465: Exposing A Real Full-Time Day Trader - Andrew Aziz
Jul 29, 2024
auto_awesome
Andrew Aziz, a full-time day trader and member of Bear Bull Traders, shares his insightful journey from an engineer to trading pro. He emphasizes the importance of a supportive community and continuous learning in overcoming trading challenges. Aziz reveals his trading strategies, including opening range breakouts and ABCD patterns, while discussing the impact of mindset on success. He also delves into the significance of discipline, managing positions, and using simulators to build skills, highlighting the emotional landscape every trader faces.
The importance of a supportive trading community and continuous learning is essential for maintaining motivation and long-term success in trading.
Developing mental resilience and discipline, alongside a passion for trading, significantly enhances a trader's ability to navigate challenges and improve performance.
Deep dives
The Journey to Trading
The speaker's journey into trading began after being laid off from a stable engineering job, prompting a switch to a career that allowed more freedom. Initially struggling with the learning curve, the speaker dedicated significant time to educating himself through YouTube videos and community resources. The experience of losing a substantial amount of money in a single trade served as a harsh lesson about the risks of trading, emphasizing that one bad trade can significantly impact a trader's career. Despite these challenges, the support from a trading community played a crucial role in maintaining motivation and encouraging perseverance.
Trading Strategies and Style
The speaker focuses on day trading and employs specific strategies like opening range breakouts and momentum trading, which require active monitoring during the first half-hour of market activity. They utilize indicators such as pivot points to enhance trading decisions and primarily target stocks that are 'in play' due to market news and volatility. This approach allows for maximizing profit potentials while managing risks associated with leveraged products. The notion of adding to positions favors those that are profitable, while adding to losing positions is generally discouraged as it can lead to significant losses.
Mindset and Resilience in Trading
A positive mindset characterized by passion and desire for trading is crucial for success, with the speaker comparing it to video games where quick decision-making is essential. The importance of mental resilience is highlighted, specifically how experiences from high-altitude climbing contribute to the ability to tackle challenges in trading. Developing discipline through personal challenges, such as maintaining a diet, can translate to better focus and commitment in trading endeavors. Ultimately, a blend of discipline, passion, and the understanding that mistakes are part of the journey allows traders to sustain their efforts towards achieving long-term success.
Learning and Evolving as a Trader
The speaker emphasizes the necessity of trading in a simulated environment before engaging in live trading to build experience and confidence without financial risk. Continuous learning and adapting strategies over time are key, with the speaker advocating for the incorporation of mentors or educational resources to refine techniques effectively. The journey does not end with achieving a certain level of success; instead, traders must consistently reassess their methods and mental barriers. Ultimately, trading should remain a sustainable part of life, allowing for growth while ensuring that the trader's lifestyle and other passions are respected.
In episode 465 of the Desire To Trade Podcast, we will be listening to the recording of an interview with Andrew Aziz of Bear Bull Traders. Having a supportive community and finding personal motivation is important for staying committed to trading. You wouldn’t want to miss this conversation with a real full-time day trader as he exposed his secrets to long-term success.
The video is also available for you to watch on YouTube.