THE MORNING SHOW

with

Patrick Timpone

 

Trader Scott

The Art of Making Money in Markets Starts with Learning How NOT to Lose

Trader ScottTrader 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.

 

Show Highlights:

-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



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'Trader Scott – The Art of Making Money in Markets Starts with Learning How NOT to Lose – September 26, 2016' have 19 comments

  1. September 26, 2016 @ 6:17 pm terra.laser

    Patrick, Thank-you for hosting Scott the trader – I hope you can make him a regular guest. Hard to find honest people who share their knowledge and trading experience.

    Reply

  2. September 27, 2016 @ 12:10 pm Trevor

    I’d rather put my money in a bank than listen to this drip.

    Reply

    • September 27, 2016 @ 3:01 pm traderscott

      Thank you for the comment Trevor. Criticism is a wonderful source of motivation for me. But based upon your history, I’m certain that you don’t take it nearly as well as you dish it out. And if you would like to vent about how clueless I am, feel free to e-mail me.

      Reply

    • September 28, 2016 @ 11:43 pm ted bennet

      please do, we are gonna need your money sooner or later.
      happpy trails, Ted.

      Reply

  3. September 28, 2016 @ 10:00 am James

    There are no markets in my personal opinion , there are only manipulations ! From that everyone must decide for themselves if they want to participate in a rigged market run by A.I. and Algos ! This is why it is all about losing money for the average Joe it is a rigged Casino ! James

    Reply

    • September 28, 2016 @ 10:16 am traderscott

      All markets have always been manipulated James. I know some of the “manipulators” personally. But as a whole, some of them are decent people. Many are scum. As to A.I. and algos – fads come and go in markets. Their days are numbered and then a new fad will take over.

      Reply

      • September 29, 2016 @ 4:13 pm Ingrid feggulis

        Trading is identical to sheet music theres always s chorus

        Reply

      • October 4, 2016 @ 4:27 pm James

        Yes, I agree but the average person could care less how long the rigging has gone on . What they care about is today and the coming future and speaking of the future , what if A.I. keeps advancing exponentially and blocks the cut off , just a thought ?

        Reply

        • October 4, 2016 @ 4:42 pm traderscott

          My point James is that manipulating has always gone on. It will continue. That will not change. But we can learn to follow what the manipulators are attempting to do. It’s not easy, of course, but it can eventually be done. And I have been intimately involved in markets virtually every day for a long time. There’s always something which seems like it will take over, but it never does. I remember very well everyone freaking out for years about program trading. It’s still going on, but no one cares anymore. It’s always going to get back to the human emotions. I’m 100% confident of that.

          Reply

          • October 6, 2016 @ 8:50 pm James

            Interesting that you brought up program trading , just this week I was looking into what has caused every crash since 1987 up to August 2015 and every single one was due to program trading ! I’m 100% confident of that.

          • October 6, 2016 @ 9:55 pm traderscott

            You’re a sharp guy James and I appreciate your passion and research. So I will ask you what caused every crash before October 19, 1987?

          • October 7, 2016 @ 8:16 am James

            The folks that now own the computers controlling the manipulations as you said this has always gone on, now it’s automated ! Update(10-7) , British Pound Crashes 6% in 2 minutes . Algo triggered that caused a algo trigger etc. !

          • October 7, 2016 @ 10:25 am traderscott

            So what is your definition of a crash. Is a flash crash really a crash? And you didn’t answer my question. What caused all of the crashes before Oct, 1987? What caused the housing crash? The dotcom crash? etc. And program trading is not algos. It’s a simple trading system. They’ve been around since the 1960’s.

  4. September 30, 2016 @ 6:45 pm Bruce

    Scott, thank you for your view and contributions. would love to hear you at least once a week. would be a great show to look forward to. thanks again Scott.

    Reply

    • September 30, 2016 @ 6:46 pm Bruce

      actually meant to say once a month. lol

      Reply

      • September 30, 2016 @ 7:20 pm traderscott

        That’s very kind Bruce. If you would like to, you could let Patrick or Sharon know.

        Reply

  5. September 30, 2016 @ 10:15 pm Greg

    I enjoyed the show. I love the way you try so hard not to say something that might get someone in trouble. Reminds of the axiom that you are starting to know just enough to get yourself in real trouble. I appreciate the effort. I hope to hear more from you in the future.

    Reply

    • October 1, 2016 @ 10:03 am traderscott

      Yes Greg. I’m mainly trying to not get myself in trouble.

      Reply


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