His Steps to Becoming Profitable Day Trading ⭐ Ep 001

hi i'm ross cameron and this is my podcast where we'll explore everything related to day trading you'll hear me recap trades analyze strategy dive into trading psychology and interview other traders i'll share with you the biggest ups and the biggest downs of being a trader and you'll pick up tips and tricks along the way that you won't hear anywhere else if you love what you hear and you want to keep learning you can check out more free content over on my youtube channel or visit warriortrading.com to see my premium members only chat rooms scanners and trading courses i want to remind you as always that trading is risky and my results and experiences as a trader are not typical there's no guarantee that you'll find success whether you trade on your own or you learn from me so please take it slow and practice in a simulator before you put real money on the line and remember these episodes are for educational purposes only and are not financial advice or buy sell recommendations so let's go ahead and jump in to this episode in today's episode i'll be interviewing another trader during these interviews i always ask traders to share with you the listener the best piece of advice they wish they'd gotten when they got started so make sure you stay tuned for some really good stuff here today in the description of this podcast there's a link to the all-star traders page over at warrior trading this is a blog that i wrote after interviewing millionaire traders i discovered that many of the most successful traders share similar personality traits and employ similar strategies both in terms of actual execution of trades but also from the perspective of managing risk and dealing with losses on that page you'll also see another interview that i conducted that was a panel of profitable traders so i hope you check it out and try to get yourself in the mindset of what it looks like to be a professional trader so let's go ahead and jump in to today's interview all right everyone so we're going to do a interview here with jess member of the 100k club and a momentum trader for sure jess uh you are trading basically the same strategy that i trade pretty much every day we're looking at the same stocks and everything else so let's um let's why don't we get this started with um you giving us a little um introduction of um uh where you're from and how long you've been trading and high level your strategy all right cool yeah so what's up guys um first i do see mark says i got the best hair in the game so you know that's that's a huge bonus yeah part of my strategy um but yeah you know i'm i'm obviously i'm from new york you tell by my um my accent or apparently the accent that i have so yep um i've been trading for a long time now you know since i think i opened my first uh brokerage account in maybe 2012 13. okay um and i was i was dabbling a lot you know just in you know the average person just kind of buying a stock selling a stock not really knowing what i was doing um and then for for a while i was um you know just trending sideways i'm like all right let me let me get into this a little bit more so i was actively trading almost every day just just going sideways and i did that for a couple years until you know until i joined warrior trading and then from there i you know i obviously learned from you and i learned your strategy and it wasn't you know it wasn't instant it wasn't instant for me yeah it took me time i you know i i went through your classes probably six times okay well i was yeah i was i was hearing you while i was sleeping i was hearing you while i was traveling i was just ross's voice was it was part of me and you know it took some time for me to to really to get a hang of it and it's it's because i'm a hard learner i it takes me a while to learn something but um i think my drive behind it um really helped me kind of pick it up and um that you know stick sticking to something knowing that i do see people that are making money trading i do see that you can be profitable doing this yeah and that's what that's what helped me you know you know carry to be becoming a profitable trader so some people um you know will struggle with momentum on small caps because they're so it's like wild west sometimes they're so fast it's like zero to 100 and then back to zero i mean it's like whoa this is crazy it's it's too hard and they'll decide to switch over to large caps which usually are you know the it's tapered back a little bit it's not the crazy crazy stuff still sometimes crazy but um you did you ever try that or did you why didn't you do that um you know i i did i did i kind of branched out but it was a very quick um you know i i saw the the momentum behind the small cap stocks yeah and you know when i switched to i did look at large cap i was like maybe i'll try this and i just couldn't see it i just couldn't get it i just i didn't see that um you know those those huge you know four or five hundred a thousand or even two thousand percent moves you just don't see that so i was like you know um i don't i don't see anything in this that fits even my personality yeah so i that's what really brought me back to the small cap stocks now tell me a little bit about kind of your financial situation whatever you want to share with us that sort of before you got into trading because a lot of people know that when i got into trading i was like had almost no income i was making very little money i was lose i was spending more money than i was making so trading for me began kind of with like a bit of like desperation like if i could make twenty thousand dollars this month that would make a huge difference in my life so bad pressure what was it like for you yeah you know um i i was actually on the other side that's not how i started um i've never traded in a sim uh when i was getting started i traded with real money you know and that would have been money that um you know i was losing that could have saved by trading in the sim yeah for sure and you know when i got started i was i was also a business owner so i had um i was and i was making decent money okay so i was able to you know i was like oh you know this might be something um this might be something cool that i can try out you know i can throw money at it and i had um what i was doing was i just had you know disposable money that i could i could afford to lose you know it wasn't going to kill me if i lost um you know ten thousand dollars or twenty thousand dollars yeah and so that's kind of like my sim money almost and interesting you know and so when i was when i was trading i was like all right yeah i can i can play with this and see how i can see how i do with it yeah so that i mean that that's definitely a little bit of a different perspective so you were you had the benefit of a um essentially of of income so you didn't need to make money trading in those first couple years you were able to keep you said you had other income coming in yeah yeah exactly so i was it was you know it was making me good money so i can just um i could just take stabs at things and the funny part is is you know a lot of people think if if oh you have money you can make money and that's you know that's not what happened it was just i was not making any money yeah you know i would rather have started with an education and you know lower money than you know just wasting my money having no sense being in the market with no education right so it sounds like you had a period where you were spinning your wheels um do you have and i know you've talked about joining warrior and going through the classes as being kind of part of your turning point but do you have a specific trade or a specific kind of period of time of something that happened where you kind of broke out of going sideways and started to actually like ascend you know it wasn't a lot of a lot of times i see that um you know you'll see all the internet everyone's like oh i had that light bulb moment or i had that that aha moment or something like that and that's not what happened to me it was you know i had i had losers and i had winners so it was kind of like this huge gap of of trending sideways and then it was tightening up my losers you know but which also tightened up my winners you know so i kept i learned how to tighten up my the strategy okay and then um which essentially is is trading exactly how you trade in red um so we're trading the same stocks i'm like all right i see how he's doing it i see how other people are getting it let me see if i can get dialed in better and then from there it was just i'm keeping my losers to a minimum and then starting to slowly increase my winners and then so yeah so over a point in time it's you look back in your your break even on the month a lot of people like oh it's frustrating and to me when someone says that it's i see it as a good thing and now you know what you do next is you're treading water yeah next month um you know you look back on the month you'll be like wow i made a thousand bucks right so that you know and that's how it slowly started to grow and then you know i i looked back um over a period of a few months and i'm like wow i'm up like 30 grand or something like that over you know x amount of time i'm like so i'm getting it and now it was from there it was keeping it keeping yourself in check keeping the emotion in check and right um keeping yourself accountable to all those traits and and then from there yeah it just it keeps going up yeah that that's an interesting uh that's interesting you had it that way for me there was definitely a kind of rock bottom loss where i was like i just blew my account and now i've gotta sell stuff in my barn on craigslist to put more money in my account and i'm running out of stuff to sell realistically i sold a car and there's an older car that i had that i was kind of fixing up but i was like i'll just sell it i'll get the 45 grand and you know so for me i was like this is my last shot because i i've accumulated this credit card debt i am now have minimum monthly payments just to keep up with the interest and you know i i could take everything that's out of my trading account to pay those but then my trading account is gone so that's why i was choosing to let things ride up on the on the credit card balance and keep the cash in the trading account but then of course when i would lose it so for me it was that final loss where i kind of felt like i kind of hit rock bottom and i was like either turns around right now or you're done you can't add more money and that forced me to you know at that point the stakes then were pretty high and it forced me to follow the rules in a way that was much more serious from what i had done before so and i think that that is common for some people too but i think that what you experience is also not uncommon which is that sort of slow transition from kind of just consistently losing but not maybe getting crushed to then kind of treading water a little bit just sideways and some people could be sideways for and churning sideways even for years you make a little then you give a little back you're not losing a lot but you're not really making a lot either you're just kind of sideways and then all of a sudden a couple months go by and you're like whoa my account balance is like up by 20 30 grand and then that's when sometimes it starts at least for me to get a little scary because now you're like it almost feels like you're it's almost like a fear of heights you're like yeah like don't don't blow it how did i get so high up i didn't even realize and then inevitably you do have a loss so what happened do you have any memory of one of those first kind of big losses and how you handled it yeah it was and honestly um it was as i was going up and that's exactly i was going up and i was i think i looked back i was like oh you're up um 10 grand and i was like oh i'm i'm gonna crush this next trade and i just go back right back to break even over my past like few months of time i'm like like you just you know you just gave all that back all that effort yeah um but you know that's when um you know a lot of people decide to quit when they do that like oh my god i'm starting at zero again but um no i always looked at it as a chance to keep going you know get back up and and try again because you know you did it before so why can't you do it again right well i think that that's that fight or flight response and i think that we both have that fight instinct after a big loss to get right back in and that can border on revenge trading which is start to get sloppy and i think you like me we both have a hard time knowing when to walk away and we'll have days where it's like dude i was up five thousand dollars and now i'm down five thousand how did this happen exactly and so i think that that's a little bit of that is kind of kind of hardwired but i think some people have the opposite which is the the pain of losing is so bad that they're like i just i can't i can't possibly come back i can't possibly come back and try to recoup this i and i and that's i mean i felt a little bit that way after losing the 300 000 in the beginning of um february or the 275 whatever and it was just sort of like oh my god that amount is so big i can't possibly i can't possibly come back tomorrow and just literally come in here to only make two grand my commissions were more than 2 000 on that loss like i can't possibly it's um it's definitely interesting to see that too because from the outside you know i at least you know people like myself i was looking at you i was like you know that's it's really not that bad yeah you lost a lot but you know if you look at the big picture it was like wow you're doing amazing right you know but you know yourself kind of giving looking at yourself in like a third person type of view you're like wow how are you gonna get out of this definitely hard especially when you think those those big losses yeah yeah no they're they're they're really hard um and we're always so connected to them that it's hard to have that outside perspective of like hey man you're still green on the big picture you're still this or that but of course then there are other people that will have that experience um like when i had kind of my big gloss that became the turning point where i wasn't able to say hey at least you're still green on this whole thing of trading i was like i've lost this amount of money i have this much credit card debt i have nothing to show for this i'm embarrassed this is then and so that created a little bit uh for me of kind of that um you know it's like that that perfect storm in a bad way where you've got the desperation from financial emotional ego and you know you've got a time limit of i need to make this by this amount and that can create a very volatile situation where you could start to do some crazy crazy stuff with a you know big account throwing huge amounts of money at the wall oh for sure yeah because you know you're you're you're coming at this whole new type of career out of pure emotion right uh and when you do anything out of pure emotion and no logic behind it that's when you know you can really get bent out of shape and off course it can it can set you back quite a bit so what do you do right now when you have um you know a big red day or a red week or a red month or whatever it is how do you how do you kind of get yourself re-centered uh you know i it's it's not as bad anymore um to me i can if i take maybe a six seven eight thousand dollar loss you know and it's and it's out of a decent trade or may say i made a mistake or something like that i can you know do the paper stack and be like all right you know on to tomorrow you know i can i can brush it off pretty good okay it's after maybe after if i'm i come in the next day and then i take a hit and i come in the next day and then same thing i'm like oh you know like how do i break out of this diamondback red days yeah and usually um you know obviously talking to someone about it helps because other people are are having that same that same situation that we have but it's mostly what i like to do is i like to kind of re-center i take you know i avoid setups that are high risk um i just go back to the basics and that usually serves me the best so um you know i'll stick to like a five minute setup or trade only stocks with maybe 10 million shares of volume or you know very high volume yeah um that'll tend to uh set me straight and then once i do that it's like all right yeah you're back in the game you know now just keep that trend yeah i think that that for me is um it's that getting back to basics i think that sometimes when trading is going really well it's easy to get a little complacent and to start to kind of take higher risk setups because sometimes they are paying off and then when you're in a period where you're struggling it's like okay i really need to dial this back into my go-to setups that the most confidence in and some of these ones that are the wild card setups that maybe sometimes work this isn't the time to be swinging from it's just the risk is too high well i'm wondering um you know as you kind of are continuing to trade what's your goal in terms of continuing to scale your strategy i mean you see obviously kind of where i'm at in the last year how i didn't think it was possible necessarily to scale more than half a million or maybe a million on a great year to all of a sudden 5 million in one year what's your thought kind of seeing that from me and maybe seeing other traders out there who throw down some really big numbers is there a part of you that's trying to stretch or are you trying to kind of just keep it like nice and steady what's your what's your goal yeah you know that's a that's actually a really good question and it's something that um you know i think as traders it's always going to be inside of us to want to um you know i could easily come in here every day and just say you know what i'm going to take a thousand shares you know make my whatever profit you know type of profit i'm looking for and walk away yeah we could you could do that as well but it's i think as as a trader and you're seeing you see the potential in the market um you want to scale you know you want to you know grow and and that's exactly what i've been doing is um you know taking bigger sides but also trying to you know take better um you know better trades you know more accuracy better you know just all around just better my trading um and then incorporate that in a larger share size so you know when i used to trade a thousand two thousand now i'm up to maybe you know eight and ten thousand on my on like a hot day or something like that so you know from there um once i really start getting that yeah i would like to actually scale up to maybe 25 30 000 shares eventually yeah i mean it's it's definitely possible it can be done certainly with bigger size the sacrifices that uh sometimes what would have been a base hit with small size 5 000 shares you could jump in and out 20 cents and be up a thousand bucks with 20 000 shares you might not be able to get in and out as quickly you might get five cents of slippage on the entry you might get another five on the exit so what would have been 20 cents might only be 10 maybe it's actually flat maybe it's red and you know of course if you get in those situations where you do get that um that kind of big flush then all of a sudden with bigger size you're gonna have the bigger the bigger losses so i think the the thing there that we've talked about quite a bit is that emotional conditioning and you know sizing up gradually is is the best way to do it so from eight to ten thousand maybe at some point you increase your size now you um in terms of the platform you use i know you're using direct access software so you can you can route your orders directly you've got your hotkeys all dialed in you're using level two a lot so that's all basically the same as how i have it set up um what do you use as your default share size like when you jump in a stock are you doing it the way i do it of like two or three orders of x thousand or are you going all in in one order yeah usually um when it when you know the market is really hot i like to i like to adjust quite a bit based on the hot market and um you know maybe a slower market um and that's in terms of you know how many times i'm adding um obviously my share size i'm not just gonna you know regardless of the market just always take every position with you know 5 000 shares sure yeah so when something is working out yeah i add in tunes that's my current deal okay well or two by meaning two thousand shares okay so two thousand two thousand two thousand and then um more times than not if it's something that's working out really well i'm yeah i'll probably cap out around an average of maybe six or eight thousand shares okay so i that was very similar to what i was doing for a long time and what i did was uh i just jumped into my order default which i'm just kind of putting on the screen here and this is uh the continuation of my kind of uh that's my my day but in any case um change from 2000 and then just bumped up to 2 500 and then i went to 3 000 which 3 000 i've had it like that for a long time that's kind of easy because three orders is 9 000 and then i go to 12 and then 15 you know so that kind of works in that range jumping up to 3 500 is a little tricky because you get to funny numbers you you get to 7 000 and then 10 500 and then 14 000 you know it's just kind of weird 4 000 can very quickly get me into 16 20 000 shares and i'm size too high you know and then i'm like uh this that's a little big occasionally in a hot market i will increase it to 5 000 and i'll just be punching you know in 25 000 shares or 30. when things are really hot but generally i've left it at three and i keep kind of wanting to bump it back up you know or take that next kind of move higher and you know it seems like the days i do it like today you know i don't want to do it today because i'm i went from up 65 down 55 i'm really only up 10. i'm i i don't feel like i'm i keep kind of feeling like okay it's time and then i'm like nah nah i can't i'm not quite ready but that's essentially that's that's basically what i started doing a combination of slowly increasing my base size so instead of by twos by threes and just like that you've increased your share size right um and then the next the next step is also being more comfortable punching that button four times instead of just twice or three times yeah and that's a lot of it too is is you have to be comfortable um if you're very uncomfortable trading you know that amount of share size you're going to be trading out of all emotion right and maybe i think that's a lot of it is i'm not ready to jump that high so you know everyone is in their own place yeah obviously as a trader and you'll know when you're ready yeah for anyone that's you know making your way up and making your way up to share size yeah you definitely know when you're ready yeah yeah i mean you will you'll start to feel like okay i'm dialed in i'm feeling comfortable it's time to get size up a little bit bigger you'll start seeing the winners getting bigger and then you'll have a couple of those losers where you're like whoa this is a much bigger loss than i'm used to having yeah you know and but then you you know you can't usually will handle it rebound and then you're kind of okay i guess i got through that and now i'm kind of acclimated to taking a 15 20 000 hit on the bigger size and i can i can totally like where you're at brushing off six to eight thousand at this point i can brush off 18 to 25 30 000 loss very easily it doesn't exceed my daily average in terms of profit really so but when i start to get up to 47.55 that read on that one account that's right that's a little too much that's a lot money sting a little bit it's all relative you know i mean 300 000 is a lot of money that's a lot of money for anyone but in the market um i recovered that within two weeks you know so if you keep trading at that level but um so let's see um when you're when you're looking at a trade when you're in the trade are you focusing are you really like dialed in and staring at that level too in time and sales like where's your eye at when you're in the trade yeah so when i take so if i'm looking at like we'll say we'll call it the perfect setup okay so i'm looking at a really nice trade um i like to see obviously my main focus is the chart so i'm looking at the chart my moving averages my you know the price action kind of how the candles are are working their way up to um whether it's a pivot point or a breakout point or something like that um and then i i can easily set my my entry price so i'm looking at a key level to get in this to the trade okay um as soon as i um i'm ready to take that trade i start focusing um all my energy on the level two and time and sales yep um because that's gonna show obviously what's what's going on so we wanna see if lots of people are buying earth or if no one's buying yeah so i'm i'm laser focused on level two um just watching the bid in the ass and climbing sails um maybe a big bid pops up or something like that it might make me more inclined to take that position or when i'm in the position that's exactly how i manage it as well i take obviously my my trigger point yep or my entry point and i watch the level two i watch the the price action on the chart um and they'll tell me if the trades working in my favor or hey maybe it's time to stop out and look for a new entry or something like that got it yep that's that's definitely the same for me uh i've noticed that sometimes you'll have a really good entry and the stock will you know squeeze up and you take it off the table and then it's consolidating you're like i can't get back in up here so what's that about because i usually will get back in i mean if it's genuinely like very extended we've got six green candles in a row maybe i'll hesitate but if it's forming just a new one-minute setup and it's just two dollars a share higher i don't have a problem buying it up there so but you sometimes seem to so what's that what's that about yeah so um and that's you know that's that's probably the main difference on our trading well you you you have no problem getting back in and it and more times not it works out um whereas i see i've already had the perfect position and then i've sold the stock and now it's like all right why would you rebuy higher than where you sold it you know because it's kind of contraindicating on you know what buying and selling something would be you know you've already owned it at this price why would you buy it again at this price right um and i think that kind of comes with my you know like a business background yeah so it's it's something that's kind of burned into me that i've been actually trying to work my way out of um doing um so i've been getting better at adding you know higher and retaking a whole new position higher yeah well it's i mean you know it it can work and then also there's times where it can be it can be a real problem for sure i mean there are times where i'm back in you know i had a good average at you know 35 dollars a share then all of a sudden i'm along full size at 48 dollars a share and it drops back down to 38 and i'm like you know i get back in so high but try and trying to have that presence of mind when i'm trading uh as it's going higher and higher to reduce my share size and to not continue to trade with the same size i might have had when it was several dollars a share lower that way if i do lose i'm at least not going to give back everything from that good entry because that i think that can be a trigger for sure oh yeah exactly it's um yeah if you're you know it's i think it's wiping out what you had um in terms of the actual trade and just applying a whole new trading um setup yeah so all right it's still setting up so it's it's a viable trade it's a brand new trade though i didn't even take the previous one i guess but yeah this is what you have on the day so you got to be careful not to lose yeah yeah yeah now you have been a big advocate of doing trading in small accounts so whether it's a it's not really a small account challenge specifically it's just you sort of prefer to have a small account you are restricted therefore on kind of how crazy you could go you know with a with any of the other brokers a small account has to be at least 25 000 and realistically you're probably going to keep it around 35 or 40 which means you could buy a hundred and twenty thousand dollars in stock so what's your kind of thought process on working small accounts instead of bigger accounts yeah you know i i think because that's where i started yeah well i started in a big account i should say you know it was a normal account with e-trade but when i started becoming an active active day trader um you know i found that the small account you know really appealed to me because i didn't have to lock up you know 50 grand in an account or something like that yeah um so that really appealed to me and another thing that um i found that is kind of a trigger for me is that if i have you know a fifty thousand dollar account you know i'm trading before i know it i look down i'm you know maxed out my buying power i maxed out my training and i'm just getting reckless right whereas um you know trading in a you know relatively smaller account it keeps me it keeps me mindful of the risk i'm taking and it keeps me kind of grounded yeah that's you know that's that's a it's a smart thing you do that i find myself at times and my account right now is really bigger than it's ever been and through the gamestop move i was using a full two million dollars in buying power on some of those trades which you know given the price of three hundred dollars you know three thousand shares is 900 grand it didn't take that many shares to hit my buying power max and but then i would have those moments where i was like what if i'm putting literally two million dollars into this what if right now the second i'm in it gets halted and the exchange halts it and they say we demand an answer from gamestop and gamestop says we have no news to account for this move and it resumes at fifty dollars a share or they or halt trading in it for a month you know i mean now that none of that stuff happened some of that stuff is a fear of kind of an imaginary um outcome that's probably not very likely but there are some scenarios a halt for a month is probably unlikely on a big stock like gamestop but a halt for a few hours and then no news that could have happened given how much volume it had i don't know how much it would have actually dropped but there is that realization of like wow in the heat of the moment i just kept pressing shift one and all of a sudden i'm now seeing max you know buying power this is a lot of money on the line and i sometimes feel like i can't really trust myself not to use the buying power when i have it because when i have it i use it and maybe it's only occasionally but when it's there i will there's times where i'll see something ripping up and i'm like whether it's a four or five dollar stock and i'm it's really good volume and i'm like going in 10 000 shares 20 000. 30. 40. there's a seller there at the half dollar i'll buy it up now i'm in with 75 000 shares i had a couple trades last uh december where i think i was in 95 or 100 000 shares and you know the three dollar four dollar stock that's three four hundred grand i mean that's not a crazy all things considered amount of money could go to zero and i could still recoup that in a couple weeks but when they start getting a little higher price above 10 15 20 30 and i'm doing that that's where i start to worry about the it only needs to happen once in my career to be such a huge hit that it could just i mean you know it could i don't know it could like break me it could be like such a huge loss like let's say i lost a million dollars or a million and a half bucks on gamestop how devastating that would be and that the fact whenever you're trading is that you do have that capital at risk so for you with a smaller account if you had that happen to you you're not giving back and realistically even for me even if i lost a million i still made five million the previous year so all things considered i'm still not giving back more than i made in the previous year i guess because i've taken money out of my account but um you know you hear about people that that do just kind of roll all the money in the account and then just go bigger and bigger and bigger and bigger and bigger and then ultimately it's that final loss that knocks it down in half and then it's it's such a yes relatively to how big they were going but it's such a big loss the emotional the emotional damage is like yeah and that and i think that's that you you hit it perfectly because if you do say you did um you know lose a million bucks on getting locked up in something that was halted um you know you'd be fine but the emotional aspect behind you know trading the next day would be so great that it would it you wouldn't even be trading the strategy you wouldn't be trading what you know you'd be trading all out of just fear right i'm thinking like oh my god what if this one does it or what if you know the next one does it and so you'd be trading all out of fear and and that's something that yeah if i there's a comment you know if that ever happened to me in a in a small account i can i can just reload yeah it would never you know it would never be devastating to me so i kind of it's kind of like like you always say you're you're rock climbing and you're setting your your pin yeah if you fall you know it's it's yeah you'll fall but um you know is it going to ruin me no right yeah yeah because that's the thing with those big losses it costs you not only the money of the loss it then costs you everything you lose in the coming weeks because you're trading fearfully you're nervous you're anxious and you're not yourself and it takes it takes time to recover and then sometimes that can be the beginning of this sort of downward spiral and of course the worst timing would be that that's the peak of the market and then it fades hard and then there's no chance because now it's just so choppy for weeks or months to really make back those losses in a serious way you're just sitting with them and so that that comes into you know the head space of trading so what would you say percentage-wise of trading is skill and psychology um i you know i would honestly put most of it um you know i would put more than half on psychology you know anyone who can anyone can learn a strategy anyone can sit down and be robotic and trade the strategy and probably come out ahead um it's it's um you know such a strong mental game when you're trading and you're seeing you know the emotion of of profit loss or you know especially when you're a new trader you want to take the trade and you want to lock in as fast as possible because you don't want to experience a loss so you're you know you're taking those little one cent winners or something like that and you know the next one you take the end screen that flushes on you so you know you're capping your losses then you or you're tapping your winners and you get a big loser and it's just there's so much emotion behind that that that's kind of what triggers you as a trader whereas if you're completely robotic behind it you know it's it's it's better for you to be honest how do you stay grounded when you know you have a day where you make like 8 000 bucks and then you're going to the supermarket and you know you can load up your entire grocery cart and not spend like more than 300 dollars like you could be like you could be walking by people like you i could buy your car today i could i made more than every single one of you might made today i mean how do you how do you kind of like because that's such a i mean eight thousand dollars in one day that's more groceries than you'll buy in i mean a year like how do you kind of compartmentalize those gains and not kind of rent go and buy the lamborghini or go and just kind of uh yeah you know it's i have i've done that you know i've been like oh i lost i'll say like eleven thousand dollars today and it's like i could have bought you know quite a bit of stuff with that i could have you know i could have given that to someone that needed it yeah and that's um something that you don't even wanna go down that road yeah right yeah you don't you don't want to do the math of how many cups of coffee how many how how many little things of pineapples could i have bought with 300 grand this is this is the 6.78 thing of uh pineapple i could probably fill that entire part of my little office here with dried pineapple yeah yeah it's it's definitely hard to do i think the best thing for you if you ever or for anyone that experiences that is um you know you got to look at what you're actually doing and you know what we are doing in the market it's it's you know it's it's so rewarding yeah that you know you got to look at those gains as well as those losses you know because they will kind of um they'll bring you back to reality you know you have a huge loss combined with the you know an even bigger gain you know the gains can do the same thing you make a make thirty thousand dollars in one day it's be like oh you know i'm a hero right i can't be stopped and then the next day you know you lose half of it so right right um i think the gains and the losses will keep you grounded for sure do you feel that um do you ever feel like trading is kind of like addictive and hard to walk away from like do you ever like but both in the sense of like on an individual day but even just in like at a certain point let's say you've made like a million dollars or whatever it is you know and you can just say i'm i'm done like i'm gonna stop like could you ever actually stop i know i kind of stopped i couldn't i couldn't yeah i couldn't um a lot of times you know what there's like that joke is what would you be doing if someone handed you you know 10 million dollars and you have to work a day in your life you know i would still be trading i think it's a lot of it is you know i have a a very deep interest in the markets trading in general that it's not really um yeah it's the reward behind it the financial reward but it's also you know kind of like that gamer background that i have of you know being right yeah making the proper setups and that gratification yeah a sense of fulfillment of like yeah i mean it's not uh we haven't created something physical but we've achieved we've solved the puzzle we've passed the level exactly and every day that you get that you get a little kind of like dopamine reward of like yeah yeah another good day and then on a bad day it's looking you know the next good day i'm gonna it's then contrasted because then i'll feel so much better yeah yeah it's um i mean you've done you've done a really good job and you're so tell me a little bit about your experience now because you've been helping with um with mentor sessions and stuff like that and something that i've said is that i think the teaching can make you a better trader so sometimes when we have students that are doing well um and i kind of see the potential for you to maybe do really well i want to try to give you that opportunity to teach a little bit to see how it helps you so what's your experience been so far beginning to teach and mentor and and help you know it's it's been really um rewarding um and it's not something that's nice it's rewarding in a non-financial way um because i see other people saying hey you know you made me mindful to maybe try this or um you pointed something out that i didn't see in it you know it turned my trading around and that was um that was kind of like a big you know big reward for me i'm seeing someone being thankful for you know now that they can provide meaning for the family or you know this is their newfound passion and maybe that will spread to someone else and you know that on top of that it's made my trading um i was i'm much more mindful of my trading okay you know it's always and i think a lot of it is do i want to be held accountable for this well this is terrible trade do i want to take this um super high risky trade just to you know do i want to beat my chest and say you know here's my 50 000 winner no it's it's i want to be able to show what i did and you know provide a good education to someone that wants to learn you know that trade or that type of setup or something like that what you said about accountability is a is a big one because when you when you talk about your trades as you know sort of a if you're posting your um your p l or whatever it is or for me posting my broker statements there's certainly that pressure that okay i really um you know i don't sweep losers under the carpet you know and and so if i have a big loss or i do something stupid i you know i'm definitely going to be talking about it and i think that that does kind of it sometimes encourages me to kind of second-guess myself a little bit like is this is this really the right one and you know i still make the wrong decision sometimes and may have that loss and then i do talk about it but that accountability system i think is important and i think that you get a little bit as a mentor and i get it as a as a teacher and before we were doing that you know i had ted and i would have my sessions with ted once a week where i would bring in my trades on an excel and i had them kind of highlighted as these were the ones that were really like not good and we would hone in on those like what did you do wrong i basically you know i needed to pay someone to help me be accountable um i couldn't i didn't have a friend or that i that was had the interest in trading and my spouse at the time um wasn't interested in being that so you know but for a couple hundred dollars or whatever it is to do sessions with some type of life coach or counselor or something like that um a psychiatrist or whatever i don't know psychologist whatever it is to me it was money well spent because it i had to create that accountability system because i was so good at just kind of like not following the the rules of the strategy and i still struggle with that it's so easy for me to at this point say well i've i've i've made i've made enough money i clearly i know what i'm doing i don't have to yes i should stop trading here because i gave back half my gains but you know i can also just keep going you know and that so that accountability is really important both as a beginner but even for where i'm at yeah that's a it's a good point because if if you weren't here let's just say you were you were just trading out of your house or something uh you may have you know way bigger winners but you'll also probably have you know massive massive losers because you know no one's you know you're no one's really holding you accountable so who cares you know you could make you know two million dollars in the trade and then lose three million dollars on the next trade it's just you know there's nothing to support what you were actually doing right yeah um well let's see i think we're coming up close to an hour maybe not quite um i'm curious if um is there any setup that you really strongly would avoid like a biggest loser some something that you're just like i will never trade that again or i don't know a stock or a setup or something like that that you just really don't like yeah um usually what if it's like a game stop type of um stock i think that one's kind of burned into me now because i i couldn't get a read um where you had a read on it when you were trading it a lot of times when those stocks are just like you know whipping around ten points and like i don't know if i can read this yeah um if i can't read the level two and the time and sales in the actual chart and you know um make sense of it to myself i'm definitely avoiding those types of setups um another one that i don't like is the double top i just i use eight double tops whereas a lot of traders will see it as you know a breakout i like to look at maybe a double top for you know like a cup and handle sharper set up so i want to see that that slight pullback after the double top yeah and then i would say yeah so not buying right into the double top but wait yeah pull back and form that yeah that makes sense yeah those are good do you have any uh any last words of words of wisdom to share with someone getting yeah um you know for anyone you know if first when you're getting started you know cut your losses let your losses quick yeah cut them even quicker cut them even quicker yeah don't average down on a terrible position do not average down it's just you know you're you're doing yourself you're doing yourself wrong for trying to you know situate yourself as a stock is failing yeah um other than that i think um you know beyond trading the strategies and i could tell you what setup to take and stuff like that i think um self-belief is is the key you know you got to believe in yourself and what you're doing and um how hard what you're doing actually is so give yourself some time right you know give your so if you lose a little bit it's part of it you know losing is part of trading so yeah yep that's absolutely right yep it's a learning curve so okay awesome thank you well um i think we'll we'll end this here and of course people watching this um later after the fact you can see jess uh in the chat room uh but thank you for uh joining us today i think people really appreciate it thanks for having me i'm glad we could you know kind of talk about all this stuff it's awesome thank you you're welcome thank you for tuning in i hope you really enjoyed this episode make sure you check out the all-star traders page over at warrior trading there's a link right in the description to this podcast it's a blog that i wrote after interviewing millionaire traders and discovering that some of the most successful traders out there share a very similar set of personality traits and strategies both for executing trades and also for managing stress and dealing with losses so make sure you check out that interview and i hope you tune in for the next episode right here on the podcast

Channel: Ross Cameron - Warrior Trading

Views: 28,287

Keywords: megl, pstv stock, relentless trader, ross cameron, trader interview, trading podcast, warrior trading, warrior trading podcast

Id: 8tWfGtLc3-8

Length: 49min 19sec (2959 seconds)

Published: Mon Aug 15 2022