One of the biggest mistakes new traders make is not taking the time to learn and take advice from experienced traders. There is no reason to make all the mistakes yourself when you have experienced traders in our community to learn from. Brian Boyd is one of our most successful trading students, and he has a story that many of you will relate to. He did not find trading success right away, but he persevered and put in the long hours and hard work to find trading consistency.
Here is an interview we recently did with Brian:
How did you get started trading?
When I became educated about the fees associated with mutual funds in my 410K and the fact that I was being outpaced by the markets. I started going to seminars, reading books and watching videos.
What attracted you to the markets?
The idea that you don't necessarily have to work "harder", you can reap gains by being "smarter" and more educated about the markets and investing. The fact that you can have financial gains in any market, whether it's moving up or going down. Unlike with mutual funds. I wanted to be in control of my own destiny. NO ONE, I MEAN NO ONE, IS GOING TO WATCH MY WEALTH LIKE I WATCH MY WEALTH...
What do you focus on in your trading?
I concentrate 90% on Momentum Stocks, stocks moving because of a catalyst. My specialty is in stocks that are of fundamentally good companies that their stocks have been hit for a number of reasons, but the future outlook remains strong. "Damaged stocks, not damaged companies".
What is your daily routine when trading?
Nightly scans for momentum stocks and lunchtime monitoring to see which stocks are "setting up" for a potential move. I spend about an hour a day max on trading.
How has mentorship impacted your trading?
Hugely, BOWS Boot-camp gave me that every so vital foundation. Mentoring was just a complimentary step in the process that helped aid in reduction of the learning curve!
What advice would you give a beginner trader?
Take your time, paper-trade. Do no trade too big. If you try and hit home-runs you will more than likely strike out a lot. Trading should be methodical, consistent and steady! Do not get in a hurry, there's always another opportunity and just as "Big Daddy" aka Kunal says, "What's a year or two to learn something that you are going to be able to do for the rest of your life?????"
How has trading impacted your life?
It's given me hope, security, I don't worry about what life will be like when I retire. It's given me peace of mind. It's changed my life!!!!!!!!
Any last words of advice?
It's all about risk to reward.... take your time, be patient, spend time and soak up as much as you can from experienced traders like Kunal and Paul.... As a new trader, you're going to feel pain at sometime, it's inevitable, but by listening to experienced guys like Kunal and Paul that truly care about you and your success, you will feel less pain and ultimately reach the pinnacle of profitability much faster!!!!!
Brian will be going into much more detail about his strategy and what he did to go from struggling trader to successful in a free web class on Wednesday at 8 pm est. Link to register is below.
Did you check out day 4 of our Momo Trader Series? We talked about 'How to Recover From Trading Drawdowns'.
Free Webinar With Brian
We will be hosting a free 2-day web class on Aug 28th and 29th. We invited Brian to join us on a webinar to share his trading journey in more detail, and give new traders tips to find success. He will teach his methods for trading success on the 29th. Reserve your seat here.