Deliberate practice and systematic approaches to trading can improve skills and optimize trading strategies.
Understanding and analyzing unexpected market behaviors can help traders develop a deeper understanding of the stock market.
Deep dives
Developing pattern recognition and deliberate practice
Lance emphasizes the importance of deliberate practice and systematic approaches to trading. He mentions the significance of studying best opportunities, focusing on stock selection, and reflecting on trades. By systemizing trade processes and continuously learning from mistakes, traders can improve their skills and optimize their trading strategies.
Reverse engineering market behavior
Lance discusses the importance of reverse engineering unexpected market behaviors. He emphasizes the need to understand and analyze why stocks may react differently than expected. This includes considering various factors, such as investor sentiment, analysts' opinions, and market dynamics. By studying and identifying patterns, traders can develop a deeper understanding of the stock market.
Utilizing technology and hot keys
Lance highlights the importance of technology in trading. He mentions the use of hot keys, which allow traders to perform actions quickly and efficiently, without relying on a mouse. Technology, including algorithms and advanced order routing systems, can provide traders with an edge. Lance also discusses his use of wearable tech to optimize his sleep.
Making a positive impact through philanthropy
Lance shares his passion for philanthropy and discusses his creation of the Impact Competition. This initiative is aimed at university students, encouraging them to tackle real-world social issues in their local communities. Lance believes that small, individual contributions can compound and create significant positive change. He envisions a centralized website where universities can share their best solutions and inspire others.
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 two of our (two part) conversation, Lance speaks to the uncertainty in stock markets and methods of developing pattern recognition, trading technology and optimisation, avoiding mediocrity, efforts in philanthropy and establishing the Impact Competition, plus more.
This podcast solely reflects the views of Lance and is not representative of Trillium’s views.
