Common Traits of Million Dollar Traders & Swing Trading Major Trends w/ Jason Leavitt
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- เผยแพร่เมื่อ 18 พ.ย. 2015
- Full show notes: chatwithtraders.com/ep-017-jas... - - Like many who get into trading, Jason had no formal education in the field. Actually, prior to trading full time he was waiting tables in a restaurant and bartending.
This is where he began swing trading and to this day, Jason is still primarily a swing trader. Riding trends anywhere from a few days or a few weeks, sometimes it’s even a matter of months when his aim is to take out a large chunk of the move. Ultimately the market environment dictates his holding time.
This is somewhat similar to the way I like to trade, so I found many of the answers Jason gives out during this interview to be particularly interesting, and I’m sure you will too. Regardless of the time-frame you trade.
Also, in the later part of this interview, Jason shares a story about the wildly successful independent traders he’s met, and the one standout trait they all have in common. Which is again, really insightful.
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You will not find a more honest trader/teacher that has this amount of integrity. Jason is absolutely excellent!
We need another interview with this guy. He's awesome!
I learned so much from this interview - many, many nuggets of wisdom that I believe will greatly help me to become a better trader. Thanks to Jason for his generosity in sharing his knowledge and experiences and to Aaron for the excellent interview questions. Really well done.
Good
Technical
1. Record Keeping
2. Technical vs. Fundamentals (More Technical - Based on Personality or Works)
3. System of Rules / Plan - Judge based on following rules.
4. Focus - Having a good edge / Add more to what's working.
5. Heuristics or Cognitive Biases or Logical Fallacies - Psychology
The common thread I hear all successful traders talk about is specializing in one area and becoming a master at it.Its what separates the professionals from the amateurs
The common thread I hear is stop losses, all of them have an exit strategy and also risk management. If you don't blow out your account, half the battle is won.
The common theme I hear is sign up for this service and you will get rich
you can't have one single strategy because sooner or later you'll realize that markets are changing and that you need to revisit your strategy. The most basic elements of trading - fundamentals, volume and candlesticks are the probably the most important....nothing else, not the indicators.
@@mithrandir491 False
@@mithrandir491 Guess you never saw mike bellafiore trader who only specialise in 1 setup and only will trade it,also makes good profits out of it.All of us need to find that a+ setup and build foundation then only then add other strategy.
One of the best interviews I have heard so far. So much objective, clear and useful knowledge ! Thank you Jason and Aaron
I really enjoyed this especially because the interview allows his guests to speak without interruptions. Great stuff.
yeah he is great. But imagine Gary V. as podcaster. 😆😆
This has got to be one of the BEST interviews thus far, & considering your list that is saying A LOT!!!
That was one of the most educational interviews I've ever heard. Awesome! Thanks!
Found you just 2 days ago and have been binge watching all the episodes! love your work!
"Ignore most of the information out there because most of it is just noise"
Interview was best i've heard in a long time. The story Jason told at the end about finding your niche and sticking to it was a huge takeaway. Thanks
+Chase Wrenn, I remember that story clearly-really great. Many thanks for listening mate.
This is definitely in the top 5 interviews. Very solid and detailed information.
+chiefbarkontree, nice to hear this one made it into your top 5 ;)
Incredible trading insight, Mr Leavitt gives golden nuggets throughout this podcast!
Probably one of the best questions and easily the most educational/useful interview so far from you.thank you both
+Uniform Health, awesome to know this was helpful for you.
Excellent interview. I watched most of your interviews, this one helped me a lot to streamline my thought process. Thank you and Jason!
No BS interview. Lots of takeaways. Thank you!
This is absolutely amazing. I know these are now 3 years old, but the information in these chats are priceless. Thank you!
A brilliant interview, and Jason's point about sticking in one thing and don't deviate that enlightened me.
You often hear successful traders comment that beginners jump around between methods and styles and that you should focus on being good at one thing. But they also say that you need to find what suits you and your strengths.
These two statements are kind of contradictory and I think they are lacking in knowldege in how the process works...the beginner-process is necessary inorder for you to find your style/method. What IS needed during this period of finding your method is money management, but still, even this you cant really learn except the hard way.
Still, great interview!
Sejdr well said.
One can jump around until finding the strategy for which one has a talent. Then why use strategies in which one loses?
I actually use the 2 day, 3 day and 4 day candle charts too. Cool to hear he uses that too. Got into FCEL at $1.11 for a trend trade. I look for cross signals with the 50sma and 200sma. I see the cross signals on the 2, 3 and 4 chart as hidden buy signals. I also look for golden crosses on the day chart to happen first.and then look for the 2, 3 and 4 day/week chart to start doing a golden cross subsequently. That helped me hold FCEL to where it is right now and there is still more room for it to go up.
Very good interview. One of the best so far, I'm probably 30 episodes in.
Jason first got covered all bases and then hit home run... It's a Grand Slam of an interview! Thank a lot guys... keep up the good work! :)
+SquarePusher, woo! Thrilled you liked it buddy.
I discovered this podcast a few weeks ago and have learned a lot from all the guests until now. Keep it up!
Amazing interview, his story is so relatable, and it's obvious he has gained a lot of knowledge and wisdom from experience. Thank you so much for this interview!
Another quality interview. Jason provides some real nuggets in this one. Always have a game plan!
This guy said a couple very solid points that i will for sure instill in my trading from now on. Thanks so much. Please if he has more to teach a second interview would be awsome.
This guy was good in the last eight minutes was gold I actually recently figured this out in my own trading. All you need is one thing that works
I like Jason's mindset on the ebb & flow of the market. Good interview Aaron.
the point he makes at 40:45 is Gold
cant believe were listening to this for free. I'm literally sucking it all up.
Sam Khalil i
Agree. Trade to trade well, not to make money. Money follows good trading.
*_Exactly!!_*
Great interview guys. Jason, loved your tips. Signed up on your site.
Excelent interview and Jason really went out of his way to tell it like it is. Many thanks to you both for bringing this interview to TH-cam.
+Backspin I second this, Jason did a great job of explaining things. Thanks for taking the time to listen and comment!
Learned so much from this interview. Thank you Aaron and Jason.
best trading psychology out there. thank you so much for the videos!!!!
Thanks to both of you, Jason & Aaron. That was a lot of in-depth information and ideas.
+MATHEW PAULSON - great! You're most welcome Mathew.
his introduction to trading is exactly the same as mine minus the age Difference and the market. Its like looking at an old photo of yourself. Thanks for uploading these interviews M8
+SuperChij, it's awesome that you could relate to Jason's story. Big thanks for listening dude.
excellent please bring guy back
36:21 “don’t sweat the entries...” such a good interview and great nugget for analytical thinkers who like to be exact but learn over time it’s the overall setup and bias that matttes more than the entry. If it goes the other way, the entry doesn’t matter anyway and if it runs big your way your a “perfect” entry may only be 1 or 2% of the total love. Thx Jason
Pleased for you.. best of luck in the future! Great, thanks for passing on your experience.
Really great interview Aaron. Thanks Jason...
Really good interview, super informative and insigtful with behind the scenes knowledge. Real perspective from a trader its extremely helpful
amazing interview, especially the second part
I agree, Mr. Leavitt, there is no one book out there. Acquiring knowledge via numerous books, web sites, etc. "à la carte,” if you will, has worked for me, thus far...
Awesome advice at 42:10. Great interview. I loved the whole thing.
Damn this was probably the best interview yet. Idk why but everything really clicked and resonated with me on this one
Me too,i can't believe it. One of the best interviews ever
This is gold. Learned a lot Thanks Sir Aaron and Sir Jason from Ph.
One of your best interviews. Thanks!
This is a great video. It just goes to show you that if I learn, learn from my mistakes, not give up and have a good strategy that I can make it to the top.
Another great interview. Love the perspective and nuggets of wisdom.
This was such a good interview Aaron!
Excellent points. Thanks a lot for this knowledge 🙏🙏🙏
Amazing episode. Thanks so much to you both
Brilliant - like the Jerry Robinson interview on this same channel, this guy tells of traders who knew 1 or 2 markets or commodities inside out.
One does hear conflicting advice - don't let losses turn into big losses, but you have to let the price action move around naturally. Well where's the line between one and the other? heh. I guess having stop losses in your plan is the only answer
Don't let small losses turn into big losses. That has always been my biggest mistake. I have always had trouble believing that I was wrong. I have even walked away from trading altogether, for months, and let losers keep going down and didn't even watch them, because I got depressed and lost confidence. :/ I'm going to start cutting my losses, as soon as the price does an unexpected move in the wrong direction and breaks a critical support level. Then get right back on the horse. I'm also going to become an expert on one sector and one technical indicator. Great advice.
An interesting insight I had here - you said you will cut losses if price makes an 'unexpected' move in the 'wrong' direction. Two things: first, you seem to expect price to move in a certain direction, and secondly, you said it may unexpectedly move in the 'wrong' direction. To expect price to move in a certain direction isn't necessarily a problem, I just would say be cautious to balance expectations. This ties in with the second point - the market isn't 'right' or 'wrong'. An invididual prediction may be right or wrong, but perhaps it's best to thing of trades as 'being more likely to do A rather than B'. This way you aren't expecting anything, or thinking that anything is correct or incorrect. Instead you're analysing probabilities & keeping an open mind. I am just like you, I have trouble cutting losses. Accepting that anything can happen in the market has put my mind at ease. All the best wishes. Are you still trading? If so, congratulations for surviving for so long. If not, would you consider trying again with a different strategy?
@@mikebasketball11 Well, if I didn't expect the price to rise, I wouldn't buy it in the first place. So yes, I do have pre-conceived ideas about which direction it should go, based on the long term trend of the stock and the market or sector. If it turns out that I was wrong and it goes down, I used to write it off as bad entry timing or a "temporary correction" and not cut my losses right away. This is especially a big problem if you are trading 3x volatile ETF's or penny stocks, as they can drop 20-50% in just a few days. They are also too volatile to place stop loss orders on, so you have to use mental stops. Anyway, this time around, I did my homework and bought a $2 stock that has institutional backing. It's still very volatile, but not as risky. To answer your last question, I've been trading on and off for about 37 years. I'm still learning from my mistakes though.
@@jeffgreen3376 Hey Jeff, thanks for the reply mate, just wanted to apologise for the way I came across (was shaking my head reading my own comment). I think I was completely off when I said 'not to expect'. I think I incorrectly interpreted 'expect' as 'predict', when they're very different meanings (expectations as probabilistic/likely rather than certain).
May I ask how the mental stop losses perform instead of a 'hard stop' (unsure if that's the proper term, still learning!) in markets w/ high volatility? I'm mostly trading Bitcoin so I understand the volatility aspect, but have been too worried about mental stops allowing for massive losses (say, whilst I am asleep). Sincerely wishing you all the best w/ trading & in life, hope you have/are having a great day. =)
@@mikebasketball11 Well, with a mental stop, you'll lose more on each bad trade, but you'll avoid getting stopped out by greedy market makers who drop the stock in order to take out the stops. With stop loss orders, you'll get stopped out more often, take smaller losses on each trade, but you might miss out on a big winner that just had a false breakdown, a stop hunt or a "drop before the pop". Also, if you can't watch the stock every day, you should probably go with stop loss orders. Don't place them too close to support levels though or you risk getting stopped out by a greedy market maker. Bitcoin is very volatile and it trades overnight, so good luck with that. Can you even place stop loss orders on Bitcoin? Do you trade actual Bitcoins or the Bitcoin ETF?
wow Jason... you just blew my mind and I had a moment when you talk about specialization..
the market movers control the market, and the price drop/ raise percentage follows the chart/ trend.
I also was fascinated and learned that by learning how to read charts
Was searching for a cool channel that talks about investing and I found your channel. Loved this chat.
+Lord Metroid awesome, pleased you discovered the CWT channel. You can find some of other interviews I've done on TH-cam, or for the full list check out the site: chatwithtraders.com/podcast
Wonderful interview, Great insights Jason
Another fabulous interview!
This dude just let me know without question that I've been on the right track. Excellent interview.
Me: thinking of a question
Aaron: *reads my mind. Asks the question I was thinking about
Wow! I've watched many videos and have read a handful of books on trading, but this interview is perhaps one of the most important pieces of information I've come across. The anecdote at the end about great traders specializing in a single strategy resonates with me as well as the part about style drift. I believe my inability to remain consistent is my tendency to try out different trading strategies too often. With regards to specialization, I recall that one of my most successful trading periods was the quarter directly after the dollar made its huge move last year. I searched for companies whose balance sheets had a lot of overseas revenue exposure and shorted before their earnings announcements under the assumption that the strong dollar would lead to missed earnings. More often than not the trade worked and I pocketed a 20% gain to my account over that time. However, switching my strategy shaved off half of those gains over the rest of the year. This interview has brought this back into my mind.
+Nicholas Arbin thanks for the good word Nicholas, I'm glad this interview has been helpful. Jason did an awesome job of summarizing the common pitfalls of traders at the end.
as the infamous philanthropist Future said, this is truly "Sensational"
Brilliant interview well done to both of you
+grant wilkinson, cheers!!
This guy is awesome. Brilliant interview I could listen to Jason talk all day
Small account of 10k to start... I started with 100€ total XD Amazing interview and perspective!
This is Pure GOLD‼ Merry x-mas everyone!‼. Never give up on your dreams‼- 12/25/21
Thanks for this. Great interview.
Have a good luck! This videos are really useful!
+Саша Баштыренко great to hear this has been useful to you, thanks.
I take small nuggets from good sources
Thanks for the cast.
What a great interview! This guy is awesome!
awesome interview an eye opener and realistic.
Truly great interview kudos aaron
Loved this one! Thank you.
great questions and great answers !!! Awesome!!
+Jac, thanks boss!
one of the best podcasts ive heard
Jason's interview was great! Very good to trade ones own style!
Why am I just now discovering this channel
You said it for me!
I honestly just listen to this every once in a while because I can relate to the story.
Thank you CWT, great learningvalue!! ;-)
Very helpful video thank you
Great chat...thank you
Thank you so much Jason...
Great interview once again ;)
Excellent share. Love to listen till end.
Such a great interview.
I'm learning so much.. thank you..
Very informative interview.
very good interview... I spotted lots of mistakes I make.. one question: is Jason using a normal trading account or an account with leverage such as spread betting?
the reason is that I have a spread betting account with around 2000£ and a normal trading account with 30k +. with my bigger account I hold positions for a long time and with my spread betting for a short time.. thank you for your insight..
Great Story Sir ...Inspiring
His strategy starts at 17:00. Aaron can you please bring this guy back?
Very informative interview...
thanks for sharing amazing video
Thanks Jason. Thanks Aaron.
Great informative interviews Keep it up! subscribed (:
+XDMeltdownHD much appreciated, and thanks for subscribing.
Such Great interview, I have no ideas why so few viewers.
+Day Chen thank you, awesome to hear you enjoyed this interview. Jason was an awesome guest!
one of the best I've heard 👍👍👍
Thank u so much God bless you. God bless you
Point is with faith action and determination and commitment you can make it happen doesn't matter what age
Gotta love this guy