THE MORNING SHOW
The Art of Making Money in Markets Starts with Learning How NOT to Lose
Trader Scott has been involved with markets for over twenty years. Initially he was an individual floor trader and member of the Midwest Stock Exchange, which then led to a much better opportunity at the Chicago Board Options Exchange. By his early 30’s, he had become very successful in markets, but a health situation caused him to back away from the grind of being a full time floor trader. During this time away from markets, Scott was completely focused on educating himself about true overall health and natural healing which remains a passion to this day.
While growing up, Scott had no interest in markets and business. His passions were focused on both sports and music, as he craves competition. And it was this competitive spirit that piqued his interest in markets after a casual visit to a former teammate who was then a floor trader at the Chicago Board of Trade.
The route that Scott took to eventually become a full time independent trader initially showed tremendous incompetence which is not unusual at all. It is these early failings in markets which is the incubator for later success, but only if someone is willing to go thru the struggles to get there. Trader Scott’s route to success and longevity in markets followed this common path: After losing his starting capital within the first year, he regrouped to make one more attempt. That second attempt almost failed also, but within the next two years he got to the point of being able to meet living expenses from just trading alone and therefore never eventually needing to actually have to “work”.
It was these early brutal lessons and many more over the years that allowed him to eventually be consistently profitable in his market operations. He had learned the vital lessons for success. These include: how to approach markets correctly; why we need a superior method for analyzing markets; how markets are nothing more than a place to place our wagers; and why we need a strong, stubborn, tough, competitive personality and psychological approach. These are the experiences that Trader Scott is now passionate about passing on to those willing to listen and who want to have some consistence success in markets.
Scott returned to markets over fifteen years ago where he continues as an independent trader. He also enjoys doing sprint workouts at the track, playing basketball, getting together and jamming with some buddies, and vegging out.
-What people really need to start watching in the market
-The importance of finding entry points
-Patrick asks about shorting the bond market
-What does “leveraging” mean?
-Trader Scott warns about trading options
-Managing risks with mental stops
-How does Scott determine the position size for each trade? Does he add to his positions as the direction of the market goes his way?
-What instruments does Scott trade, futures, options, ETF’s, etc? Does he trade all commodities, and also individual stocks? He says in his blog that all long term investments are still “trades”. Does he hold any positions for the long term, such as a year or more. What does he think about holding onto positions to take advantage of multi-year trends?
-Which sites does Scott recommend for online trading?
-Regarding Scott’s short and intermediate concerns with the stock market, would he recommend a large holding in strong companies be liquidated now, taking the big tax hit, to get on the sidelines until a sell-off occurs?
-Does Scott keep track of detailed records of his historical trades, so that he can understand the profit/loss patterns over time? Does this help with finding out patterns of trading behavior such as personal strengths and weaknesses?
-Scott’s blog, alerts and tips are completely free, but should you feel the need to donate something to Scott, he asks that you consider supporting his friend Tink as she journeys through a new and expensive stem cell treatment for MS. Tink also owns and manages a farm that sells grassfed beef down in Georgia.
Trader Scott’s Market Blog
trader scott and making it in the markets and your finances