Mike Schwartz: Mastering Your Trading Journey

Dec 19, 2024

Mike Schwartz, a seasoned trader from TradePro Academy, shares his journey through the complexities of order flow and auction market theory. He emphasizes the significance of developing a personalized trading style and mastering one skill at a time for consistency. The conversation highlights the challenges of trading on high volatility days like Fed Days and offers insights on effective risk management strategies. Mike underscores how journaling can improve trading performance and advises new traders to embrace trial and error in their development.

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ANECDOTE

Mike's Trading Journey

Mike, a trader from New York, started trading stocks pre-pandemic.
He transitioned to futures after finding options difficult for managing stops and being drawn to delta one strategies.

INSIGHT

Order Flow's Double-Edged Sword

Order flow can trigger impulse trades and fakeouts, leading Mike to reduce its use.
He widened stops and decreased position size to counter this issue.

ADVICE

Noise Reduction

Eliminate noise by focusing on market profiles instead of volume profiles.
Simplify analysis by ignoring overnight sessions, except for general direction.

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In this episode of the Trade Pro Academy podcast, Vic interviews Mike, a seasoned trader from Trade Pro Academy, about his trading journey, the evolution of his trading style, and the importance of personalizing strategies. They discuss the challenges of order flow, the role of prop trading firms, and the significance of risk management and trading psychology. Mike shares insights on consistency in trading and emphasizes the need for traders to master one skill at a time for better results. The conversation concludes with advice for new traders and a caution against trading on Fed Days. Takeaways

- Creating your own trade style is essential for success.
- Order flow can lead to impulse trades and fakes.
- Widening stops and reducing position size can help manage risk.
- Eliminating noise in trading is crucial for clarity.
- Trial and error is a significant part of developing a trading strategy.
- Prop trading can be a great learning tool but comes with challenges.
- Risk management is key to long-term trading success.
- Consistency in trading requires mastering one skill at a time.
- Avoid trading during high volatility events like Fed Days.
- Personalizing trading strategies leads to better outcomes.

Sound Bites

- "Order flow can trigger impulse trades."
- "You can risk $25 to learn how to trade."
- "Don't trade Fed Day."

Chapters 00:00. Introduction to Trading Journeys 05:57. Navigating Order Flow and Market Dynamics 11:55. Trial and Error in Trading 17:59. Managing Risk and Trade Execution 23:58. Conclusion and Key Takeaways 30:59. The Power of Journaling in Trading 35:56. Understanding Prop Trading and Its Challenges 40:50. Risk Management in Prop Trading 45:58. Choosing the Right Prop Firm 52:02. Consistency and Profitability in Trading 58:07. Final Thoughts on Trading Strategies

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