Wow! Do I have a treat for you.
It’s not every day my guest is willing to show you inside their trading account, but todays guest Sami Abusaad treats us (during our video interview) with a “solid” and very transparent look inside his trading account… covering the first seven months of this year and over $800,000 in profit. Wins, losses… the lot!
But aside from that Sami (the Head of Trader Education at T3 Live and colleague of past guest and CNBC Analyst, Scott Redler) shares a world of insights that are bound to help you as a trader, whatever your level.
Podcast Interview
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Website – T3Live.com
Recommended Book
Reminiscences of a Stock Operator by Edwin Lefèvre
Trading in the Zone by Mark Douglas
Trade Your Way to Financial Freedom by Van Tharp
Broker & Platform
E-Trade
TradeStation
BROKER SPONSOR
Sami’s Trading Strategy
Key Lessons
[11:50] The younger people recognize chart patterns really quickly.
[12:22] You have to kind of play to your strengths always in trading.
[12:56] This is a tough game. It’s not an easy game.
[13:58] You can get lucky once, twice, three times, four times, ten times but you can’t get lucky forever.
[14:49] You have to really learn price action objectively.
[15:49] You have to learn a methodology that gives you an edge.
[25:28] There isn’t the right way or the wrong way. There’s the way that works for you.
[26:32] You have to trade in a way that suits your own natural personality.
[28:27] Find out what ends old trends and what begins new trends.
[28:36] When it comes to charts, find the repeating patterns.
[33:04] What really puts money in your account is the correct exit.
[34:33] A quick and easy way to eliminate the losers is always place your stop.
[35:42] Do not trade aimlessly.
[40:09] Traders eat like birds and crap like elephants.
[46:59] Just know that your attachment to a certain result (attachment to money usually and to being right, and winning) that’s your #1 cause of failure.
