Ready to make a trading game plan of your own? Using lessons learned from coaching football and playing poker, today’s guest Clutch has traded his way over the PDT. Listen and get inspired!
In today’s episode, SteadyTrade co-hosts Kim Ann Curtin and Stephen Johnson have an extra-special guest: an up-and-coming trader who goes by Clutch.
Clutch has done what many traders dream of but few have achieved. He started with a small account and traded his way over the PDT.*
In case you’re not familiar with the term, “PDT” refers to the pattern day trader rule. It’s a rule that limits traders with accounts of $25,000 or less to just three day trades within a rolling five-day period.
The rule is in place to help protect newbie traders from themselves. However, many traders find the PDT rule limiting and can’t wait to outgrow its restrictions.
How’d Clutch do it?*
A Man With a Trading Game Plan
When Clutch started trading, he didn’t want to dabble. He wanted to be great.
But he recognized that greatness takes time. It takes four years to get a college degree — he figured he needed to dedicate at least the same amount of time to his trading education.
In the podcast, he shares his four-year trading game plan and journey:
- How he worked past the sheep-like mentality that so many new traders have.
- Why small-account trading is humbling when you’re only making about $15 per trade.
- The mindset shift that helped him get out of the money mindset and into finding value in every trade.
The Competitive Mindset + Finding an Edge
Fun fact: Clutch is a former football coach. He’s also a poker enthusiast. He loves competition.
Early on, it occurred to him that techniques that he used to gain an edge in these competitive pursuits could serve him well in trading. Here’s what he did:
- Clutch recorded data from his stock charts just like he used to with data about games and players as a football coach.
- He used indicators on his stock charts to help understand what made stocks move.
- And he used his data to refine his entries and exits. Of course, he admits that this only came with “hours and hours” of screen time.
Now, five years into his trading career, he says, “I’m in a position where I feel confident in my trades. If I lose I’m not upset. If I win, great.”
Valuable Trading Game Plan Lessons
Clutch also offers plenty of pearls of wisdom for new traders — you know, stuff he wishes he’d known when he was starting out. Such as…
- The only way you can make money on a trade is if you trust yourself to get out of the trade.
- Learn what NOT to do. Make use of your mistakes as learning experiences.
- Just as you learn from different professors in college, you need to learn from different mentors and put together your own strategy. Tim Grittani and Roland Wolf are some of the traders he studied…
Ready to take your trading to the next level? Traders who want to catapult over the PDT won’t want to miss this informative episode.
Follow Clutch on Twitter: @Clutchcaller
That’s So Clutch!
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Kim Ann Curtin
*Please note that any reported trading results are not typical. Most traders lose money. It takes years of dedication, hard work, and discipline to learn how to trade, and individual results will vary. Trading is inherently risky. Before making any trades, remember to do your due diligence and never risk more than you can afford to lose.