Warning! This is Part 2 of a multi part interview, so if you want the best experience, then be sure to listen to episode 161 first. I know Part 1 left on quite the cliff hanger, but you don’t have to wait any longer. We continue down the road with Phil (chat room alias “phl1”) on his journey and venture down all kinds of nooks and crannies in the market. We do a little bit of live coaching as we talk about an actual trade that took place as we were speaking (the benefit of doing these while the markets are open). All in all, if you enjoyed Part 1 then there is no doubt in my mind you’ll enjoy this second part just as much, if not more. Let’s get to it!
Notes:
Phil is very process oriented. He makes a great distinction between a mistake and an error while explaining how it impacts his confidence going forward. Phil reminds us how our body reacts to fear and the unknown which essentially shuts off our logic in the moment.
Clay and Phil do a live lesson on CLSD during the interview. The big thing to remember when scalping is that sometimes you need to let the trades form and give you an area of opportunity.
Phil has created an in depth business plan for his trading business. While he thinks this is completely normal, he falls into a very small category of people who actually treat trading as a business, not a day at the casino.
Since Phil has prepared himself by saving multiple years of living expenses, he is prepared to continue to practice every day and continue to work on increasing his trading size. He will not get himself into a position where he can sustain a catastrophic loss. Slow and steady wins the race.
Quotes:
I’ve been in chat rooms where I want to go long but they’re going short so I change my strategy but I was ultimately right!
When I think I’m not getting anywhere in trading and I see I’ve mastered another section, reminds me that the practice pays off.
I have a paragraph about why I trade, then a paragraph about who I am as a trader…
If I would have realized I could have done this for a living years ago I would have approached it differently.
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