It all started with betting on sports. From that point forward, the pieces fell into place that allowed for a transition into the stock market and trading. Our guest, Burak (same name in the chat room) walks us through his journey of transitioning from sports to trading. The one benefit Burak had in his favor was he never treated sport’s betting as a random gamble. He approached it in a very methodical way which he wisely then carried over to his trading ambitions. Even if you don’t have any experience in betting on sports, there is still many nuggets of knowledge to collect from his experience. As someone who has never bet on sports, I really appreciated the business aspect of how he treated both like a business and not a gambling addiction (which unfortunately, many people do). There’s lots to see and learn from Burak, so let’s get to it!
Notes:
Today we speak with Burak who goes by the same alias in the community. He spent some time in college sports betting which taught him the importance of risk versus reward and managing your bankroll.
After dabbling in the market with smaller amounts of money in more risky names, Burak started to invest in his education on top of all the information he acquired from YouTube and Google. Being someone who loves statistics, he originally leaned toward the algorithmic or automated trading.
Ultimately he wanted to improve his day trading and had enjoyed trading the forex market. In the beginning of 2018, Burak joined Claytrader University because he honestly felt like it was a value buy with the amount of content you get versus the cost.
Since his job is so demanding, Burak is focused strictly on swing trading. While he hasn’t investigated advanced options yet, Clay and Chezz ultimately suggest he takes a look because we consider it to be ‘swing trading with an edge.’
There are quite a few things that distinguish successful traders from those who fail. Burak treats this as a business and has an entire business plan outlined in terms of what he looks for regarding entries, exits, and in progress management. It’s consistent effort like this that distinguishes who succeeds and who does not.
Quotes:
It wasn’t until college where I was gambling a lot on sports betting. It has some relations to the stock market in terms of knowing your risk and knowing your reward.
The first part was understanding technical analysis. The second part was the psychology part of it which I didn’t know about.
In the back of my mind I always wanted to get back into day trading. I like forex. It’s 24 hours.
I use full leverage but I have my stop losses set at a certain percentage so no matter what I don’t lose my whole account in one trade.
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