It’s always enjoyable to bring back previous guests who we’ve had on the show, and that’s exactly what we do in this “live coaching” discussion. I say “live coaching” because in the free-flowing format of these interviews, we stumbled down some fantastic rabbit holes that lead into assisting our guest with some annoyances and frustrations in his trading. Our guest, who goes by “Remy” in the chat room goes into open details about how his journey has been progressing and what hurdles he realizes still exist. If you take anything away from the interview, please see how being self aware and honest with yourself can lead to getting yourself onto a path with a clear cut goal that’ll provide a solution to the problem. A lack of honest with yourself goes nowhere, but being honest, as you’ll witness by being a fly on the wall can open up the doors of progress.
Notes:
Today we reinterview Remy who made his initial appearance in episode 39. His journey started by puppet trading a biotech trader but quickly realized that his beginner’s luck ran out and he gave back all his profits and then some.
Remy has had to trade from his phone for a long time but he explains the pitfalls of the Robinhood brokerage and why it doesn’t work with the names he trades.
While he excels paper trading, when he gets behind the wheel of his live account he struggles to emulate that success. The big problem he struggles with is his emotions that are associated with a small account.
Clay recommends that Remy save up for a larger account so his ‘account protectionism’ won’t lead him to making emotional decisions. Losing 20-50 dollars when trading a volatile stock like TSLA is completely normal but when you are operating with a 500 dollar account, you are much more emotional taking those losses.
Quotes:
I lost 200% of my winnings by puppet trading and I realized that was not a successful route for myself.
In a split second, the thing dumps and I’m sitting there typing in my stop loss and hoping my wifi works.
I have been trading with emotion. I’ve had poor risk management but I definitely see the light at the end of the tunnel.
I started out with 5 contracts but needed to really scale it down. I had a poor entry and lost 50% of my account.
I’ve been able to read the charts and recognize patterns. I’m ecstatic about that because it’s come a long way.
