+448% in 2020 | How to become a Professional Trader | Interview with Ryan Pierpont

Video Description

Welcome back to the Market Chat! This week Ryan Pierpont discusses his background and process that allowed him to become a professional trader and to win 3rd place in the US Investing Championship with a gain of +448% in 2020. We talk about discipline, psychology, routines, setups, and position management. We also go through many different charts as Ryan discusses how he analyzes price action using channels, flags, and trendlines. Trading Books Ryan mentioned: How to Make Money in Stocks, William O’Neil https://amzn.to/33cpYqX How to Trade in Stocks, Jesse Livermore https://amzn.to/3eicKQ7 Reminiscences of a Stock Operator, Edwin Lefevre https://amzn.to/3h65PuX Trading in the Zone, Mark Douglas https://amzn.to/2QTis1Q How I Made $2,000,000 in the Stock Market, Nicolas Darvas https://amzn.to/2Rmu39u The Battle for Investment Survival, Gerald Loeb https://amzn.to/2Ss1doP Stay in touch ► https://twitter.com/RichardMoglen ► [email protected] If you would like to support my channel ► https://www.buymeacoffee.com/RichardMoglen Marketsmith: https://marketsmith.investors.com/ms-platform/?src=A00587A&refcode=RM_Links 0:00 Intro 1:05 Ryan’s Background, Dot Com Boom 1:26 Trying Computer Science, Switch to Business, Baseball 2:10 First Finance Class, Reading A Random walk down Wallstreet 2:30 We Should have Personal Finance Curriculum 3:11 Started Trading in 2008 Meltdown 4:02 Options Trading 4:40 The worst thing that can happen is you have a good first year 5:20 The key to success is getting your ass handed to you 6:00 Reading How to Make Money in Stocks by O’Neil over and over 6:20 Dan Zanger and Randy chartpatterns.com 7:20 On social media people only post gains, lack transparency 8:25 Reading Dan Zanger’s Newsletters 8:45 Learning the psychology behind chart patterns 9:30 The idea is to find your edge and stick to only that 10:30 The importance of trading with a plan 11:30 There's only 2-3 times year to press on the gas 12:30 Technicals and Fundamentals are 10-20%, The rest is Psychology 15:00 Trading Books. Mark Douglas 15:30 managing Emotions and seeking feedback form the market 16:00 Stan Weinstein Stage Analysis 16:30 Darvas and Livermore 16:45 Brian Shannon Multiple timeframe analysis 17:00 Mark Minervini’s books 18:00 We have it easy 19:30 It takes time to build experience, Market Cycles 21:25 If you have the drive and the passion don’t ever give up 21:50 Preserve Mental Capital 24:16 Progressive exposure 24:45 Don’t Revenge Trade 25:45 Recognize that this is a marathon not a sprint 27:25 Don’t Style drift 28:00 Batting Average and Risk Reward 29:00 Journaling trades, keeping track of statistics 30:45 Look back on your mistakes STNE 32:00 FSLY gap downs 33:44 The Runner Concept 34:30 Selling Half, Win-Win Situation 35:00 Know what type of market you are in. 36:15 How does Ryan select stocks to trade, Only Price pays 37:40 Weekend Screening Routine 39:50 Super Earnings is key 40:09 focus on the top 10-20 stocks in the market 42:30 Buying Setups and Bases 43:20 Bases with shakeouts go to the top of your list 43:30 Obvious Areas and Standard Breakouts. Be creative 46:14 Trading in 2020 Chart Walkthrough 47:30 March Correction 48:45 Island Gap 50:20 Looking for potential leadership 51:25 TSLA Stock Analysis 55:00 h pattern 59:35 Buying a gap up 1:01:40 Never average down 1:03:00 Identify every scenario before you make a purchase 1:04:00 FSLY Analysis 1:05:00 Buying the earnings gap up 1:05:55 Hot Stove Reaction 1:08:15 Always look for the next one 1:08:47 How concentrated does Ryan get 1:09:45 Focus on the Leaders hitting 52 week highs 1:10:50 The best stock in the market may be one you already own. 1:11:40 Pyramiding into a position 1:13:17 FLGT Volatility Contraction Pattern 1:16:10 Position Managment 1:17:50 FUTU Shakeout 1:21:24 Adapt or die 1:23:00 TIGR, the bigger the pattern the bigger the potential move 1:23:55 The IPO Low is a critical spot 1:25:15 Just when you think the trend will end, bet that it won’t 1:26:19 How does Ryan use multiple timeframes. Weekly charts 1:29:10 JMIA Analysis 1:29:50 Dislikes rising channel into a prior high 1:31:04 A lot of these names will never come back 1:34:10 AVID Breakout 1-2 Punch 1:35:20 BBY Analysis 1:36:45 SWAV Relative Strength 1:37:20 HD Shakeout Fast Move 1:38:13 IPO Precedents COIN 1:39:00 Don’t buy as its falling apart 1:39:44 BABA IPO example 1:40:25 Old Leaders TDOC PTON 1:41:45 Be Kind and be respectful 1:42:20 FVRR DOCU 1:42:50 Indexes Big Picture SPY RUT 1:44:20 Indicators and Chart Layout 1:44:59 If you do your homework, you will have more money than you will know what to do with 1:46:45 Keeping it simple 1:47:40 Advice for new traders. Write down your goals 1:48:20 Surround yourself with positive people 1:48:40 If you love trading the only result is that you will succeed ------------- Disclaimer The content of this video is for educational purposes only and should not be taken as a suggestion to buy or sell anything