After suffering severe losses in mutual funds in 2008, Dan became an active manager of his portfolio. Attracted by the prospect of legalizing marijuana, he dove into learning the fundamentals and techniques of the field. Learning how these stocks trade with each other, he deepened his awareness of the correlations between these companies. These correlations are later applied to large-cap stocks, commodities, and cryptocurrencies across different time frames to gain insight into when to enter and exit bull and bear markets.
Feeling the pain of seeing big early gains evaporate after months, Dan improved his trading mentality by considering both bullish and bearish signals in all the stocks he followed. I had to cultivate flexibility. Combined with correlations across multiple time frames with other stocks in the same sector, the commodity, the dollar, and influences from different sectors, he picks out nuances with scalpel-like precision and makes bullish or bullish decisions without being obsessive. Bearish is ready to reverse.
Disclaimer
Trading in financial markets involves the risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice.
Topic and timestamp:
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- 0:00 Intro and background
- 3:00 Purchase your first penny stock
- 6:50 Expansion from penny stocks to regular stocks
- 8:50 Early mistakes
- 13:30 Switch to day trading
- 17:00 Zooming in can lead to overtrading
- 18:15 Trade using different time frames
- 21:20 Why Dan started trading cryptocurrencies
- 25:43 Switching trading style
- 32:45 Signs of a bubble market
- 36:00 Relationships and Correlation
- 46:45 What are the bulls and bears thinking when they look at this chart?
- 50:00 Reflect on the conversation in your head
- 54:30 Visualize your trading and personal life
- 56:20 What Dan struggles with the most in trading
- 60:40 Highest score as a trader
- 64:20 Dan as a farmer
- 66:20 How to get to Dan