In this episode, I interview Michael Katz, a veteran day trader with 15 years of experience in stocks and futures. Michael shares his trading journey with me, including a significant $91,000 loss while trading Virgin Galactic stock. He discusses the lessons he learned from this experience, emphasizing the importance of risk management and trading psychology.
Michael also explains his trading strategies, focusing on price action and market structure rather than indicators.
Podcast Interview
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Interview Link
Website: TradeThePool.com
X: @MichaelTTP
Michael’s Trading Strategy
Key Lessons
[05:49] The thing about trading is actually getting into a position with a small risk and adding more as it goes to your favor or against you as long as you’re within your risk parameters.
[08:30] You got to understand that the results that you’re getting from back testing will be different in real life.
[18:27] The first thing that it’s super hard for traders to do is just to handle their risk size.
[19:06] If you already found the right trade, wait a minute in the trade, let the trade work and then exit the trade.
[19:31] Wait a little bit more. Give yourself that chance or give the trade a chance to work.
[28:24] Indicators are a reflection of the price.
[28:52] Focus on the naked chart and just find those areas of major supply and demand.
[29:29] Get rid of the Ferrari dream.
[30:23] Try to avoid that feeling or thoughts about “I’m going to be rich” because it’s not about that. It’s about being consistent and long term.
[31:28] You just need to continue to trade slowly as you already did yesterday and be humble about trading.
