For you long time listeners of the show, Shawn is well known “as that lady who took $250 and turned it into over $10,000”. If you are a member of the private chat room community, then I’m sure you’ve seen Shawn or perhaps even interacted with her. Well, she’s back for another interview so that Chezz and I can check in with her and see how things have been going. What I loved is that despite her continued success trading, she has a few “other things” going on in her grand plan that make trading a bit more mentally easy. On top of that, she is a master at staying in tune with her emotions which is vital for us as traders. All sorts of good stuff and we’re excited to bring it to you!
In this week’s episode, we revisit with Shawn who we interviewed this previous year. After a brief recap of her journey up to this point, we dive into her more recent trading endeavors. She stresses the importance of practice and how it was instrumental in helping her turn her trading around.
After going through how she grew her watchlist from 2 tickers to a handful, Shawn tells us the process she used to learn how to spot what tickers work better for her with options or straight up stock.
When she started trading, Shawn focused on small monetary goals that would lead her to earn more than the bank could offer. Since then, she has learned how to let her runners run to their logical conclusion and extract more profit out of trades that go in her favor.
Shawn believes it is crucial to be in tune with yourself if you are trading the market. She recommends writing down the emotions you are feeling whether good or bad and taking a hard look at how to resolve them or make sure they don’t interfere with trading.
Members of the community chime in some questions for Shawn. This includes what time frames she uses, and some various ways she chooses her trades which includes the importance of liquidity.
“You get a million dollars on paper money and I thought ‘alright, I’m going to trade.’ I thought this would be simple.”
“SPY and AAPL were the two that I got the feel for. I didn’t really pay attention to other names.”
“If you’re not on your game, don’t press that buy button. That’s bad practice.”
“It’s 3 things to me. Being in tune with yourself, risk versus rewards and stops. If you’re wrong, get out.”
“You gave me the tools, I put the work in. I was very excited to personally thank you.”