Many of our listeners are aspiring or new traders. While learning the basics of trading is important for those who are just getting started, it can be difficult to figure out how to apply this knowledge. As such, it can be extremely inspiring and helpful to learn by hearing the stories and experiences of traders who are “in the field” so to speak.
Learning from the anecdotal experiences of others can be a great way to give you, as a new trader, ideas for how to apply the trading basics you learned in Season One of the Steady Trade Podcast. In Season Two, Tim and Stephen will be offering more interviews with established investors to help inspire your continued growth as a day trader.
Meet Roland Wolf.
In Episode 2, Tim and Stephen conduct a two-part interview an incredible up and coming trader who is regularly netting over $1,000 per day: Roland Wolf. In the trading world, Roland is one of the fastest-advancing traders Tim has ever seen, having turned $4,000 into roughly $300,000 in profits in just a few short years. Just in case you didn’t already hate him, he’s also handsome, smart, charismatic, and well-spoken: a quadruple threat!
Prior to pursuing day trading, Roland was a professional soccer player who regularly traveled to far flung destinations like South America and Europe. After suffering a terrible ankle injury in Croatia, he suddenly found himself 24 years old and rudderless, without direction and without a career. Looking for investment opportunities led him to the work of Tim Sykes. After reading through Tim Sykes’ free e-guide to trading penny stocks, he decided to give it a go.
When Roland started his trading career, he didn’t really know what he was doing. He was overwhelmed, and felt that he couldn’t get his finger on the pulse. In essence, he found himself chasing leads: chasing the scans, chasing alerts, chasing leads, and stumbling for direction. As host Tim says, “it’s like stepping across a minefield”.
In the interview, Tim and Stephen discuss with Roland how this time was painful yet important: it taught him many of the things that clearly were not going to work, and he was able to shift his mindset to focus on what was going to make him rich.
As the interview progresses, you’ll learn how Roland progressed from being directionless to getting himself in gear. He recognized that on an intuitive level, he was good at choosing stocks. From there, he began to maximize his trades by pursuing what was working for him. Being under PDT at the time, his situation and budget made working with overnight holds his bread and butter.
Working this way, he was able to gain a strong sense of consistency and to really begin to learn how the market worked. In retrospect, working small was a good thing: it allowed him to refine his work and it kept him from doing too much too soon. As Stephen adds, this echoes one of the best pieces of advice he received when he was starting out: “just find one or two setups and focus on them”.
So what was the tipping point that took Roland from figuring things out to big time success? In a word, education. When Roland first started, he was in essence winging it. Sure, he was watching Tim Sykes’ informational videos, but he wasn’t really putting a lot of emphasis on learning the mechanics of the market. After several rude awakenings (including a would-be $5,000 day that fizzled into a $200 payout), Roland realized that to really take his trading to the next level, he needed to invest in his education.
It was this education that helped Roland really begin to make money. He’d always gone against the grain with his trading, but now, he was able to do this in an actual, intentional way. In the interview, Tim and Stephen discuss the importance of learning the rules before you break them.
As part one of the interview draws to a close, Tim and Stephen begin to focus on analyzing Roland’s success. In many ways, Roland’s success has come from focusing less on the actual amounts he’s earning and more on his performance as a trader. Ultimately, this is what will set him up for long term success.
Roland also shares some of his personal secrets to success, including how to find an edge, his research style, why he’s wary of breakouts, and how he maintains his cool. He also shares tips for his quick, under 5 minute process to determine whether or not a stock is worthwhile!
Stay tuned for part 2 of this incredible interview, where Tim, Stephen, and Roland continue to talk shop and offer actionable advice for new and aspiring traders.
A new season of the Steady Trade Podcast means an all-new giveaway! Visit our giveaway page for more information!