The following is from Chat with Traders, Ep. 058. You can try�Paul Singh's Part Time Trading Service free for 14 days - SIGNUP HERE
This week I spoke with Paul Singh, a long-time trader who has been doing this since his college days. Over the years he�s traded stocks, options and futures, but now tends to focus purely on stocks.In fact, Paul actually began trading during the �dot com boom� and quickly racked up huge profits � he was living large in a penthouse, his neighbors were professional athletes, and all was good �until the bubble burst, and that�s when he returned to square one.So, during this interview we discuss; the light-bulb moments and changes he made to his trading which helped him to achieve sustainability and consistency. We talk about how he transitioned into full-time trading, why you should be cautious of micromanaging positions, and overall; how to be a better swing trader.It�s worth mentioning, there�s also something within this interview for day traders, because Paul is very active on an intraday timeframe too.
Lessons learnt in this interview:
- The highs and lows of Paul�s early years, and why he persevered after blowing up three trading accounts and losing hundreds of thousands of dollars of profits.
- The biggest mistake people make when deciding to trade full-time, things to consider, and the unexpected challenges Paul experienced after taking the leap.
- Light bulb moments; the subtle changes that lead to the greatest improvements in Paul�s trading performance � take note!
- Paul emphasizes the need to adapt and evolve with ever-changing market conditions,� plus an example of how he�s had to do this recently.
- Why swing traders need to be cautious of micromanaging positions, and the reasons why Paul trades with a �set it and forget it� mentality.
- The importance of preparation and having a game plan before entering a position, and how Paul thinks about stop placement.
Links and resources mentioned:
- The Market Speculator � To learn more about Paul, you can visit his blog which is updated regularly with insightful articles.
- Part Time Trader Program � Paul runs the swing trading service for Bulls On Wall Street, follow the link for more info.
- EP 020: Kunal Desai � Here�s a link to the interview I recorded with Kunal, who was originally mentored by Paul.
- Evernote � The freemium online tool Paul uses to prepare trading plans.
- @PaulJSingh � Also be sure to follow Paul on Twitter!
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