent growth of trading on social media – Has it effected the way SpeedTraders operates and delivers customer satisfaction ? How do you see it evolving over time?

DONALD: Oh God haha.  Believe it or not, I try to stay off it!  Social Media is the Roman Coliseum of public dispute. I think it attracts traders because of it’s safe, in your face potential.  People say things on twitter that they wouldn’t dream of saying in person to another’s face and for that reason it’s hilarious.

It’s also free.  Many GURUs put their alerts out on twitter for free in an effort to get subs.  The lifestyle on Instagram breeds FOMO.  You gotta love it.

In terms of delivering customer satisfaction, we have a saying in our office and I think it speaks volumes.  We don’t care how big your following is, we are regulated by FINRA so for that reason, we keep the client first, always.

“Treat every person you talk to as if they have 1 Million twitter followers and both their parents work for the SEC.” ~ Craig Manderson, CEO Speedtrader.

 

QUESTION : We saw that you attended the Trade Ideas Summit in San Diego in October, what was your role? What is your relationship with them (if we may ask)?

DONALD: Dan and David invited me to speak at the event and we wound up sponsoring it.  It was a great time!  I believe traders should be entitled to every legal advantage they deem appropriate to help them realize their strategy in the markets.

Now, I’m not going to sit here and say that without Trade Ideas, market gains are unlikely, because that’s not accurate.  However, many of our clients utilize trade ideas and swear up and down by it.  I just went, mainly, to shake the hands of the men and women who work there as a job well done.

 

QUESTION – What advice would you give your younger self ?

DONALD: There are parallels in life and trading I see now I never saw as a youth.  Experience gave me that.  As far as advice, I can honestly say I created my own playbook.  That is what got me where I am today and I would have it no other way.  The mistakes I made were lessons.

I lived my mistake years before Instagram and Twitter were around so, in a lot of ways, I’m lucky there is no evidence of the really embarrassing stuff lol.  If I had to say anything to my younger self or anyone else young for that matter, it would be; don’t ever give up on yourself, for any reason, ever.

 

QUESTION – What good & bad advice do you hear often in trading AND life

DONALD: There are so many on both sides.  Any advice that does not fit your strategy would be bad advice.  Not having a strategy would be even worse.  Educate yourself but be careful who you learn from as they may not be as good as they claim to be.

Just as each person is different, each strategy may be as well.  Don’t be afraid to custom fit your set of solutions so the solutions fit your definition of success.  Attack each day with vigor and enthusiasm. Most importantly, nobody, and I mean nobody, wins all the time.  Always keep a journal of your trades and ask yourself how those trades you just did fit into your strategy.

 

QUESTION – What are your favorite books to read and why?

DONALD: “Can’t Hurt Me” by David Goggins.  The book is incredible.  Spoiler alert: Do not adopt the way he treated ultra-marathon running pain to how you as a trader could treat losses, you will lose every dime you trade with, that I can assure you.

 

QUESTION – When you have lost your mojo or focus at work & life in general, what do you do to get back on track?

DONALD: I try to remember when I have bad days, I’ll have good days if I figure out what went wrong with the day.  Bad days are necessary because without them, how would you know what a good day looks like?

There have been deals I blew because I was 15 seconds late to the meeting.  I had a hedge fund tell me he didn’t think I was a right fit for him, because he thought Hermes (the necktie I was wearing) are “pretentious French clothes.”  True Story!  I actually lost the chance to bring on a 90 Million Dollar Hedge Fund over a necktie!  Now, was that really the reason he chose another broker over speedtrader?  For the sake of his investor’s money, I hope not.  It was a Red tie.  I still wear it btw lol.

The trick to life and in trading for that matter is consistency.  One bad day out of a week of good ones isn’t the end of the world, especially if you are in the black at the end of the month, week, year etc.  Quite honestly, treat it as a blessing because maybe you learned something.

I believe the only way to get your mojo back is to exploit your weaknesses.  When I have a bad day, I drill down and investigate why I had a bad day.  Was it diet related?  Was it a time issue?  Did I have too much on my plate for the day?  Did I not plan out my day and I spent the afternoon improvising?  I find out why the day went straight into the sewer.  Then, I ask myself how this could be avoided in the future within reason.  What I mean by within reason is, if you had a bad day because of a car wreck for example, it doesn’t mean to give up driving and walk all the time.  It means, perhaps, be a little more cautious on the road.

In the military, they call it an “After Action Review,” or “AAR” for short.  I swear by it.  The trick is to AAR every trade you do.  Sit with your confirms and AAR every trade you did.  Kunal Desai from Bulls On Wall Street asks his students to keep a trading journal.  I agree.  Everything you do goes into the journal.  Celebrate your victories and put them in a spot in your brain reserved for quick access.  It can serve as kindling for the blazing fire of passion you use to achieve your goals.

 

QUESTION  – If you could have a big billboard with your favorite saying or message on it, what would it be?

DONALD: Life does not happen to you, you happen to it; so give today the attention it needs, because once and if you wake up tomorrow, you will never see today again.

 

Thank you for taking the time for our readers to get to know you. How can our readers contact you on social media?

IG – Donnie_hensley_jr

Twitter – @donaldrhensley