The AlphaMind Podcast

#139 Jason Shapiro: Don't Look Outwards, Look Inwards

27 snips
Dec 12, 2024
In this conversation, talented trader Jason Shapiro, known for his contrarian views highlighted in Jack Schwager's 'Unknown Market Wizards,' dives deep into the psychological intricacies of trading. He emphasizes the importance of introspection over external influences, urging traders to set realistic expectations. Jason shares heartfelt anecdotes about the trading community's resilience and the vital roles of mindset and objectivity. He underscores the necessity of self-reflection, learning from past experiences, and how collective support can elevate individual trading strategies.
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ADVICE

Path to Full-Time Trading

  • Secure a stable, high-paying job like a lawyer.
  • Use savings to build a trading account and trade on the side for 5 years before going full-time.
ANECDOTE

Unrealistic Expectations

  • A young man contacted Jason, claiming a 3% daily return from paper trading.
  • Jason advised him to work at a prop shop, but warned that such unrealistic claims would be met with skepticism.
INSIGHT

Objectivity in Trading

  • Polarized views, amplified by readily available information, affect trading decisions.
  • Maintain objectivity by considering both sides of any argument, like the "Trump Trade."
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