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 Ted Posobiec
- Resources and Links
- About Ted Posobiec
- 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 (00:59:26)
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Q: Tell us about your background.
- Ted has an Army background and after that became a commercial diverin the oilindustry!
Q: Who or what inspired you to become a trader?
- Ted began trading oil-related stocks while working in the oil industry
- When Ted left the diving profession, he was looking for something that could provide him with comparable pay
Q: Do you remember your first big winning trade? What did you do with the money?
- Ted’s first big winning trade came after attending a trading bootcamp using the strategies he learned at the bootcamp
- His purchase was a Harley!
Q: At what point did trading become your primary source of income?
- It took about a year and a half for trading to become Ted’s primary source of income
Q: What does a typical day look like for you?
- Ted starts his day taking care of the necessities so there are no distractions before he gets ready to trade
Q: What markets do you trade and why?
- Ted will trade any market, but he does have some preferences
Q: What is your favorite trading strategy in today's market?
- Ted doesn’t have a favorite strategy; he likes a lot of different ones
Q: What is different about your approach compared to other traders?
- Ted trades what he sees and not what he feels
Q: How does your strategy differ for generating income versus building wealth?
- Ted would use ETFs or stocks for building wealth
Q: How would you trade a $5,000 account differently than a $50,000 account?
- There is only one difference in the way Ted would trade a $50K account versus a $5K account
Q: How do you limit risk?
- Ted sets a limit that he can and will trade per day
Q: What trading platform do you use primarily?
- Ted uses the same platform today that he started out using
Q: Which indicator could you not live without?
- Ted can’t live without the Volume Indicator!
Q: Do you have a written trading plan that you reference every day?
- Yes, although it is smaller now than it used to be
- Ted’s trading plan helps to keep him focused
Q: Do you keep a trading journal?
- Ted writes in his trading journal every day
- The trading journal helps to keep track of emotions and performance so he can review these things when he starts to see patterns emerging
Q: What do you like most about trading and what do you like the least?
- The freedom is the best part about trading
- The downside of trading is that it can get pretty boring, according to Ted
Q: Was there a specific turning point where you went from consistently losing money to being consistently profitable?
- Ted was shadow trading to start with, which made it easy to lose money
- Finding a mentor who taught Ted the right way to trade helped him to become profitable
Q: What was your best month as a trader? Your worst month?
- Ted’s worst month was in the negative, but his favorite was in the high $20K profit range
Q: If you could go back in time, what advice would you give to your 20-year-old self?
- Be patient!
Q: How do you measure success in life?
- Happiness and freedom are good indicators of success for Ted
Q: What have you had to sacrifice to get where you are today?
- There is one major thing that Ted feels he has sacrificed over his career
Q: If you could do it all over again, is there anything that you would have done differently?
- If he could do it all over again, Ted would spend more time with his family and start trading sooner!
Q. What is your biggest challenge as a trader?
- Ted’s biggest challenge is feeling like he needs to take a trade
Q: What is the biggest difference between successful traders and unsuccessful traders?
It all comes down to discipline
Q: What is the most important piece of advice you’d give to a new trader?
- Be patient!
Q: How has your mindset evolved over time?
- Learning to get into the right mindset–free of distractions–has been critical for Ted
Q: How should someone handle losing streaks?
- If Ted loses for more than 3 days in a row, he will go into sim mode and review his trading journal to find the problem
Q: Do you have any books to recommend?
- Anything by Mark Douglas (Trading in the Zone and The Disciplined Trader)
Q: What would be a good instrument for beginner futures traders to begin with?
- ES, NQ, but definitely not CL
Q: If I were to work full time, how long would it take to get income from a $10K account?
- This varies from person-to-person
Q: What does trading OPM entail? Does it increase focus and expedite the learning curve to where I could be earning income faster?
- Trading OPM holds you accountable so it could help you to become a better trader
Q: Do all markets have to be traded according to the Eastern time zone or is there something that can be traded within Pacific business hours?
- The London Open or the Asian Open are good markets to trade on the west coast
Q: How can you execute a proper stop loss and what is your criteria to assign a sound stop loss?
- Ted’s stop loss reflects the account he is trading, up to a 15 tick stop
Q: Are most futures markets open 24/7 for day trading or only during open US market hours and will the margin be different either way?
- The market is not open 24 hours, but Ted does not trade past 4pm ET
Q: Who are the traders that you look up to and follow?
- John Ondercin of WINvesting and some of the guys that currently trade with Ted in his room
Q: If you had the power to make something required reading for every high school senior in the world, what would that be?
- The Balloon Buster: Frank Luke of Arizonaand anything by Mark Douglas
Q: What is the next step in your evolution as a trader?
Q: What is the best way to get in touch with you?
- Join Ted in his trading room at WINvesting.com or email him at support@WINvesting.com
- Traderview Episode 007 - Show Notes
3 Action Steps
- Start from the beginning
- Write out a trade plan that makes sense to you
- Manage risk
How to Get More Free Training from Ted Posobiec
Get More Free Training from Ted Posobiec: WINvesting.com/#winners
Resources and Links
WINvesting – www.WINvesting.com
NinjaTrader – www.ninjatrader.com
Trading in the Zone by Mark Douglas – http://amzn.to/2hmHTm7
The Disciplined Trader by Mark Douglas – http://amzn.to/2hmDpMf
The Balloon Buster: Frank Luke of Arizona – http://amzn.to/2hmJuZk
About Ted Posobiec
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Listen to and Download the Podcast
SHORT VERSION (00:50:35)