5 Lessons I Learned from Tim Grittani's Trading Journey
5 Lessons I Learned from Tim Grittani's Trading Journey as discussed on a recent Confessions of a Market Maker podcast
Listen to the Full Episode with Tim at Confessions Of A Market Maker Podcast
Trading can be a challenging and emotional journey, but it can also be incredibly rewarding. In episode 92 of the Confessions of a Market Maker podcast, Tim Grittani shares his trading journey, including his successes and struggles. Here are five lessons I learned from his story:
Find a trading style that suits you: Tim initially gravitated towards pump and dump stocks, but he eventually found success going long on afternoon and multi-day breakouts. It's important to experiment with different strategies and find one that matches your personality and risk tolerance.
Risk management is crucial: Tim learned this lesson the hard way after a huge $290,000 loss on a stock called AKE. He now measures his size based on how much he will lose if he is wrong, rather than a certain percentage of his account or dollar amount per trade.
Discipline and self-awareness are key: Tim emphasizes the importance of being self-aware and honest with oneself about mistakes and making necessary changes to improve. He also punishes himself by sizing down and keeping a loss journal to hold himself accountable for his mistakes.
Automation can be beneficial: Tim is exploring automating some of his strategies to give him more freedom away from the screen. Automation can also help with precision and risk management.
Balance is important: Tim feels conflicted between fulfilling his potential as a trader and spending time with his family and enjoying life outside of trading. It's important to find a balance that works for you and prioritize what truly matters in life.
Overall, Tim's story is a reminder that trading is not easy, but it is possible to overcome challenges and achieve success with discipline, self-awareness, and risk management.
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