The Stock Trading Reality Podcast

I love when people acknowledge they have victim cards and decide to light them up in flames. In my mind at least, there is nothing more motivational than when someone kicks excuses in the face and focuses on solutions rather than perceived problems. In this episode we talk with fellow community member Tomasz ,who lives in Scotland. I don't want to spoil too much, so all I'll say is he went from being at some pretty low points in his mind/life to completely turning things around. We are all humans, so there is nothing wrong with feeling/being "down" in life. I think we've all been there. The problem arises if you choose to "stay down". Tomasz chose to get back up and go into beast mode and it is some inspiring stuff for sure. If you refuse to give up your victim cards, then don't listen to Tomasz, he will give you little room to hide. Let's go! Show Notes: Today we talk with our Scottish community member Tomasz. His introduction to the market was in his schooling that focused specifically on how the market worked. Using newspapers the class would select a basket of stocks and check in over the school year. His first 'paper trade' was successful but he attributes a lot of that to luck. While he was growing up still he decided that he wanted to be a helicopter pilot. After looking at the training and cost associated with that, he wasn't sure he would ever become a pilot. At one point he had 3 jobs and was fully committed to making his dream a reality. Tomasz passed his skills tests and became a pilot. Unfortunately it coincided with the financial downturn that most the world experienced which meant there wasn't much work for him to do in that industry. He experienced a life shaking event when he lost his copilot in a motorcycle accident and this psychologically impacted him enough to stop flying. After doing some research, he decided he wanted to take trading in the market much more seriously and enrolled in Claytrader University. He disabled his Netflix and Amazon Prime and focused strictly on his education by using his time as wisely as possible. In an effort to keep himself from making emotional problems that plague many traders, Tomasz decided that he needed to clear his debts first before even considering funding a trading account. While he was working hard to make that happen he continued to paper trade and solidify his trading strategy. Quotes: It was obvious to me to buy stocks that were up trending. I remember looking at the line charts and seeing those trends. I used my skills as a painter-decorator to finish this house up and sold it 3 years later in 2008 right before the crash. I made over 100% profit on that house. It felt like I was going nowhere. I felt completely beat up by everything around. I attached the victim card to my forehead. I needed to change myself psychologically so CTU isn't just courses. It also discusses bad emotions that come across all your life. I was working a lot and I realized I was unhappy with my accounts I started working even harder. I paid off all my debts and saved money for an account to trade.

This was a pretty unique episode I thought. First off, let me say I love talking with the younger people out there as it sets a great example of why age should not be an excuse as to why or why not you are doing something. When it comes to the markets in particular, the younger you start… the better! This is not my opinion, it's a mathematical fact. I talk with Elliot (in the chatroom he goes by 'elliotwest') and we have ourselves a great conversation, although you will notice as I press him about certain topics, he seems a bit… lost. However, in other areas of the conversation you'll notice he answers me with authority and a plan of action, which leads to some real life coaching to help bump him in the right direction. Sure he's a younger guy, but no matter your age I'm confident you'll be able to relate in one way or another and pull some wisdom from the conversation. Notes: Today we talk with Elliot from the community. He was aware you could purchase shares of a company but wasn't really sure how to profit from that. In high school, he decided that he wanted to make a living working from his computer at home. Stock trading was one of the jobs that popped up in his search. Elliot decided to do his research on Clay after he found his videos on YouTube. He watched all the videos for almost a year before enrolling in Claytrader University. His logic was that if he was still interested a year later then this was something he truly wanted to do. He decided to start trading relatively quickly but suffered some silly losses which led him to take another hard look at his technical analysis and risk management. Elliot stepped back since he realized he started live trading a bit too fast. Elliot started to see the true power of the market after making some profits and he also has a good handle on keeping his losers small and pushing his winners as far as they're willing to go. Considering he is subject to the pattern day trader rule, he wants to focus more on swing trading momentum stocks going forward. Quotes: I learned at a young age that you could buy shares of a company and I thought that was pretty cool but I didn't really know much about that. I tried to find things on you that would hurt your character, no offense. I tried to see if there was anything bad about you online. If I lost it all I wouldn't be broke. I would be bummed out but I was okay mentally with losing it. My goal was to start investing in my retirement before 21. Before I can drink I need to start investing. Losses kind of bum me out but I've come to learn you need to take the loss to get your money back and put it into another trade.

Take note, this is a Part 2 episode, so for the best listening experience, listen to episode 201 first. Assuming you have listened to episode 201, then you already know our guest, Brad ('Darb24' in the chatroom) is an absolute beast who will do whatever it takes to get to where he wants to go. He's truly a shining example of someone who pulls out the hardhat instead of the victim card when things get tough. In Part 2 we now move more into his actual trading and the way he is approaching the markets to pull the most profit as possible while keeping his risk minimized. If you enjoyed Part 1 there is no doubt you'll enjoy Part 2, so let's get to it! Show Notes: Now we pick it back up with Brad. He originally thought options were too complex of a product to trade but this all changed once he went through the Options Trading Simplified course. Unfortunately he had to spend some time finding a broker with reasonable commissions. Brad decided to go with Tastyworks because of the lower commissions but the platform is not the best for day trading. He also experienced 'the voices' that come out when he starts to run out of buying power and has to sit out the rest of the day. While Brad admits to being breakeven at this point in his trading, that is the first step to profits. A big difference between Brad and other traders is that he is focusing on his consistency much more than the size of his profits. This is crucial for long term development. Quotes: Taking it small, trying to form the good habits and working on breaking the bad ones. With me trading such a small account, it doesn't take very long to go through my buying power. If I start off the day with a loss I start off the day with a loss. It is what it is. Once I do get gains on the board it gets me to thinking about taking the risk of giving them back.

The road to becoming a trader can be a dirty one filled with lots of self-sacrifice and many less than ideal situations. I have nothing against the "smoother" journeys, but there is something a bit more extra motivating when someone has to dig deep in order to get to where they want to go. Our guest, Brad (chatroom alias, "Darb24"), is someone who I have a ton of respect for. His journey has by no means been easy, but he never once complained or pulled out the victim card. He sucked it up, got dirty (and continues to get dirty) and made things happen. I know the saying is way overused, but it's truly the case here: where there is a will, there is a way. Put on your hard hat (well… welder's mask) and let's get motivated with Brad! Show Notes: Today we talk with community member Brad. He came from a modest upbringing and didn't think he had any real access to the market for that reason. 401k's and long term retirement investing is what actually introduced him to the market. Brad struck up a conversation with a coworker who said he he was trading in the market. This unfortunately was at the same time as the crash in 2008 which led to a difficult time regarding his employment and income. Needless to say, trading still wasn't in the picture yet. While he found some great paying jobs, most of the time it kept him away from his family so he moved back and worked locally for quite a few years. After changing jobs a few times, he eventually got back onto the idea of trading. One day Brad was searching for reviews on trucks and stumbled upon Clay's video about the new truck he bought. He about fell off the end of the hotel bed when Clay mentioned 'trading' at the very end. This led him to investigate further and ultimately join the community. While going through the courses, Brad funded an offshore account just to get his feet wet in the market. It did not help that he had initially been paper trading unrealistically but regardless, he was able to truly see the voices that appear when real money is on the line. Quotes: I never looked at the stock market as something that somebody like me could take part in. I thought it was for rich people in New York City. I ended up taking a local job back home and worked there for 5 years but trading was always in the back of my mind. I was driving to work one morning thinking 'there has got to be a better way to make a living' and trading came back to mind. I'm spending the money on education and CTU. I opened up a SureTrader account with $1,000 and if it dropped to $500 I would close it. In a few weeks it dropped to $500. Links: https://claytrader.com/videos/got-new-truck-2018-gmc-1500-sierra-denali/

Wow. We did it! Not only did we hit 200 episodes, but we did it 200 weeks in a row. A special thanks to our community whom I give all the credit to for allowing this feat to be accomplished. Without you and your willingness to share your experiences, there is no way we could have done 200 weeks in a row with uninterrupted content. For this episode, we are bring back two members who were part of our first 10 episodes and we're all "talking mistakes". Given the idea of the show is to show the "realistic" side of trading, I figured what better way to celebrate 200 episodes than all sharing some of our biggest screw-ups, no matter how embarrassing they may be. Let's go! Show Notes: Today we celebrate making it to 200 episodes with Nate, Hooch, Clay and Chezz. We spend the episode talking about the three biggest mistakes they've made since they started trading. The first eye opening mistake most of us made was not being completely aware of the commission structures and how they vary across multiple brokers. One of Nate's biggest mistakes was thinking that a bad trade he was in could not get any worse… when in reality it can always get worse. Trade what you see, not what you think. Hooch talks about the importance of multiple sources of income. He clarifies that you do not need to start the next Fortune 500 company to earn some extra income. Multiple sources of income provide you mental comfort if your trading wasn't as stellar as you had expected. Chezz talks about putting a set time frame for when you should start to be 'good' at trading. In reality, everyone takes a different amount of time to hone their craft. When talking about trading mistakes specifically, greed is one that spans across the board. Everyone has to learn how to wrangle this emotion if they ever want to have lasting success. An important criteria for trading always involves liquidity. Regardless of your ability to buy, if you're unable to sell then you're opening yourself up to the possibility for a big loss. Hooch's final thought is to remember there are times when you probably shouldn't trade. This relates to major life changes such as marriage, more children on the way, buying a new house, etc. Anything that is a large event in your life can impact your mentality which will come out in your trading. Quotes: One of my biggest mistakes was not understanding commissions and how it can screw up a trade plan My biggest mistake I like to point out was having the false mentality of thinking 'it can never get worse.' You don't have to start up a new Amazon… even if I make an extra 40-50 bucks in the afternoon I find that really helps me mentally. Overconfidence or thinking you can put a set time frame on when you think you will be good at trading is my biggest mistake. Greed is one of the worst things to deal with emotionally when trading. Doesn't matter how good or bad your day is going. You always think you can squeeze out a little bit more. Another big mistake is knowing when not to trade. Such as getting married or moving or something major on your mind. Trading is such a mind game. Links: Uber Eats: https://partners.uber.com/i/davep13196ue

A community favorite of mine is back to update us on her journey. Rena (same name in the chatroom) is someone I admire greatly. I've met her in person on multiple occasions and she is someone who we can all learn from given her willingness to talk about anything and everything, particularly the "bad stuff". She's a solid trader, no doubt about it, but like all traders she suffers from certain voices that have caused her hiccups. She has pressed on through perseverance and encouragement and has turned the corner in her trading. She's on the right path, now it's just a matter of staying laser focused to remain on the path (which she is doing a great job of!). Don't miss this episode, let's get to it! Show Notes Today we revisit with Rena. As we learned in her last podcast, her son was a large factor in her getting back into the market at a serious level. He has had quite an interest in the market and it was something they both had in common. While Rena has had many successful trades utilizing a rubberband type strategy, the problem she has is managing the ones that do not work. Those losers ultimately wipe out a month or more of profit in one shot. She wanted to start 2018 on a clean slate and decided to close all of her positions. This led her to take a $30k loss but the important thing here is that there is no psychological baggage for her to carry into the new year. Volatility picked up in Februrary and this led to some losses for her 'farm' account. However, she was still able to keep her losses to only $1,000 by utilizing day trading to take advantage of the intraday volatility. Rena decided to reduce her account size to ensure that she wasn't even able to take a huge loss. This size account led her to a 'death by 1000 cuts' since she was mainly playing defense instead of playing any offense. After a good conversation with her husband, Rena realized that if she didn't take any huge blowout losses she could always recover. She is content to take 1-3k losses because she knows she can make that back up. She has now been green the last 6 months after this enlightening moment. Quotes One of the reasons I kept getting back into the market was my son was interested from about the time he was a freshman. I never thought I would be that stupid to max out my account on one bad trade. I got rid of everything I had to start 2018 on a clean slate. The people in the chatroom know way more about my losses than my wins. That's when I need support. They keep me accountable. Can I make this loss up? Because 99% of the time if I get out with even a 1,000 dollar loss I can make that up. I've had a fairly healthy balance with money. I know what it's like to have money and I know what it's like to have none. Links Rena's First Episode: https://claytrader.com/podcast/episode110/

As painful as it is to hear: go slow. I'm well aware and had to learn the hard way of what rushing into the markets can lead to, so I would not call you an idiot if that's where your mind is at; however, just realize, you're on the wrong path! Our guest, Jose (chatroom alias, 'JoseJuanQ'), tells us all about how he has been approaching his quest of becoming a successful trader. His journey has not been very adrenaline filled with excitement surging through his body, but, that is exactly why his current story and approach is so beneficial to us all. Even if you are a veteran trader like myself, there are many reminders and positive signs of reinforcement in regards to how I go about my daily business as a trader. Whether you are brand new or have been around for years, I'm confident you'll find something worthwhile in Jose's story! Show Notes Today we talk with community member Jose who goes by JoseJuanQ in the community. He had been following Clay's videos since 2013. A friend came over one time and they were talking about investments. While having a line chart up he held it to the screen and thought 'wouldn't it be nice if we could predict where price is going?' Jose is not comfortable putting his money into things he does not understand which is why he focused on metals to start. He did take a long break from the market because he was working on his education, focusing on accumulating capital by working, met his wife and got married. He started trading live after finishing University but realized he was trading scared and not in a position of strength regarding his account size. He struggled scalping with only one contract so his new account target value to start is $5,000. Jose had to take on some business debt when he moved to Las Vegas so he is currently focused on clearing that up before he does ultimately fund his account. Since his wife is going to school (and getting paid to do that) he also has to wear the dad hat so he's looking forward to having the ability to spend more time with his kids. Ultimately he wants to day trade in the morning and focus on real estate during the rest of the day. This reality won't come true overnight but he's working very hard to set himself up for success. Quotes I started selling my metals and investing into my tools and my education. I was trading at the time but stopped trading. I took the little amount I had left out and focused on SLAB'ing it up. I kind of want to make it where I wake up in the middle of the night calling out support and resistance. The reason I'm going to options is that it takes smaller amount of capital and I can manage my risk better.

If you want to succeed, you must lose. While I realize that is a seemingly contradicting statement, it is a critical skill that must be mastered as a trader. Our guest, Mark ('hyprsnpr' in the chat room), walks us through his updated journey, particularly in regards to his relationship with losing. He is doing a great job currently with not only putting together some solid wins, but also when it comes to keeping losing trades under control. He shares a huge loss he took which brings up some interesting talking points that I believe will serve as a reminder to us all on just how tricky the human mind can be. We talk about this and a whole lot more, so let's get to it! Show Notes: Today we speak again with Mark who goes by "hyprsnpr" in the community. Since he had a large life event on the horizon, he took another hiatus until he could have the proper amount of time to spend on practice again, which he knew he needed to spend more time on. Even with a mistake by using a more macro/fundamental approach for a trade idea (which led to a large loss) he still finished the month profitable. He has also noticed that he has the ability to stop revenge trading since he has the confidence regarding overcoming controlled losses. After paper trading for months, he went back to real money and has been green ever since. He has small daily targets but doesn't get discouraged if he has a losing day. Many newer trades jump from one system to the next if they experience a loss but Mark realizes this is a numbers game. Marks goal is a consistent green year only utilizing basic technical analysis and risk management. He has aspirations to grow his style but he believes having more tools for the toolbox is a benefit. Quotes: It was hard to sit out of the market but at the same time I got a new job which kept my mind off of it. If I normally traded 10 contracts I would then go to 20-25 contracts in an attempt to revenge trade. My ultimate goal was to be consistent by my wedding. Life started to normalize after that and I went back to real money. I'm totally fine if I don't take any trades on the day. Links: Rena's First Episode: https://claytrader.com/podcast/episode123/

A long time member and friend is back, Nate Wilson. For those of you who are members of the community, he goes by the same name in the chatroom and has been around from almost the beginning. He's become a personal friend of mine (particularly if you watch the vlogs on the YouTube channel) and he's someone I respect for his bluntness and honesty. He adapts a "I don't care what you think" type attitude, so he has no problem simply sharing his experiences, both good and bad. In this update of his journey, he talks about how he needed to step away from the markets and trading for a while which prompts a very valuable talking point. Sometimes as traders, we should be slowing things down and tapping the brakes, but many times we do not which leads to account pain. There is certainly a learning lesson here and with much else we talk about. Let's get to it! Notes: Today we talk with community member Nate Wilson. He's been on 3 previous podcasts which are linked below and is a regular member who leads examples on the weekly webinars. Nate generally trades every single morning focusing on his extended scalping strategy but over this past summer he took an extended break during a house remodel. The contractor he was using wasn't consistent with his timing so this led Nate to stop trading for a while so he wouldn't get caught in a trade when he needed to help out. Clay and Nate discuss their styles of trading and how they may have a high rate of success, the losers need to be kept in check as to not wipe away all the smaller winners. Nate also talks about having a background in finance which helped him ease into trading. Nate suggests that going into the market with no education is a fool's errand. While eventually you need to put your education into practice, with no education you will have very poor results. It took him 2 years to feel confident in his current strategy. Quotes: I fully realized this is the strategy that works for me and I've stopped trying to do anything else. I just didn't want to get into a trade because I was nervous the contractor would call right after. Once I see 10:30 on the clock I stop paying 100% attention to the market. I start answering emails and doing other work related things. If you're just going to go into the market half-assed and don't know what's going on, that's the kind of result you're going to get. I do not have 'shiny object syndrome.' I'm very content with the money I make with my strategy. Links: https://claytrader.com/podcast/episode009/ https://claytrader.com/podcast/episode041/ https://claytrader.com/blog/64-trading-days-2-losing-days-possible/ https://claytrader.com/videos/member-trades-account-howd-go/ https://claytrader.com/videos/baltimore-football-crabs-trading-friend/ https://claytrader.com/podcast/episode107/

We are trying something new, so your feedback is certainly welcomed and wanted! In this episode, Chezz and I discuss a recent event that caught fire in the headlines. Perhaps you are aware, but if not, the website OptionSellers.com got extremely careless with their client's money and ended up creating a massive… we'll call it… "problem"… for those who trusted them. The entire topic created several rabbit holes of learning and consideration that I believe we can all benefit from. Whether that be for someone like myself where the lessons learned are a "reminder" or for new traders that may never have considered the discussion points we talk about. Bottom line, I believe this format has some potential in the future, so I hope you enjoy and get something from it. Like I said, your feedback would be much appreciated.