Welcome to the 2nd part of a 3 part series with high stake stock index trader Tom Hougaard (part 1 can be found here, and part 3 will be released soon where Tom covers trading with large size).
I’ve just read the quotes from today’s show below and I’m absolutely blown away. These have to be some of the best trading quotes a guest has dropped in one sitting.
In the show you’ll also hear Tom’s advice to a trader he worked with, who was able to trade larger size to a point where earning £100,000 a year from the markets can be a reality.
Now, I have a chance to get Tom back on in the future, so if you have any questions be sure to add them in the comments below or on the YouTube video and I’ll ask them next time.
Podcast Interview
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Interview Links
Website – TraderTom.com
Key Lessons
[10:29] You want to make money from trading, but you don’t want to be irrational and blow your chance.
[11:52] Adding to a trade is the perfect antidote to you wanting to take part profits.
[14:05] You have to stop thinking where we are going to end up and just start thinking of where we are right now.
[17:27] We are not “losing traders” because we don’t know enough about technical analysis.
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[19:58] If you want to see some measurable improvement in your trading, you might want to set aside some real dedicated time where you imagine yourself riding a trend bar by bar.
[33:25] Trying and not succeeding is still success. But, trying and giving up, that’s failure.
[34:17] You need to focus a lot more on what you are bringing to the game as opposed to just being able to read the 5-minute chart.
[38:42] You can have knowledge but, you don’t have the will to act on the knowledge. And if you don’t have the will to act, knowledge is worthless.
[40:07] You have to realize that to become a good trader you have to be able to do what very few people are able to do and that is to take losses like they don’t even matter to you.
[40:59] Hit rate is not equivalent to being a profitable trader.
