One thing most aspiring traders never consider is the transition from their 9-5 job (regular income, familiar commute, earn by the hour/day) to their future life as a professional day trader (sporadic income, commute to another room in your house, earn by the outcome and probabilities).
In today’s interview we get a real life insight into the journey of Scott Malatesta – how he navigated the transition from day job to day trader, how his trading journal was so important to his success and many more tips from this stock trading master.
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[12:22] You have to understand who you are and how you trade.
[14:51] If you will just end the day flat everyday and take whatever the day gives to you, you’re gonna be a heck of lot better off.
[16:32] Keeping a trading journal allowed me to understand my mistakes.
[19:46] If I could just build my consistency through discipline and be consistent along the way I’m going to be able to add another zero onto the end of those hundred shares and turn it into a thousand shares and start to turn the corner.
[22:29] Spending more time didn’t necessarily equate to making double the money.
[22:51] It’s not about the amount of time that you spent in front of the screen and trading, it’s the amount of great trades that you take during that time.
[29:23] One of the things out there that traders need to understand is losing is all part of the game.
[36:08] I wanna stick to what I know, I wanna perfect my skill.
[40:12] I think day trading is some of the quickest money in the world but I also understand it can take the money as quickly as it gave it to you.
[42:14] The key is to trade with money that you CAN afford to lose.
[51:45] If you wake up, out of the bed, and you are not mentally prepared for the day, don’t trade.
[60:55] Go slow, be disciplined, and just make yourself base hits each and every day.
- He’s always been a Wall Street Journal reader
- It took Scott 3 years before he finally became profitable
- He spends 10 minutes everyday writing down his trades in a journal
- He trades a thousand shares on a low-end, two thousand on a high-end for most stocks that he trades
- He has a 4-monitor setup with 4 charts on each monitor
- His watchlist consists of 12 to 16 stocks
- He trades stocks typically above $10
- He uses their top 20 list and looks at CNBC in the morning
- He takes 6 trades a day on average
- He has up to 73.5% winning rate
- He has 1:1 to 2:1 Reward-to-Risk ratio
- He’s a breakout and breakdown trader
- He breaks up his trading day into 3 sessions – the morning session, the lunch session, and the afternoon session
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