How to be the Top 5% Winning Trader? Ft. Lance Breitstein (VERIFIED 8-Figure Trading Mentor)
Oct 23, 2023
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Lance Breitstein, an 8-figure trading mentor, shares insights on developing trading strategies, mentorship, exponential bet sizing, achieving success, working in a trading pod, risk management, biggest wins and losses in trading, and giving back.
Develop trading strategies and systemize trades to remove emotions and improve decision-making.
Implement capitulation trading strategy by identifying stocks experiencing extreme panic selling or buying.
Build a trading network or pod to collaborate, share knowledge, and maximize learning opportunities.
Deep dives
Finding the Edge in Trading
Lance Bredstein, a verified eight-figure trader, shares his insights on finding the edge in trading. He discusses the importance of developing trading strategies, minimizing losses, and maximizing profits. Lance also highlights the significance of having a mentor in the trading world. He emphasizes the value of building a playbook and systemizing trades to remove emotions from the decision-making process. Lance advises traders to focus on getting better each day and to trade with intention and deliberate practice. He explains the power of exponential bet sizing and the benefits of collaborating with a trading pod.
Capitulation Trading Strategy
Lance Bredstein reveals his popular capitulation trading strategy, which focuses on identifying stocks that experience extreme panic selling or buying. He explains that the strategy involves finding stocks that are either extremely strong and panicking or extremely weak and experiencing a final flush out. Lance highlights the importance of sentiment, volume, and trend analysis in identifying potential trade opportunities. He suggests that traders look for clean down moves and capitalize on the break of prior bar highs to enter trades. Lance also emphasizes the significance of trading with the trend and using trailing stops to manage risk.
Building a Trading Network
Lance Bredstein emphasizes the benefits of building a trading network or pod. He explains that collaborating with other traders allows for knowledge sharing, idea generation, and increased learning opportunities. Lance encourages traders to find like-minded individuals who are willing to give selflessly and add value to the trading community. He advises traders to participate in trading meetups, leverage social media platforms like Twitter and Reddit, and contribute to the trading community by sharing insights, analysis, and trade ideas. Lance highlights the importance of finding traders who are in a similar trading stage and trade similar strategies to maximize the benefits of collaboration.
Balancing Hard Work and Self-Care
Lance Bredstein recognizes the importance of finding a balance between hard work and self-care in trading. He advises traders to make their daily routines enjoyable by finding ways to collaborate with others, participating in contests, or recording content that is fun to create. Lance also stresses the significance of maintaining a healthy work-life balance and getting enough sleep. He encourages traders to do their best with the constraints they have and reminds them that successful traders have found a way to achieve balance while pursuing their trading goals. Lance underscores the importance of sustainable practices to avoid burnout and maximize long-term productivity.
Importance of Risk Management in Trading
Risk management is a crucial aspect of trading, especially for beginners. In the early stages of trading, it is recommended to focus on collecting data and building a solid foundation rather than trading with real money. Virtual accounts and paper trading can be effective tools for learning without risking capital. It is important to detach emotions from money and view trading as a game, focusing on improving skills and making informed decisions. Gradually increasing position sizes and risk levels should only be considered once there is a proven track record of positive results.
Motivation and Love for the Game
Staying inspired and pushing forward in trading requires a genuine love for the game. Just like playing a video game with friends, trading can be enjoyable and motivating, especially when surrounded by like-minded individuals. Finding passion and fun in the process of improving as a trader is key to long-term success. Whether it's aiming to be the best, setting goals, or simply enjoying the journey, having a strong why can provide the drive needed to overcome challenges and persist in the face of adversity.
If 95% of traders lose money, what separates a winning trader from the losing traders?
Today, you and I are going to learn from a pro trader and prop firm advisor who transforms good traders into great traders.
Lance Breitstein was a verified 8-figure trader at one of the largest prop firms. Besides trading at the firm, his career has expanded into coaching, hedge fund management, and empowering women and minorities in trading.
Day Trading Live with me: https://bit.ly/yt20231019
