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STR 196: Recognizing When to Tap the Brakes. Welcome Back Nate!

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STR 196: Recognizing When to Tap the Brakes. Welcome Back Nate!

A long time member and friend is back, Nate Wilson. For those of you who are members of the community, he goes by the same name in the chatroom and has been around from almost the beginning. He’s become a personal friend of mine (particularly if you watch the vlogs on the YouTube channel) and he’s someone I respect for his bluntness and honesty. He adapts a “I don’t care what you think” type attitude, so he has no problem simply sharing his experiences, both good and bad. In this update of his journey, he talks about how he needed to step away from the markets and trading for a while which prompts a very valuable talking point. Sometimes as traders, we should be slowing things down and tapping the brakes, but many times we do not which leads to account pain. There is certainly a learning lesson here and with much else we talk about. Let’s get to it!

Notes:

  • Today we talk with community member Nate Wilson. He’s been on 3 previous podcasts which are linked below and is a regular member who leads examples on the weekly webinars.
  • Nate generally trades every single morning focusing on his extended scalping strategy but over this past summer he took an extended break during a house remodel. The contractor he was using wasn’t consistent with his timing so this led Nate to stop trading for a while so he wouldn’t get caught in a trade when he needed to help out.
  • Clay and Nate discuss their styles of trading and how they may have a high rate of success, the losers need to be kept in check as to not wipe away all the smaller winners. Nate also talks about having a background in finance which helped him ease into trading.
  • Nate suggests that going into the market with no education is a fool’s errand. While eventually you need to put your education into practice, with no education you will have very poor results. It took him 2 years to feel confident in his current strategy.

Quotes:

  • I fully realized this is the strategy that works for me and I’ve stopped trying to do anything else.
  • I just didn’t want to get into a trade because I was nervous the contractor would call right after.
  • Once I see 10:30 on the clock I stop paying 100% attention to the market. I start answering emails and doing other work related things.
  • If you’re just going to go into the market half-assed and don’t know what’s going on, that’s the kind of result you’re going to get.
  • I do not have ‘shiny object syndrome.’ I’m very content with the money I make with my strategy.

Links:

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