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Super Trader Roland Wolf Part 2
Episode Two of the Steady Trade Podcast features Tim and Stephen interview with trading phenom Roland Wolf. The interview was too good to cut short but too long to share in a single episode, so we broke it into two parts.
In Part One of the episode, Tim, Stephen, and Roland speak frankly and extensively about Roland’s ascent to trading success, critiquing and commenting on his progress and offering great suggestions for how new traders can use his experiences to their advantage.
In Part Two of the episode, the three traders delve deeper into Roland’s career advancement and how he became a mover and shaker in the world of day trading, and also address some powerful lessons he’s learned so far in his career.
The Italian Job: a pivotal career moment
Bromance, career development, and advancement. For Roland Wolf, a trip to Italy for a trading summit hosted by Tim Sykes proved pivotal in his career. For one thing, he was surrounded by traders, which was a new experience. Not only was he able to meet one of his trading idols, but also to connect with a lot of like-minded traders.
Trading can be a fairly isolating profession, and it can be difficult to truly connect with others when you only know them by a screen name. It was also in Italy that Stephen and Roland began what can only be called a storied bromance!
In the interview, all three traders discuss one of the big advantages of going to conferences and the power of connection with other traders. More than mere networking, they are like a vacation, therapy session, and career boost all in one!
Trading lessons you can’t buy
As the interview progresses, Roland shares with Tim and Stephen some of the lessons he’s learned so far as a trader. Among them:
- The importance of studying. For Roland, studying didn’t come quickly or naturally. This is partially because he’s a busy guy: he has a wife and children, and when he started trading, he even had a full time job! But now, he sees it as a vital part of his process because he’s seen the results it delivers. He’ll literally wake up at 4:30 in the morning to fit in studying and research time. Even if you have to get creative with your timing and end up tired for a while, it’s worth taking the time to study.
- It’s not luck. At first, Roland thought it was luck that kept him winning in the market. He no longer believes that. Yes, he has a talent for picking great stocks, but it’s only been through augmenting that natural talent with education and research that he’s really been able to use it to his reliable advantage. In the episode, he shares his thoughts on talent versus the results delivered by consistent screen time.
- It’s not just about money. To really gain success as a trader, you have to develop a passion for the process. Anyone can work to make money in the short term, but as Tim Bohen says, “Are you willing to sit at that effing computer for 12 hours per day?”. Adds Roland, “If you don’t really enjoy it and you’re not passionate about it, what’s the point?”.
Roland shares his secrets
To finish out the episode, Tim and Stephen get down to nuts and bolts. They quiz Roland on his methods, including what indicators that he looks for.
They also get real, talking about the best and worst trades Roland ever made. Yeah, he’s had a few: with win rate of about 64 percent, he acts as proof positive that even hotshot traders don’t get it right all of the time. However, as the traders discuss, this doesn’t mean you can’t be profitable.
They also discuss Roland’s most reliable setups and how he approaches a trade. New traders will benefit from his universal tips that can be employed by traders at any level.
As the interview comes to a close, the traders discuss Roland’s next steps. At the moment, he’s beginning to contemplate short selling, but he’s in no big rush to rock the boat. Ultimately, much of his success has been thanks to his contrarian tendencies, and so he’s cautious in the bull market. Ultimately, he wants to be consistent and safe in his trading.
They finish out with Roland sharing some wisdom and goals for the road, and there may or may not be a fade-out montage with Stephen and Roland double-dutch jump roping into the sunset as the interview comes to a close.
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