Chat With Traders 267: Dan McDermitt - An Edge with Correlations Across Time Frames
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Sep 21, 2023 Dan McDermitt, an experienced investor, dives into the correlations between stocks in the marijuana sector and applies this knowledge to large cap stocks, Commodities, and Crypto across different time frames. He discusses the importance of mental flexibility in trading and identifying both Bull and Bear signs. The podcast also delves into analyzing different timeframes in trading, identifying bubble markets, the role of social media in trading, and the correlations between Dollar, Gold, and Crypto. The speaker emphasizes the significance of understanding one's thoughts and emotions in trading and finding balance for sustainability.
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Catalyst to Markets
- Dan McDermitt's interest in the stock market stemmed from losses in mutual funds during 2008.
- This motivated him to actively manage his investments, leading him to explore penny stocks.
First Stock: MJNA
- Dan's first stock purchase was a medical marijuana penny stock (MJNA) due to the growing cannabis industry.
- This led him to fundamentally analyze companies by researching CEOs and industry trends.
Learning from Others
- Learn from successful traders in chat rooms, especially those using technical analysis.
- Emulate their strategies and adapt them to your own trading style.