The title of this podcast may seem a bit odd, but in all reality, the goal for all traders should be to become bored. In this episode we welcome back Tony from all the way out in Hawaii (so jealous!) so he can update us all on how his journey continues to unfold. He started out in the toilet bowl of penny stocks, and as you'll hear, progressed long enough to find himself a nice comfortable spot in futures trading. Futures can be very risky if not approached in the right way, so that's exactly why it makes sense that he is laser focused on establishing boredom as a trader. It all started for him by applying the KISS method. Enjoy the updated journey! Notes: Today we reinterview community member Tony. After trying to trade penny stocks, Tony moved to options to trade more well established names. Now he focuses solely on futures. Tony started to focus on top down analysis to help get an idea of the larger trends, which he did not do trading penny stocks and options. This also led to his desire to expand on his risk management. Working with a small account, he had to keep his risk very tight. He is a big advocate of journaling to spot not only what mistakes we continue to make but also to identify what we are doing correct and how to push that harder. Tony has taken a much simpler approach to his trading and found much more success. He gave up the idea of the 'holy grail' indicator combination and now understands what he excels at and what he needs to work on. He understands that this is a lifelong endeavor. It is not a get rich quick scheme. It's a business that you will always be grinding to get better and Tony understands and accepts that. When trading is a passion it doesn't feel much like work. Quotes: It's easy to confuse luck with skill. Because futures are more leveraged they are more dangerous. Learned some hard lessons. If you made your decision from a smaller time frame, you have to stick with your risk-reward ratio solely. I found out that trading should be boring. If you're getting too excited, you should probably step away and turn off the computer. You need to treat your trading as a business. Set hours that you keep relatively consistent. There is no holy grail pattern or indicators. It's just hours of screen time and accepting that risk before you pull the trigger. Being in denial just leads to bigger losses. Links: https://claytrader.com/podcast/episode088/

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.

Transcript

Related