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The Ultimate Day Trader, Pt. 1 · Lance Breitstein
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- เผยแพร่เมื่อ 14 ส.ค. 2024
- EP 228 | The Ultimate Day Trader, Pt. 1 · Lance Breitstein
Lance Breitstein was a Senior Trader at proprietary trading firm Trillium and Manager of the Chicago office. He has trained, mentored and refined dozens of top discretionary intraday traders, while arguably being Trillium’s best trader in the firm’s history.
This episode was recorded in 2019, prior to Lance going on to set the firm’s all-time PNL record, with landslide wins as ‘Top Trader’ in both 2020 and 2021 after consecutive 8-figure years. At the beginning of 2022, Lance resigned from Trillium to better focus on alternative growth opportunities and philanthropy.
In part one of our (two part) conversation, you’ll hear Lance expound upon his slow learning curve and how he was on the verge of quitting, systemized learning and repetition, the emotional edge in trading capitulations and more.
This podcast solely reflects the views of Lance and is not representative of Trillium’s views.
00:00 - Intro
03:17- Learning Curve
23:32 - Verge of Quitting
36:28 - The Capitulation Trade
1:05:50 - Outro
Show notes:
chatwithtrader...
#DayTrading #StockTrading #Podcast
![[Formula] Become a 7-Figure Day Trader · Mike Bellafiore](http://i.ytimg.com/vi/92yuV6UQUDU/mqdefault.jpg)
The Ultimate Day Trader, Pt. 2: th-cam.com/video/d3mmLd_VO0w/w-d-xo.html
This series is priceless. The amount of value here is astronomical. I feel like I owe a fee or a commission of some kind when I listen to this.
I don't see much value
Lance, one of the best interviews regarding trading for a career.
54:10 "Sometimes it is safest to be risky".....AWESOME!!! the $10 intrinsic value example really elucidated the point!
@@codfellaz he is saying you are risking 1$ when price is 1$ isn't that just 100% loss?!
@@-Hussainnn That is correct, if you buy the stock @$5 or @1 and then it goes to zero you will lose 100% of your amount at risk in both cases. What he is saying is that IF this stock has an intrinsic value of $10 and then its trading first at $5 and then $1, the best time to buy it would be @ $1 because that's where you have the highest EV (Expected Value). If you buy at $1 and it goes back to its intrinsic value of $10 you would have made a 900% gain on your investment!
I really dont understand how there can be negative comments here... PURE GOLD! Cant wait for the second part!
Bring on more Lance! I’ve already listened to it two times. In these difficult markets, we need the edge! Thanks Aaron!
Much better to go same direction as the capitulation
You got so good at asking the most relevant questions! Awesome
Sometimes it is safest to be risky...brilliant man.
Really enjoyed this Aaron especially the process he had to go through before becoming consistently profitable….and what he said was spot on that everyone you interview has made it but the other 99% of people haven’t and some of them really did everything right but ran out of money and so are the stories we will never hear about
Amazing episode. He make it sound simple and clear to unterstand. Cant wait for episode 2
Absolute phenomenal comments! Thanks so much for sharing it with us Lance.
- keep improving
- you don't know how wrong you are biases
- thinking in bets book annie doks behaviourial finance
- capitulation trader:
- capitulations: a real panic or flush out or euphoric to upside. upside or downside capitulation. huge flush out eg of aapl usually the weaker hands sell out
- you can either go with the trend or mean aversion (when these occur)
- emotional edge
- sometimes when something is so so scary, it is safest to dipbuy it
- intrinsic value of a stock could be found by eg trading at $300 for 5 days if it moves to $290, then you can buy
- do deep reflection of the trades. pros and cons
- you can restudy your old plays
Wow this is phenomenal! Last 5 minutes or so has gotta be in the next best of cwt compilation
It seems to me that his edge is THE most difficult to master: it's basically bottom/top picking. It can be very rewarding when you can make it work consistently enough. I've tried it and failed enough to become a trend follower instead. To all those newbies out there: look at trend following instead of bottom/top picking. It's easier to be successful that way, especially in short term day trades.
He specifically referred to capitulation. Depending on time frame, capitulation happens all the time, including intraday. ✌🏽
I like his style
@@joeromano507 Agreed . I scalp options based on the point when people are stuck in the trade.
You are right...but ironically Even when trend following, you still go against the trend on a lower timeframe though.
Your interviews have been my daily ritual. The information that is been shared amazing, also hats off to Aaron for always asking quality questions! 🔥
Lance Breitstein has elevated himself to expert status as a trader and his intellectual approach is quite encouraging and unfortunately realistic given the failure rate among want to be students of the profession. The interviewer is brilliantly creative and so the synergies are quite compelling. I have seen this with others as well visa a vie the interviewer. I look forword to part two and three.
Thanks so much for your channel!!!
That was really great episode. I'm looking forward to part 2.
1 video is all it took for me to subscribe, i love these podcasts, thank you 🤝🏽
Saying thanks again 👋long-time listener here and this video is a must for every trader new and old ,considering current market conditions.
Awesome..Thank you and all the success to you and yours.
I trade on the side. The best decision I made was switching to build another business. I spent years doing this. Many highs and lows. But building another business created the financial life I wanted. I feel so bad for people that spend years at this and get nowhere.
Yes but there's winners/ losers in all professions. Many spend years building a business and get nowhere as well. Conversely there are successful traders who are very grateful they stuck to it.
@@ironhed515 haha even in this podcast the guy is making money selling to other traders. I worked on the institutional side watched professional money managers (primarily CTAs) fail monthly. Literally entire careers up in smoke in a month. Trading is unlike any other type of business. Unfortunately
@@Hxneybee395. Oh you saw people lose money, wow that's crazy had no idea people lost money lol what is your point? We all know the high failure rate. Sorry you couldn't hack it bro. Don't spread negativity to others just cause you couldn't do it.
@@ironhed515 just hate to see so many peoples financial lives ruined for a pipe dream. I personally was profitable and still compete in the World Cup trading championships. Absolutely love it. Just so happy that I didn’t stake my entire future on it.
@@Hxneybee395 sure you were bud. Lol
Thanks Aaron.
really enjoyed this, huge thanks to both of you for this interview
Another great one, Aaron! Thank you
Simply Golden.....!
Excellent interview, looking forward to pt 2!
Great Great conversation 🙏🙏
Capitulation Trading, nothing much to dissect here for a retail day trader. But it feels like listening to this interview I need to pay for something. Thank you. I will proceed with part 2.
Amazing interview, the best this year so far
I enjoyed this so much!
Awesome interview ..
great episode as always, but as trying to beat the market woudl really love to hear some secrets on how he actually trade ;)
Enjoyed the content lots, thanks.
23:35==> super honest and a question many ask, many think they are different, but.....KEEP GOING!
Wow what a great interview this is the way
Minute 20 adds up everything ❤️❤️❤️
Great Interview
I just got the ultimate day trader book today and this is amazing
47:02 my man Aaron nailing it.. you can’t escape ..ha ha :)
Great episode!
One of my favorite episodes!
Just in the last two months my trading account is down 70% 😔… thanks for the interview! I need to reevaluate my trading methods.
If daytrading, Just set 2% trade loss limit, and 3% daily loss limit.😀 If trading the daily charts for swings, increase the loss limits to around double. Also have a rule to early exit in certain unfavourable price movements 😀 good trading!
Just do the literal opposite of what you have been doing and you'll kill it.
Is risk management an edge?
@@BlackJesus8463 YES
You're the rare ones out there who aren't shy telling the world they are down. Most of them are like up by 1000% 😂😂
This guy gives me hope.
Good
General / Technical
1. Learning Process / Heuristics
"litto boy became a man!" best quote ever.
Thanks for another great interview, Aaron! Looking forward to the follow ups.
note book or journal is very important.
Good stuff. Looking forward to part II.
Good stuff. I would like to know more about his favorite strategies
🔥 🔥 🔥
The biggest thing I learned from this video was 50% of investing is buying good companies at good prices and the other 50% is controlling your emotions when . market is moody.I realized that the secret to making a million is making better investment. I always tell myself you don't need that new car or that vacation just yet and that mindset helps me make more money investing.
To achieve greatness, you need to start working with a Financial Advisor. Investing remains the smartest way to prepare for the future.Have been working with ROCHELLE DUNGCA-SCHREIBER for 8years and I'm extremely pleased with the good returns. The good news is, it's never too late to start investing.
Credits to ROCHELLE DUNGCA-SCHREIBER, she saw me through the process. You can glance her name up on your google and verify her yourself. she has years of financial market experience...
Awesome Eps!
49:30 The importance of Risk Management when "being the whale" in a capitulation trade...
This was very good Aaron! Can't wait for part 2.
Excellent mate!
Get those reps in Boys!!!
I'm scared.
@@BlackJesus8463 Exactly why you make your rounds. Fear and curiosity are different sides to the same coin. Youre lacking knowledge. GET THOSE REPS IN!!! LETS GET IT💪💪💪
@@Okayand33 LFG!!! 👏🙌
Good ep. Thanks for the content!
Wow this was awesome. So informative. And just listening to this is making so many things click inside my mind after trading unsuccessfully for the past year.
It’s also so crazy to see how little views this has. This means I must be one of the few putting in the extra work to master this stuff ☝️
One day, remember my name, I will be a very famous man and a very successful trader. And a portion of my success will always be dedicated to the podcasts on this channel🤝thank you.
how's the progress going now?
How the progress famous man? Hope you’re still trying to trade
Great Interview….The difference in Poker though is the Players at the $5 buy-in level are not the same skilled Players in the $50 Buy-in so your ‘edge’ is greatly diminished.
But buying 10, 100 or 10’000 shares in the SAME stock your edge is intact.
the players in poker get a lot better when you go up in stakes that's for sure
45:31 he was to say "any of our playbooks"I think
you might check this concept, it is life changing, have your strategy playbooked, know
in advance everything you might face and have writed down precisely how you will react
only by doing this ou can back and forward test and collect results
"The Playbook" Mike Bellafiore
This guys story about how he had it hard makes me realize that he never had it that bad, but that his internal narrative still is a factor which he attributes to something that drove him to success. I would say if anything he had all the odds stacked in his favor. College grad with supportive family, access to 100k jobs if it doesn't pan out. I'm not lifted to ring the bells of sympathy for his backstory. That being said, I came here for the trading tips, and he's got plenty of experience and knowledge in that which i benefited from hearing. I feel that traders need to stop with the sob story about how they had to sacrifice so much to become successful. It's not that it's insincere, but that it reflects a painfully myopic worldview. Anyone who has access to enough capital to trade is beyond gifted, myself included. We should try to acknowledge that when we're telling our story so we dont sound like boomers claiming they had it so hard when their minimum wage was enough to pay for a mortgage and a family of 3 with vacations.
just because someone has money doesn't mean they are not going through things or didn't have a hard life its always easy to say that when your on the outside looking in as it would be for you if you were to share something like that and people thought you had it easy but that was your reason for success it doesn't matter what the reason is every trader has found something that they had a problem with and taken that and used it to drive there passion don't miss the point because your being simple minded think bigger realize that,... that pain no matter how it may seem to you or how small or big gave him the power he needs to move forward and can teach someone a lesson
to you it might not be a hard be it ignorance or be it something else everyone's life is different and will be painful in one way or another but it will not seem the same to everyone else think of this message if someone ever tells you its not that big of a deal when you get upset about something.... this isn't an angry message by the way
@@nothings7258 I acknowledged that his story was not insincere, and that his struggle drove him forward in the post above.
Damn he left us like that lol (presses replay button)
It's pertinent to know that investment is essential to make more money, right guys?
Speaking about investment, You're right that's why I had to start up investing in forex fews month ago and now I'm really benefiting from it, honestly speaking I earned huge profits more than what I was paid for as my wages in a month interval
@@pierogallo132 Most profit comes from capital gains from owning a business. It's good to have a multiple streams of income (investments)
@Olga Carvalho
Investing in stocks is a good idea, a good trading system would put you through many days of success.
@@souza-t One of the best content I've seen! Crypto is the best though I don't self trade but I still make profit with the help of my broker till I'm sure I can start self trading.
@Jocelyn Maria
58:00 value is not intrinsic it's subjective abstract of human mind, it's a psychic phenomenon. Nothing has any intrinsic value.
rise up lights mate
Maybe he scans for stocks that are extremely extended over vwap. Maybe he adds the “boring” and other aspects into his intuition for more confidence.
I don’t know, just an assumption.
That's what I'm trying to figure out. He doesn't give an explanation as to what he looks for on the charts/technicals before making a trading decision. Does he just wing and pick a random time to buy a stock that's making an extreme move up or down while managing risk?
According to my understanding what he's doing is he's trying to time the bottom/top of a volatile move... how the heck do you do that?
So according to my understanding, he's trying to time the bottom/top of a volatile price movement. How does he do that? He didn't explain what he looks for on the charts/technicals before making a trading decision. Does he just wing it and manage his risk?
Figure out who is on the wrong side of the trade, then place your bet. It’s all experience my friend. Anyone can do it if they make every mistake in the book and implement a plan to avoid being on the wrong side again. Just risk small, until you figure it out. This is a survival game. Don’t lose it all before you discover fire.
MACD
Been watching the markets daily since about 2010 or 2011. Pretty much watch every day and watch videos and charts all weekend. I live the market from sun up to sun down. I'm considering giving it up. I would prop be a multi millioniare if I had just put my money in the S&P 500 and left it there and never touched it. $15,000 invested in 1995 until now would of given me more money than I have right now in my IRA after all these years of maxing out my IRA. lol smh
It's so Lance can definitely answer the question the firms can short IPOs even though retail can't for the first month.
I hate even hearing this fud that's what Skrehli Martin Scully went to jail for
$HTCr 🎯 13 yeah rationale to pump the Federal reserve again without Congressional approval let's go equity rally
Step infont of a runnig train cuz no one will! Haha jk great info. Thank you.
Like this interview and respect to Lance. But here’s the thing re “capitulation trade”…it is just a fancy way of describing fading a chaotic move. We all know that can END careers/blow accounts. What were you doing when oil traded -40?
I’m not saying there isn’t/Lance doesn’t have an edge in it, but to say it is “the safest thing” when markets can actually trade wherever they want and you don’t have unlimited money, is pretty silly.
.
@33:00
✍🏿👀
@➕➊➋⓿➎➏➌➋⓿➎➍➏ Whatsapp scammer...
I'm here because of emperor bitcoin!
I disagree with the poker anology, as you go up in buy ins the competition is harder and margins are slimmer.
Where as with trading or sports, you don't have that issue.
200k views?
So….did he call the btc crash a year ahead of time 🤔
Why can’t he go into detail?
You would think sitting next to a mentor would make you profitable in a few weeks.
This interviewer voice is so annoying . You should probably move the Mike away from your mouth . Annoying to hear your throat while listening on my headphone
Bro back off thr Mike please
Wasted my time. The way this guy trades is highly risky and not recommended at all. Everyone thinks institutional traders are smart. Doesn't seem so.
He doesn't give enough information to judge the risk but he makes consistent money so it can't be riskier than what you do.
He's an 8 figure trader stfu