Episode 56: Lance Breitstein on Becoming an Elite Trader
ฝัง
- เผยแพร่เมื่อ 6 ก.ค. 2024
- Lance Breitstein joins The Wall Street Coach Podcast to discuss his incredible rise as a prop trader at Trillium, the importance having a growth mindset, and how to identify the nuances in both the market and your own trading to vastly improve your edge.
1:10 Introducing Lance Breitstein
4:15 Stepping away from prop trading
6:10 Combining hard work with smart work
13:25 Growth mindset, playing to strengths, and ridding yourself of limiting beliefs
20:05 The importance of self-awareness and introspection to adapt and grow
29:40 The advantage of maintaining a longterm perspective
36:10 The paradox of struggle and adversity
41:35 Reviewing “the most important moments” in your trading
43:18 Identifying the nuances of what works for you and when to size into trades
48:05 Breaking down theoretical discretionary trades through thought experiments
51:55 The value in game planning the realm of possibilities
54:48 The best trades have every trader on one side - TSLA and CVNA trade examples
1:00:20 Emotional intelligence in trading and life
1:05:30 The value of working with a performance coach
1:08:10 Combatting scarcity mindset and greed with identifying personal values
1:15:25 How the Impact Competition has a large scale impact
1:25:10 Advice to the average trader
In this episode Lance dives deep into what he believes are the reasons that he has found such success as a trader, including his tremendous work ethic, maintaining a long term perspective, and reviewing what he describes as "the most important moments" in his trading. As Lance puts it, it's not enough to just work hard at trading by looking at charts or reading analyst reviews all day. In order to make it, a trader must really dig into working smarter by identifying and refining the nuanced aspects of trading that will compound and pay out exponentially over time. Lance gives a number of detailed examples of how any trader can accomplish this during their review process with examples of watching back how they traded, journalling, and doing a daily report card.
Lance also breaks down few different real world and theoretical discretionary trades and how he would approach them. In one example of a theoretical capitulation trade, he outlines how he would capitalize on a panic if a "boring" mega cap stock like Bank of America (BAC) dropped +20% in a matter of minutes. Other examples that Lance speaks to are real world trades that have happened recently, including catching the recent lows of Carvana (CVNA) and buying the breakout of Tesla (TSLA) from last fall. Beyond outlining how these trades worked, Lance dives into his thoughts and conviction behind these big trades. He describes the thought process and stock selection by specifically identifying stocks that he believes every trader is wanting to be on the same side of the trade.
The roadmap to becoming a wildly successful trader is outlined from virtually A to Z by Lance. As he says multiple times, there is no magic formula or secret to becoming successful. It takes committed, deliberate work to refine the craft of being a trader and this is done by removing limiting beliefs, being self-aware, staying objective and honest with yourself, being ready for any given outcome, giving back and being a contribution, living in accordance of your values, and committing to a growth mindset in order to improve every day.
Lance Breitstein
Lance Breitstein on Twitter
/ theonelanceb
Impact Competition
impactcompetition.org
Learn more about The Wall Street Coach and sign up for The Wall Street Coach weekly insights
thewallstreetcoach.com
Get in touch with The Wall Street Coach
bit.ly/3HAsfjS
Download the Free Ebook - Discipline and Finding Your Edge
bit.ly/3vPw4PN
Kim's book - Transforming Wall Street
transformingwallstreet.com
Kim Ann Curtin on Twitter
/ kimanncurtin
Lucas Peterson on Twitter
/ fliptherook
#Lance Breitstein #Trading #PropTrader
![ภาพนี้ก็ฮาเหมือนกันนะเนี้ย #2 SS8 [ พากย์นรก MEME.EXE ] | easy boy](http://i.ytimg.com/vi/RMhUgxxD49Q/mqdefault.jpg)
Lance is gem of a person thanks for sharing
Thank you for watching and taking the time to say you enjoyed it.
Fantastic interview. If you are very early in the trading game, you may not realize that pretty much everything you need to be successful is laid out right here. If you have been in the game for a while, You can hear the distinctive ring of wisdom running throughout Lance's words. You don't have to agree with everything he says, I probably agree with 90% of it, but really everything you need to be successful is right here.
Agreed Josh! So glad you enjoyed it. Lance drops gem after gem here. I'm with you! Thank you for taking the time to comment.
Simply amazing how traders that have the ability to make solid amount of money are willing to offer help. Abundance oozes through their being. Thanks for this fine upload.
So glad you’re watching our podcast and I agree with you that the generosity of Lance and some other very successful trader’s generosity know no bounds. Thank you for taking the time to comment!
Love this and still have an hour remaining ❤
Lance gave us an amazing podcast! Thank you for watching and taking the time to comment.
Absolutely amazing interview.
Kim, thanks for interviewing Lance that seems to be a rather generous person that is happy with life.
PS: less than 1100 views on mid June 2022. This is a major evidence that there many hidden gems on TH-cam. You just have to search for them.
Thank you so much Diogo! I’m so glad you enjoyed it. Lance is very special. If you’re digging my podcast perhaps you’d be willing to consider helping me to spread the word. Pls do subscribe!
Lance is unbelievably eloquent and experienced. I think he’s the perfect guy to convey information and advice to traders who have a couple years of experience and are trying to shift from breakeven to consistently profitable. Not to say this information isn’t extremely valuable to already profitable traders, b/c it is, but the information he is sharing would’ve exponentially accelerated my learning curve back in the day when I was consistently breakeven. Great interview, and as always, phenomenal execution on Lance’s end. Appreciate all of your time!
Thank you so much for watching and more taking the time to share your thoughts. I really appreciate it! So glad you dug it. Thank you for trusting us with YOUR time!
Truly Amazing....So so much valuable knowledge in this message. Now it's time to put it to work! Thank you Lance, Kim and Lucas!
Thank you so much Shane! Glad you got so much value and inspiration from Lance’s journey. ☺️
Lance dropping some absolute gold in this interview, Thank you for all your wisdom.
I agree! Lance has so much to share and he does it very generously in this convo and always on his Twitter/X feed. Thank you for watching and for taking the time to comment. 🙇♀
This is the best trader video / pod cast on the web full stop.. Kim and Lance obviously get well together in this interview, which is partly why its so good.
Thank you so much Paul for watching and for taking the time to say such kind words. Lance is very generous and wants to see traders succeed! How could I not get along with him with that heartfelt attitude! 😊
Pls help spread the word about this episode and our podcast if you’re willing. 🙏🏻
@@thewallstreetcoach No problem I will stick in my twitter feed..
This Lance guy is becoming famous. He’s everywhere!
CryptoManDan
Yes he is! 😎 Lucky for traders he is dropping gems 💎 everywhere he goes. 🤩
Bloody awesome bloke. Thanks Lance and Kim.
Thank you George for watching!
Lance @TheOneLanceB I would start to trade stocks just to be your mentee :) I've been following you for a while, I trade commodities but the insights I get listening to your interviews are truly inspiring, especially about attitude and mindset. Cheers.
Thank you so much for watching and taking the time to comment.
The minutes breakdowns are awesome, thank you for putting them together
Thank you so much for watching and for the acknowledgment of those breakdowns! Lucas did all that work and is an absolute rock star 🌟! 🙏🏻
Great interview, and great questions Kim!
Thank you so much Tony!
1:10:30 The Power of Greed, No Matter How Much You Have You Always Want MORE!!!
It’s part of the human condition - but there are practices that can mitigate this -self awareness - noticing it is afoot is one. Gratitude for what is me already has is another
Wow! what a great interview. One of the best if not THE best❤
Thank you so much Dem! I agree - Lance gave us a killer interview
Another wonderful interview. Really appreciated what he said about back testing as well as about what “rich” is lol and taking on a dream and what that takes. So much more in this interview. Highly recommend a listen! This man is wonderful. Thanks Lance.
Thank you 🙏🏻 Katie for watching and commenting. I’m with you! Lance is indeed wonderful!
Loved it!
Thank you for watching Luke!
Amazing interview! Thx for this! One of Lance’s tip was to record the trades and that was a game changer.
Thank you so much Michael for watching and for taking the time to share how helpful that recording your trades had been for you. I’m thrilled to hear that! 😊
TIME TO REP IT UP BABY!!!
🙏🏻😎
This was a very good interview. As a beginning trader Lance's story is very relatable. I love this content. Thank you
Thank you so much John for watching and more taking the time to comment. Glad you found Lance’s story relatable!
Lool the hottest trader out there right now, must be them biceps. A++ content as per
Thank you for watching! And taking the time to let’s us know. It means a lot.
Very good content thanks
Thank you so much for watching and taking the time to say so! 🙇♀
You can lose your home, car and file bankruptcy and still feel much better about yourself than when you have that trading loss. It turns out trading is not just a numbers game. What lance says here must be taught in schools. This is human behavior psychology. The extend to what he says could help someone is beyond the trading arena.
I agree 💯 perfect! Thank you for watching and for sharing your thoughts!
Did or does Lance ever day trade options? Or strictly stocks? Inquiring minds would like to know thank you!
Hit him up on Twitter to inquire
The bank of america part was really funny, 35 bucks to 26 in 2 mins lol time to backtest
Thank you for watching Michael!
Lance "guess what" Breitstein.
Guess what John? I dig it! What say you Lance? ;-)
What's this guys net worth anyway? We just supposed to assume he's super successful.
I don't know what that number is but yes Lance is incredibly successful and not only monetarially but in many ways.
He was the number one trader two years in a row at a top tier prop firm and made in excess of 10 million dollars per year. Trust me, if he was not being truthful about this, the other traders there would call him on it. He's legit. I think he's also posted audited proof. But honestly, if you have seen the grifters and snake oil salesmen out there, you can tell that Lance is not one of them. Plus, as far as I know, while he does appear in SMB videos, he's not really selling anything.
Why don’t you put in the work and find out yourself? His background, resume and accolades are out there.
Profitable legitimate traders can sniff out the frauds. Think of any subject you have expertise or mastery in. You know who’s bullshitting you and who’s real.