If you are a member of the community and spend any amount of time in the chat room, I’m confident that you are at least familiar with our guest, Parker. He absolutely loves his technical analysis charts and is always posting them in the chat room so other members can “visualize this thoughts” in regards to a trade. In fact, while we recorded this interview, he posted a few charts in the chat room – haha! Where did this love of charts come from? Why is he such a believer in them? How exactly does he go about using charts in his trading? We cover all this and much more in our talk with Parker!
Notes:
Parker’s introduction to the market was his roommate when he was younger. He would get home from his night shift and see him investing in the market. This opened his eyes to the opportunity of the market which led him to saving up money for the market specifically.
Parker was able to make a significant amount of money from the marijuana penny stock boom. His string of ‘lucky’ winners led to overconfidence which led to him completely blowing out all the profits he had accumulated up to this point.
He took 8 months off to focus on school before returning to the market. He started to paper trade in a realistic fashion and develop a good methodology. After saving up $5,000 again, he returned to the market and really emphasized respecting his stop loss and treated trading as a business.
Realizing that he could get a greater return on capital utilizing options, Parker has mainly transitioned to trading options and occasionally using equities. He mainly day trades but has no problem swing trading while accumulating positions and scalping around a core position.
Parker is extremely adamant about utilizing multiple timeframe analysis and really attributes his usage of this principle in his success.
Quotes:
“I looked for some really cheap stock to load the boat with and hit a homerun.” tweet this quote
“Maybe it was the worst and the best thing that could happen to me by just getting lucky. Complete luck.” tweet this quote
“I started respecting my stop loss which was groundbreaking for me. Sometimes that’s a part of the learning experience.” tweet this quote
“I was religiously prepared for every single trade I would get in. If I hadn’t drawn up every single time frame I would not enter.” tweet this quote
“If I only had that one source of income starting out there’s no telling what I would have done because of emotions in the trade.” tweet this quote
“Mentally you have to be ready to lose a few dollars. You have to be okay with taking a loss. Nobody wins every trade.” tweet this quote
