At the SteadyTrade podcast, hosts Tim and Stephen like to put an accent on the “steady” part of their approach to trading. That being said, sometimes they like to feature exceptional traders to inspire you on your journey.
21-year-old trader Mason Fecht has had a very impressive few months. Or, as Stephen puts it, he’s “excelled like a mofo.”
A relative newcomer to trading, things clicked for him in a big way recently and he reports that he’s made over $200K in the past few months!**
In the episode, you’ll learn more about Mason’s approach, what works, and how you can use his methods to your own trading advantage.
What were you doing when you were 16? Well, while Mason was still in high school, he began to take an interest in the stock market, meeting with a financial planner and beginning to learn about market mechanics.
He didn’t take action until his freshman year in college, when he chose a stock that he liked and got a big return. This is what kicked off his trading career in earnest.
First, he dabbled in options trading because he knew it was a potentially great way to grow an account exponentially. He turned $10K to $70K in a short period of time but eventually ended up losing the majority of his account.
It was time to learn the rules, he figured. He found Tim Sykes and became hooked on the videos. He joined the Trading Challenge in short order, seeing it as the fastest way to attain his financial goals.
He went in full throttle, studying for an incredible 12 hours a day to gain trading expertise. And yes, he watched Trader Checklist in its entirety, all 11 glorious hours of it.
In this episode, you’ll learn how and why things started to click, and how Mason overcame his issues with risk management to find trading success.
You’ll also learn more about his chosen sector, which is ultra-hot marijuana stocks. His average gain is now 40-50%!**
In the episode, Mason gives his key “ingredients” for trading setups:
- A breakout hitting new highs over daily resistance levels with a substantial volume in the past.
- The first green day from a former runner with news, strong volume, closing near its highs
But as Stephen says, “You make it seem so simple, so what do you have that we don’t?”
Mason explains how things really can be that simple if you don’t let external cues overwhelm you. He also explains his KISS (keep it simple, stupid) mentality and how to avoid the common obstacles that get in your way as a trader.
How can you channel your inner Mason and get ahead as a trader?
Mason adheres to a concept he learned from the Dalai Lama: Learn the material, understand and comprehend, and make it instinctual.
First, set up a strong foundation. Mason has a successful trading system. But before he established that, he set up a successful learning system. You need to understand the patterns first, and you gain this understanding through study and practice.
Mason suggests starting with paper trading and getting to a point where you’re good at virtual trading before live trading. He explains how to get started trading, and the best way to build up incrementally.
When it becomes instinctual, that’s when you can trade successfully!
Mason also shares some of his rules for successful trading, including:
- Cut losses quickly. You’ll also learn why the entry is the most important part of the trade!
- Take a step back. Look at the big picture. Don’t count your losses or profits until you’ve taken everything into account.
- Master the market psychology. Learn why understanding what all players are thinking is the secret to mastery in the market.
Do you have a question about trading for Tim and Stephen? Visit the “submit your audio” portion of the website to ask us anything.
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