This is Part 2 of a two part interview, so for the best listening experience, be sure to go back and listen to episode 114 first. Chezz and I pick up right where we left off with tfletch and the craziness continues. With that being said, things begin to calm down too as we learn about how he is now putting everything he has learned into a sustainable and consistent trading plan. He had to learn a tough lesson when first going live with a bit of false confidence, but his self-awareness and lack of ego allowed for him to quickly realize “what” the issues was. When you know what the issue is, implementing a solution becomes much less of a challenge. Like Part 1, there are several tid-bits of great wisdom from experience dropped that everyone can learn from.
Notes:
After going through the courses at Claytrader University, he found that he struggled with paper trading because he wouldn’t pay as much attention as he normally would if he had a live position on. By no means does he advocate people cut their practice short but he personally struggled with it for the reason above.
Tim now carries many positions to keep diversified and utilizes advanced options for this portfolio. The next step in his journey includes learning to trade futures with what he has already learned so now he is extensively studying the chart to learn the in’s and out’s of the product.
Even though Tim thrives on fast paced environments (since he works primarily at auto auctions) he found that day trading just wasn’t possible to fit in his schedule just yet. In the future, possibly, but right now with how his current work schedule is, it’s just not possible.
If Tim could go back and give himself one piece of advice it would have been to start sooner. He recommends if you’re a young guy or any age really, buckle down, work hard and accumulate money while at the same time focus on your education. Within a few years you will have quite a large knowledge base and have the largest chance at success in trading.
Quotes:
“I have to tell myself if I’m going to carry 30 positions and they will all be in my favor, you’re nuts. There are always problem children.”
“I think it’s as important to learn what not to do as it is to learn what to do.”
“I want to be totally comfortable day trading before I commit to it but I’m not there yet.”
“Develop a plan. Say ‘this is where I want to be at this point and this is where I want to be at this point’. “
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