We’ve decided to push the bounds of the podcast a bit and try something new… a VIDEO interview. I would not call it flawless, but the early feedback for those that attended it live was still positive. As weird as it may sounds, I’ve become good enough friends with a member from our community, Nate Wilson, to have invited to my house where we recorded this episode. He has been on two previous podcasts, but Chezz and I wanted to touch base with him and hear about how his trading has been unfolding. In fact, he literally traded my account the morning we recorded this, so we talked about that a bit in the interview. I’d highly recommend “watching” this one instead of “listening” to it, but do what you gotta do.
Notes:
In this live episode we have guest Nate Wilson with us and we compile some questions from the community to ask him.
Many of our members trade options and wondered why Nate does not. He prefers the simplicity of day trading equities and considering no two traders trade the same, it is all about finding where your comfort level is. He has no need to branch out considering his success with his current strategy.
We discuss the detriment of counting how many days you’ve made profits and how it should be avoided. Every day is a clean sheet and needs to be treated that way otherwise you will be making irrational decisions based on previous days performance.
Nate discusses how he turned the corner and became more consistent. He reduced his position size and this helped him logically manage trades instead of just going all in at one shot. Smaller risk helps you stay focused on managing trades correctly since you are more comfortable.
After watching Wolf of Wallstreet, Nate utilized his background in fundamental analysis to invest in marijuana stocks. This led him down the path of message boards and he started to buy into the hype. This is when he found Clay’s chart analysis videos.
Nate is always looking to improve mainly with his entries. Picking quality entry points is not always the easiest and we are always trying to make sure we don’t force an entry at a non-ideal location.
Quotes:
“I looked at options for a little while and realized I didn’t like it. I prefer the fast in and out day trading of equities.”
“If I revenge trade, I will literally get up from the computer and go talk with a coworker to get away from forcing trades.”
“If you can’t manage your personal finances, don’t bother trying to trade. It’s a business.”
“I totally got suckered in. I had no idea what was going on but they would say ‘BOOM! News is coming out!’ “
“I always want to constantly improve on picking a quality entry instead of forcing an entry. It’s a struggle.”
