Trent Smalley has more similarities to the famous stock investor Warren Buffett than most humans on the planet.
Not only does Trent trade the stock market successfully, he also shops at the same stores as Mr Buffett, frequents the same cinema and restaurants, and no doubt attends the same sporting matches.
How is this possible? Well, Trent runs Omaha Charts, which is (you guessed it) based in Omaha, Nebraska. The hometown on the famous Warren Buffett.
On today’s podcast you’ll not only learn a unique story about Trents run in with Mr Buffett but you’ll also learn a tonne on how to trade the stock market and Trent’s unique approach to stock options that any trader can benefit from.
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[08:05] The first thing I bought I upgraded at that time like a 50-inch plasma TV. It’s one of the first things I bought out of the college.
[11:21] I couldn’t ever decide on one path whether it was gonna be medical school, law school, I just couldn’t decide.
[14:42] When you’re new to the business I had Investopedia up on one of my monitors all day long because these guys were spouting off things I had no idea.
[15:14] With every paycheck that I get from working here, I started funding a small trading account maybe it was $500 or $1000 every month or every other month and I just started buying stocks.
[16:16] I was blessed to have a well-paying job straight out of college with little to no debt. My overhead was always really low so I have a lot of expendable income.
[17:48] I knew that if I ever wanted to take this in a direction where I want to become more than just a gambler, I was gonna have to get serious about it.
[20:18] When you are managing your own retail account and you’re trying to grow an account in the manner that I was trying to do it, the technical analysis was the only way that I could see feasible to do that.
[22:38] I went through a lot of backtesting until I found indicators that at the time seem to work better than others at certain market environments.
[23:22] There are things that work very well in certain market environments and then once that market environment changes it falls by the wayside.
[24:31] Unlike markets, most things in Mathematics and Science, if you have a repeatable plan that can be duplicated you will end up in an answer that is probably more correct than not, more often that not. With markets that’s not true because we know that there is a huge emotional element to markets.
[26:39] Understanding what type of market environment you’re in by zooming out, taking a look at – “are we trending are we not?”, is the basis of any good trading system.
[33:26] Your profit and loss tells you if you’re right or wrong, not what you’re seeing on charts or not what you know to be true.
[34:55] If you’re a trader, the most important thing in your success or your potential success is your position sizing and having a money management strategy that makes sense for you, your personality, and your risk tolerance.
[42:00] Buying stocks that are strong already is the key to success.
[47:48] There’s no trade that I get in to, or even investment that I get in to, without looking at the Volume Profile first.
[52:59] You have to understand what your emotional make up is when it comes to money.
[59:42] If you don’t have one of those (Fundamental Money Management Strategies), you are going into a situation where the market dictates what happens to you instead of you dictating what happens to you.