"where are you comfortable mentally?" If any trader isn't paying attention to this and more importantly practicing this self review daily, bad trades will accrue. Really great advice.
Ep 58 Paul Don't trade your rent money. Have enough saved up to last you a while even if your trading sucked. (the amount depends on your comfort zone). Masters of a trade have simplified what newbs need to make a decision. (less lines but the few lines drawn have bigger impact in masterpieces compared to a new painter filling their paintings with lines of low value to the whole). Micromanaging is the biggest leak for losing traders. Learn what works for now and let it go the moment it stops working. What Paul traded in 2008 wouldn't work today and what he traded even 6 months ago doesn't work the same today. He's right now mostly focused on price and volume rather than too many indicators. You have to have a plan for when shits about to hit the fan. Have a process for how to react to it and an exact step by step system of how to get out. (Airplane checklist / elite sports teams checklist) Have a plan laid out for something you'd like to master during the year. (Paul's learning how to master pre market trading with paper trading and in 6 months he'll go live with swing and got it all planned out)
I think I have watched this seven times over the last few years... such great, level headed advice.. and a reminder when we lose our way... Highly recommend.
So glad I found this series of interviews. I've listened to a dozen or so thus far and I find them incredibly interesting and motivating. Good Stuff, Mate. Keep it coming.
best take away: 1. stock selection and entry: unemotional and probabilistic 2. managing the position: very emotional and most difficult because of psychology. separates winners and losers. 3. exiting position: just like number 1. unemotional and probability because trailing stop or rules pertaining to price dropping below sma or key price levels, automatic sell. like livermore said, making money is in the sitting and waiting, its sweet spot in the middle that counts the most.
Yeah, I turned $1,600 into $33,000 during the internet boom. I only lost about 1/3 back in the market, but since I quit my job, the rest went towards rent and bills. I also made money during the gold and silver boom, but I had to sell it to pay rent and bills again. The lesson I learned was, don't quit your job. lol
Believe it a not I turned about $7k to $158k in a few months during crypto bullrun, loss quite a lot back (Got too greedy) but still in profit. how old are you?
GREAT INTERVIEW, especially loved hearing about Paul's TRADE MANAGEMENT Strategies---through practice Paul developed the iron-clad psychology to manage trades for significant profits
be nice to hear about what the mistakes these amazing people made that made them loose their money, this guy said he made mistakes and said he could identify where he made his mistakes, i wish some of those questions were teased for specifics , i love this channel
Hey man these interviews really do help, these interviews actually tell us what trading is. i would recommend these interviews over any trading book in the world.. you are doing an awesome job man, wherever you are i am sending you good vibes !!!!
Hey Aaron, enjoy these trading interviews, these are very compelling and helpful for us to get their insights and honest feedback. Great Job Aaron, Thx for doing what you do.... Regards Darrell
Aaron Huge fan of yours and this show. Amazing interviewer, very helpful topics. Only thing I personally did not like was your recent combo shows with Quant. But your interviews and more so your direct questions really has helped me. I sincerely appreciate you and the show Jay
I agree with the idea of knowing what you will do based off your style before hand so when it comes down to make the trade there’s no hesitation either way and your mind can stay in a calm place
Hey Aaron, Love the work you are doing .I have had reasonable success for over 3 years. I trade swing ideas on the Indian Stock Market. I was wondering if you or Paul can throw more light on how do you plan your holidays with family. Because certain places do not have great internet connection. I do have a Dealer/Broker over the phone . I play swings on two time frames weekly and daily. Both have a different holding period. I am not worried about the weekly swings. But the shorter time frame can be a handful. The vacations are booked months in advance and I cannot anticipate the market scenario in advance. I do not feel like winding up positions when the markets are in the mood of rewarding me. Kindly Advise.
If I use a strategy with the 1h timeframe, should I look at the 1h timeframe of the SPX to know if I should go long or short (depending on the direction of the market)? Or I should look at the daily timeframe of the SPX?
After how many losses do you quit using a strategy. So assuming you do forward testing, when do you realize the strategy doesn't work anymore vs. it having multiple consecutive coincidental losses? Thanks in advance for your response
+James C, thank you! Will keep it in mind for future interviews. If there's a particular guest which you want to know what platform they're using, you can generally ask in the comments area of the show notes or reach out to them on Twitter too (most are pretty responsive!)
it would be great if you could have 10-15 questions you ask every guest (like Lipton in inside actor's studio). Like what platform do you use, what was your biggest trade, what do you do when your acccount blows up and etc? I also like the scenario-based question on what to do if sell offs start in China. Anyway, Great work Aaran! Keep it up!
+Saulius Usonis, when I first started doing this, I had a set of five or so questions that I'd ask every guest at the end. But I ended up dropping it; I thought it was kinda cheesy and the questions weren't necessarily relevant to each guest, also gets repetitive... Cheers for listening bud.
A lot of pro-advice tends to poopoo paper trading. I think it was important for experimenting on days I wasn't comfortable, and for getting used to the platforms I trade on...I still primarily traded with a cash account, but if the market was doing something I hadn't seen before I'd paper trade. Like when VIX shot up to 40 before the election last year. I was just getting comfortable with the VIX in the mid-twenties and moved to my paper account for a couple of days. I've only went paper once more since then, the day after the GME, AMC debacle in January. I'd bought AMC the day before with a 4.96 average. When I woke up the next morning and was up 400% I sold. I was too giddy to trade my money that day and the next. Whatever the opposite of Tilt is, I didn't trust myself to not lose that windfall:)
Hi Aaron and Paul, Thanks for your interview! In the interview, you guys have talked about stop losses, I wonder if you've given thought to this strategy: often traders lose money because their stop loss gets hit and the price bounces back but the trader is no longer holding that position. What if you can write code that upon your stop loss sale, you place a limit order to buy back at the sale price? And then on the upside, you set a trailing stop loss (and if the trailing stop loss gets hit, you’d also place a limit order to rebuy the stock at the stop loss price) This strategy essentially limits your downside and lets you participate more fully on the upside, and takes the “art” out of guessing the optimal stop loss and take profit price levels. I wonder if you’ve ever considered this strategy and if you see any problems with it. Thanks in advance for your response :)
I know I'm about 5 years late here, but I do have a question for Paul. If you were just getting started what would be the first book you would read if you could go back and do it all over?
As someone who has no background in Finance, do you have to attend trading schools to be a successful trader? What if you're not in a good position to do so due to financial constraints and a full time job? Thanks.
In what way would that information benifit your trading? Your experiences and biases have to be exactly aligned to trade exactly the same way with the same money management as the people Aaron interviews.
If those patterns really worked 19:00 ....everyone would be a millionaire...........tee hee. Its all the SETUPS which comes into existence like magic and instinctively you come to know.......THAT IS IT.....get in (Long or Short)
What the hell is " stop gunning "??.....and what the hell do everyone else placing their stops have to do with where EYE place my stops ? He mentioned. Where other traders are placing their stops ...this is why I don't like listening to a variety of traders because it tend to get ......confusing
this would be so much better if you as the interviewer actually could FEEL the answers and not just stick to what seems to be a script. Your responses are so distracting as its obvious there is no improvisation or spontanity behind them. It actually feels suffocating listening to them. i do love the info the traders provide through. but your skills seriously need to improve. and its not about more preparation. its about RELAXING and letting a bit of intimacy in between you and the guest, spontanious follow up questions and what not..
![[MV] A leap of faith...ความเชื่อใจครั้งสุดท้าย (From "Petrichor the series")](http://i.ytimg.com/vi/U1piZH2CNXA/mqdefault.jpg)
These interviews are a goldmine and invaluable to us new traders wanting to learn the sweet science of trading.
Thanks Aaron, your channel is my new Netflix! Thanks again and keep up great job!
"where are you comfortable mentally?" If any trader isn't paying attention to this and more importantly practicing this self review daily, bad trades will accrue. Really great advice.
@@dylyo1 That part hit me hard.
The BEST interview I have ever heard............MOVING AVERAGES is the key.
Ep 58
Paul
Don't trade your rent money. Have enough saved up to last you a while even if your trading sucked. (the amount depends on your comfort zone).
Masters of a trade have simplified what newbs need to make a decision. (less lines but the few lines drawn have bigger impact in masterpieces compared to a new painter filling their paintings with lines of low value to the whole).
Micromanaging is the biggest leak for losing traders.
Learn what works for now and let it go the moment it stops working. What Paul traded in 2008 wouldn't work today and what he traded even 6 months ago doesn't work the same today. He's right now mostly focused on price and volume rather than too many indicators.
You have to have a plan for when shits about to hit the fan. Have a process for how to react to it and an exact step by step system of how to get out. (Airplane checklist / elite sports teams checklist)
Have a plan laid out for something you'd like to master during the year. (Paul's learning how to master pre market trading with paper trading and in 6 months he'll go live with swing and got it all planned out)
I think I have watched this seven times over the last few years... such great, level headed advice.. and a reminder when we lose our way... Highly recommend.
Great
General
1. General; edge, athlete analogy
2. Parts to trading / Psychology
3. Record Keeping
I know if I correct this mistakes, I will be profitable.
Such good thing to hear for beginners who are on the edge
So glad I found this series of interviews. I've listened to a dozen or so thus far and I find them incredibly interesting and motivating. Good Stuff, Mate. Keep it coming.
best take away:
1. stock selection and entry: unemotional and probabilistic
2. managing the position: very emotional and most difficult because of psychology. separates winners and losers.
3. exiting position: just like number 1. unemotional and probability because trailing stop or rules pertaining to price dropping below sma or key price levels, automatic sell.
like livermore said, making money is in the sitting and waiting, its sweet spot in the middle that counts the most.
Thank you Aaron for bringing Paul and the experts. Thank you kindly. Love from🇨🇦🇨🇦🇨🇦
Yeah, I turned $1,600 into $33,000 during the internet boom. I only lost about 1/3 back in the market, but since I quit my job, the rest went towards rent and bills. I also made money during the gold and silver boom, but I had to sell it to pay rent and bills again. The lesson I learned was, don't quit your job. lol
Or learn to
trade 🤷♂️
@@Mottbox I no longer give advice. My old strategies don't work any more.
Believe it a not I turned about $7k to $158k in a few months during crypto bullrun, loss quite a lot back (Got too greedy) but still in profit. how old are you?
So u just got lucky, did not know how to trade
@@TheGoldminer4 No, I did great on my trades. I had to withdraw money from my trading account to pay the bills though.
GREAT INTERVIEW, especially loved hearing about Paul's TRADE MANAGEMENT Strategies---through practice Paul developed the iron-clad psychology to manage trades for significant profits
Really like these interviews. keep it going
+DAMAK thanks, I appreciate it.
Awesome product.
Chat With Traders same here! They are very informative and it's great to hear real stories and insight as a newbie.
be nice to hear about what the mistakes these amazing people made that made them loose their money, this guy said he made mistakes and said he could identify where he made his mistakes, i wish some of those questions were teased for specifics , i love this channel
well he didnt use stop losses...200k back to nothing thats his biggest mistake
He has just became my favorite trader
As a fairly new trader love listening to these insightful interviews
Hey man these interviews really do help, these interviews actually tell us what trading is. i would recommend these interviews over any trading book in the world.. you are doing an awesome job man, wherever you are i am sending you good vibes !!!!
If you are begginer please take pen and paper, this guy KNOWS what he is talking about !
Paul Singh is a wonderful interview. Thank you!
Exceptional interview, lots of jewels
Thanks Aaron really useful experience
Paul is really good and simple
One of the best interviews. Thanks!
Great stuff. I look forward to the newest interviews each week. Keep it going!
+Nunya Bizness great to hear! Just FYI, interviews are on the site (chatwithtraders.com/podcast) before they're here on TH-cam.
Hey Aaron, enjoy these trading interviews, these are very compelling and helpful for us to get their insights and honest feedback. Great Job Aaron, Thx for doing what you do....
Regards
Darrell
+Darrell Tetreault, thanks for the awesome feedback Darrell.
know when to pull out,, is always a good thing
Yup learned that the hard way, my son was an accident
@@naishkiter10882 hahahaha you're fucked
lol..the more you play the higher likelyhood of exiting too late.
Man one of the best podcast
Thank u. This is gold for me as a0 new trader. Great info
Thanks for doing these shows. I learn something new on every show.
Aaron
Huge fan of yours and this show. Amazing interviewer, very helpful topics. Only thing I personally did not like was your recent combo shows with Quant. But your interviews and more so your direct questions really has helped me. I sincerely appreciate you and the show
Jay
Cant thank you enough for the content. Pure gold.
Thanks Aaraon for doing so much for traders
awesome interviews. I have learned so much .
I agree with the idea of knowing what you will do based off your style before hand so when it comes down to make the trade there’s no hesitation either way and your mind can stay in a calm place
Pure value👍
Another really informative video. Love these. Thanks. From the UK
Aaron this is your best one ☝️
great interviews, really enjoy all of them.keep up the good work.cheers!!
+Anil kumar, thanks so much.
Hey Aaron, Love the work you are doing .I have had reasonable success for over 3 years. I trade swing ideas on the Indian Stock Market. I was wondering if you or Paul can throw more light on how do you plan your holidays with family. Because certain places do not have great internet connection. I do have a Dealer/Broker over the phone . I play swings on two time frames weekly and daily. Both have a different holding period. I am not worried about the weekly swings. But the shorter time frame can be a handful. The vacations are booked months in advance and I cannot anticipate the market scenario in advance. I do not feel like winding up positions when the markets are in the mood of rewarding me. Kindly Advise.
Good Questions Asked Aaron👍
If I use a strategy with the 1h timeframe, should I look at the 1h timeframe of the SPX to know if I should go long or short (depending on the direction of the market)? Or I should look at the daily timeframe of the SPX?
Dude I love your work.
After how many losses do you quit using a strategy. So assuming you do forward testing, when do you realize the strategy doesn't work anymore vs. it having multiple consecutive coincidental losses? Thanks in advance for your response
Great Interview
alot of great tips and approaches
This was a damn good interview.
5,000 to 100,000....jump to 10:14..............luv this Interview
Aaron for president. This man is the real deal
These interviews have been great. Is it possible to ask the interviewees what platform they use to trade?
+James C, thank you! Will keep it in mind for future interviews. If there's a particular guest which you want to know what platform they're using, you can generally ask in the comments area of the show notes or reach out to them on Twitter too (most are pretty responsive!)
+Chat With Traders great, thanks!
A lot of the BOWS guys use TC2000
it would be great if you could have 10-15 questions you ask every guest (like Lipton in inside actor's studio). Like what platform do you use, what was your biggest trade, what do you do when your acccount blows up and etc? I also like the scenario-based question on what to do if sell offs start in China. Anyway, Great work Aaran! Keep it up!
+Saulius Usonis, when I first started doing this, I had a set of five or so questions that I'd ask every guest at the end. But I ended up dropping it; I thought it was kinda cheesy and the questions weren't necessarily relevant to each guest, also gets repetitive... Cheers for listening bud.
A lot of pro-advice tends to poopoo paper trading. I think it was important for experimenting on days I wasn't comfortable, and for getting used to the platforms I trade on...I still primarily traded with a cash account, but if the market was doing something I hadn't seen before I'd paper trade. Like when VIX shot up to 40 before the election last year. I was just getting comfortable with the VIX in the mid-twenties and moved to my paper account for a couple of days. I've only went paper once more since then, the day after the GME, AMC debacle in January. I'd bought AMC the day before with a 4.96 average. When I woke up the next morning and was up 400% I sold. I was too giddy to trade my money that day and the next. Whatever the opposite of Tilt is, I didn't trust myself to not lose that windfall:)
Great interview! keep it up!
Hi Aaron and Paul,
Thanks for your interview!
In the interview, you guys have talked about stop losses, I wonder if you've given thought to this strategy: often traders lose money because their stop loss gets hit and the price bounces back but the trader is no longer holding that position. What if you can write code that upon your stop loss sale, you place a limit order to buy back at the sale price? And then on the upside, you set a trailing stop loss (and if the trailing stop loss gets hit, you’d also place a limit order to rebuy the stock at the stop loss price) This strategy essentially limits your downside and lets you participate more fully on the upside, and takes the “art” out of guessing the optimal stop loss and take profit price levels. I wonder if you’ve ever considered this strategy and if you see any problems with it. Thanks in advance for your response :)
I know I'm about 5 years late here, but I do have a question for Paul. If you were just getting started what would be the first book you would read if you could go back and do it all over?
Nice insights thanks
Where to learn preparation for the next day.......
I love it thanks 👍
Great stuff.
Every time he says blow up an account I laughed so hard because it was me. 🤣🤣🤣
thank you.
Hi Paul / Community.. how do you work out money flows from the big investors?
but nice work you're doing mate keep it up
As someone who has no background in Finance, do you have to attend trading schools to be a successful trader? What if you're not in a good position to do so due to financial constraints and a full time job? Thanks.
Hi! My question for Paul is, how does he know what strategy or pattern to use if no one is using it?
hey Aaron, commodities and futures is the same thing, right?
+Ricardo - yeah, you trade commodities with futures contracts.
Can you name the 15 setups...........
I will backtest all 15.............
Is there a recommendation for paper trading from Paul Singh or anyone else?
you have to ask more about how traders enter their positions? and how much capital they risk on each trade.
In what way would that information benifit your trading? Your experiences and biases have to be exactly aligned to trade exactly the same way with the same money management as the people Aaron interviews.
and now how do I get a peek at this guys picks ;)
It's 'Their'
If those patterns really worked 19:00 ....everyone would be a millionaire...........tee hee. Its all the SETUPS which comes into existence like magic and instinctively you come to know.......THAT IS IT.....get in (Long or Short)
Question How does he know where everyone is placing stop loss placements
Beer opened at 17:53
17:00 20:00 27:00
18:07 , 16:30
The best way to see if you can be a successful trader ,is see if you can be a winning poker player.most of the rules are the same .
Gold
32:17
Trading stresses me out, man. I want to learn, but seeing the price of any trade below my purchase price really messes with my mind.
+Morgan Guest - that's why they say mastering your psychology is such an important part of being able to trade successfully ;)
what were those mistakes?
Probably risk management, over management.
46:04 who dafuq is John Tudor Jones? lol
Hedge Fund Manager.
What the hell is " stop gunning "??.....and what the hell do everyone else placing their stops have to do with where EYE place my stops ? He mentioned. Where other traders are placing their stops ...this is why I don't like listening to a variety of traders because it tend to get ......confusing
this would be so much better if you as the interviewer actually could FEEL the answers and not just stick to what seems to be a script. Your responses are so distracting as its obvious there is no improvisation or spontanity behind them. It actually feels suffocating listening to them. i do love the info the traders provide through. but your skills seriously need to improve. and its not about more preparation. its about RELAXING and letting a bit of intimacy in between you and the guest, spontanious follow up questions and what not..