In a world where financial success seems like an elusive dream for most, Erik Smolinski stands out as a shining example of what’s possible with hard work, determination, and a little bit of luck.
Despite his very modest upbringing, Erik managed to accumulate a net worth of $3 million through his stock trading prowess. But don’t be fooled into thinking that Erik’s success is simply a stroke of luck or a fluke. In fact, he’s spent a staggering 32,000 hours studying the markets and using statistics to help him work out trade probabilities. For Erik, success in trading is all about long-term pattern recognition and keeping things simple.
And he’s certainly put his theories to the test, with his best feat being making half a million dollars in just 2 days. So if you’re interested in learning from one of the most successful traders out there, be sure to check out the podcast interview and supporting video below, where he shares his insights and strategies for achieving financial freedom.
Podcast Interview
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Interview Link
YouTube – @esInvests
Twitter – @esInvests
Erik’s Trading Strategy Video
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Recommended Book
Options as a Strategic Investment by Lawrence MacMillan
Reminiscences of a Stock Operator by Edwin Lefèvre
How to Make Money in Stocks by William O’Neil
Key Lessons
[11:42] You have no say if the trade moves into profit. The part you can control every single time is your risk.
[17:58] If you can’t make something look good in a back test, good luck making it look good in real trading.
[20:45] One of the hallmarks of successful traders’ (long-term) is pattern recognition.
[30:10] Price and volume is king in almost any timeframe.
[44:47] The idea of trading like a robot is nonsense. You’re not a robot and you never will be.
[53:33] By writing out a trading plan you start to become responsible for the pieces you can’t control.
[53:53] Once you start to establish actual, observable, quantifiable profitability, start going live.
[58:23] Get serious about it and make a plan otherwise it’s not going to happen.
