Table of Contents
- Listen to the Show on iTunes
- Stream the Director's Cut (FULL VERSION) Topic-by-Topic
- Show Notes
- 3 Action Steps
- How to Get More Free Training from Price Headley
- Resources and Links
- About Price Headley
- Help Us Out (Review and Share)
- Get Free Access to Our LIVE Trading Room
- Listen to and Download the Podcast (EDITED)
Listen to the Show on iTunes
Stream the Director's Cut
FULL VERSION (1:28:54)
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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!
- An invitation from a pastor in Tampa, FL turned into a memorable experience
- 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.
- 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.
- 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.
- 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.
- Price left a well-paying, salaried job to start Big Trends. He left behind a corporate title and security to do this.
- 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
- Traderview Episode 003 - Show Notes
3 Action Steps
- Write down everything!
- Start small
- Create a written trading plan
How to Get More Free Training from Price Headley
Get More Free Training from Price Headley: BigTrends.com/FREE
Resources and Links
- BigTrends.com – http://bigtrends.com
- Big Trends in Trading by Price Headley - http://amzn.to/2f31UNu
- Wall Street Journal – http://wsj.com
- TradeStation – http://www.tradestation.com
- Think or Swim – http://www.thinkorswim.com
- Williams %R – http://www.investopedia.com/terms/w/williamsr.asp
- Reminiscences of a Stock Operator by Edwin Lefevre - http://amzn.to/2f33bnS
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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