Passion and finding the right fit are crucial for success in trading.
Developing a systematic and repeatable process is essential for effective trade execution.
Deep dives
Scott's journey to becoming a trader
Scott shares his journey of becoming a trader, starting as a stockbroker and eventually transitioning to day trading. He emphasizes the importance of finding the right fit and being passionate about trading.
The significance of execution in trading
Scott highlights the importance of executing trades effectively and consistently. He emphasizes the need to develop a systematic and repeatable process, gain confidence, and execute trades based on set-ups rather than personal opinions.
The role of mental capital in trading
Scott stresses the importance of protecting mental capital as a trader. He points out that mental capital is equally important as financial capital and advises traders to be selective and patient, waiting for the best opportunities instead of trading mediocre set-ups.
Adapting to market cycles and managing expectations
Scott discusses the importance of understanding market cycles and being aware that market conditions change over time. He advises traders to adapt to changing market environments, manage drawdowns, and not be overly focused on high-profit periods. Scott highlights the significance of staying true to one's trading system and not chasing unrealistic returns.
Scott Scoman has been trading for nearly 28 years. He began his journey as a stockbroker, later transitioning into full-time day trading. His brother-in-law drove a Porsche as a stockbroker piquing Scott's interest in the market. Who wouldn't want to drive a fancy car, right? Through his background, Scott was able to jumpstart his career with market knowledge under his belt. He walks through moments of success and loss, all of these moments serve as key learning experiences. Scott provides quality advice intending to inspire young traders!
