#003: Price Headley from BigTrends.com

EP 002
Traderview: EP003 Price Headley

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Show Notes

Introduction

Q: Tell us about your background.

  • Price’s family raises thoroughbred horses, and his family was surprised when he decided to become a trader instead of continuing in the horse business

Q: Who or what inspired you to become a trader?

  • His performance in a contest while in college at Duke inspired Price to pursue trading

Q: At what point did trading become your primary source of income?

  • It was a process, that included making mistakes early on, to get to the point where trading was Price’s primary source of income.

Q: What does a typical day look like for you?

  • A typical day for Price begins with a standard process of review that his team has developed
  • Throughout the day, his team sends real time alerts to his subscribers

Q: Do you remember your first big winning trade? What did you do with the money?

  • After launching Big Trends, Price had a big win on one of the stocks he had recommended early on.
  • He used the proceeds to build the Big Trends organization!
Q: What is your favorite memory or trading story?
  • An invitation from a pastor in Tampa, FL turned into a memorable experience
Q: What do you like most about trading and what do you like the least?
  • The freedom to create your own destiny is the driving force behind why Price loves trading.
  • The distractions that come along with the freedom are something that Price likes least about the lifestyle.
Q: Was there a specific turning point where you went from consistently losing money to being consistently profitable?
  • After making mistakes early on in his career, Price began analyzing his trades, which led to a more stable approach than trading from his gut.
Q: What was your best month as a trader? Your worst month?
  • There was an acceleration of Price’s capital in 1999, in part because of the Y2K scare.
  • These good months in 1999 were followed by several poor months in early 2000.

Q: If you could go back in time, what advice would you give to your 20-year-old self?

  • Price’s advice to his 20-year-old self would be to find your passion and then follow it, regardless of what other people say.
Q: How do you measure success in life?
  • Price believes in defining what is important to you personally and professionally so that you can grow and be fulfilled, even if this includes goals that seem unachievable.
Q: What have you had to sacrifice to get where you are today?
  • Price left a well-paying, salaried job to start Big Trends. He left behind a corporate title and security to do this.
Q: What is the biggest difference between successful traders and unsuccessful traders?
  • Discipline!
Q: What is the most important piece of advice that you would give to new traders?
  • Price recommends not letting the excitement and eagerness get the best of you.
  • Use simulation tools to test and create a trading plan that suits you.

Q: How should someone handle losing streaks?

  • The first step is defining what a losing streak looks like to you, and use that definition to recognize a losing streak so you can know when to take a step back and reevaluate.

Q: How has your mindset evolved over time?

  • Price’s evolution began with learning to take emotions out of trading

Q: What is the most rewarding thing about trading for a living?

  • Being your own boss and being in control of your destiny is very rewarding

What is your biggest challenge as a trader?

  • Information overload is a big challenge for Price

Q: What markets do you trade and why?

  • Price’s trading is Options oriented, and he looks for the most active and liquid stocks.

Q: What is your favorite trading strategy in today’s market?

  • Price is focused on an options selling strategy that can help you to create consistent winners in your portfolio

 Q: What is different about your approach compared to other traders?

  • Price attributes his unique approach to unconventional wisdom

Q: How would you trade a $5,000 account differently than a $50,000 account?

  • Price recommends not over-allocating your capital, which will affect commissions with a $5000 account

Q: How do you limit risk?

  • Big Trends recommends not committing more than 10% of your capital that is set aside for one strategy to each new trade.

 Q: How does your strategy differ for generating income versus building wealth?

  • With income trades, you can accept sideways markets, but when trading to build wealth through growth, you have to focus on strong trends

 Q: What trading platform do you use primarily?

  • Price likes TradeStation and Think or Swim

 Q: Which indicator could you not live without?

  • Larry Williams’ Percent Range indicator is one that Price has started favoring over the past several years

Q: Do you have a written trading plan that you reference every day?

  • The Big Trends team consults their trading plan regularly

 Q: Do you keep a trading journal?

  • Even a simple subjective journal outlining how you are feeling can help you to evaluate your ability to trade well each day.

Q: What is the next step in your evolution as a trader?

  • Price and his team will always be testing and looking for the next edge, and will continue working to refining their scanning process to overcome information overload

 Q: How do you see the profession of trading evolving over the next 5-10 years?

  • AI will be the biggest area of interest in terms of empowering technology to work for the profession

 Q: What is the best way to get in touch with you?

  • Go to BigTrends.com/Free for a special free 150-page e-book or call 1-800-BIG-TRENDS

Closing


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Tweetables

"It’s a process to learn to get in tune with the market."

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“Focus becomes a really valuable commodity as we get inundated with more and more data…”

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“If you have trouble making decisions, you’re probably not cut out for trading.”

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“If you swing for the fences, you’re going to have more strikeouts.”

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“Freedom comes with responsibility.”

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3 Action Steps

  1. Write down everything!
  2.  Start small
  3. Create a written trading plan

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How to Get More Free Training from Price Headley

Get More Free Training from Whiz Buckley: BigTrends.com/FREE

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Resources and Links

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About Price Headley

Price Headley was inducted into the Traders' Hall of Fame in 2007 and is the founder of BigTrends.com, which provides investors with specific real-time stock and options strategies and investment education to profit from significant market trends.

Price appears regularly on CNBC, Fox News and Bloomberg Television, and in a variety of print and online financial news outlets, including The Wall Street Journal, Barron's, Forbes, Investor's Business Daily and USA Today. Price also speaks regularly to investment audiences nationwide.

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