Make sure to listen to Episode 165 before proceeding any further. This interview is Part 2, so with that being said and out of the way, let’s continue! In the first part of the interview from last week, we heard all about Brian and the actions he put into motion to “get er’ done”, but now we move into more of the trading and the ups and downs he has been through. The one major benefit Brian has figured out is his ability to recognize and adjust to the very common “revenge trade” emotion which has and will continue to serve him well. I also found it interesting the way Brian has set into motion a plan of action that is efficient but most importantly, based in reality. If you enjoyed Part 1 of this discussion, then I have no doubt you’ll gain value out of this second section of our discussion… let’s go!
Notes:
A big realization for Brian was the fact that the voices are drastically different when you go from paper trading to live trading. Even though he started off losing money, he has always honored his stop loss. This level of trust in yourself is key to progressing.
He is strictly focused on day trading options currently but would like to look into the Advanced Options course since that trading requires less time and effort while he works his full time job.
Brian is very good at recognizing when he wants to revenge trade and other various bad habits. Recognizing it is the first step to ensuring those bad habits do not remain. Discipline is something that spans further than trading also.
Considering he is a planner, one of the most beneficial things Brian has done in the process of learning is set up a pacing schedule. It’s very common to binge through videos and then only retain 25-50%. When you allow yourself only a few hours a day to absorb the material you stand a much better chance at retaining the information.
Quotes:
I was red the first week. What I’ve really taken away from the courses is you can be wrong most the time if you honor your stop losses.
I like triangle patterns and breaking key support and resistance. And volume as well.
That loss from the previous day made me second guess my entry. If I would have trusted my system I would have erased that loss.
If I’m not confident in something I’m good at taking a step back and realizing I need to learn more before putting money into it.
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