Feedback in:
Mike,
Would you be open to speaking with me? That’s the request. Here’s why I hope you’ll consider: It is not an exaggeration to say your podcast has completely changed the way I think about career and life in general. I’m currently on episode 619, and I started with episode 1 last summer. I’m also on round two of Trend Following. Thank you. Seriously. Now I am about to start as a full-time retail trader after 10 years of “brain-dead-sheepery” in the oil & gas sector (consulting, i-banking, and corporate/operational). I’d love to get your advice and share my insights on what it’s like on the ground for folks starting out. It would be an honor.
Second email after my response for clarification:
Mike, I’m seeking your feedback on my trading strategy and longer-term business idea. No pitch or investment request. It would be invaluable to hear the opinion of someone who’s had such a big influence on me. For your reference: my strategy is classic trend following on shorter time scales (similar to [name]).
Third email after my response for clarification:
Certainly. Strategy Markets: anything with a daily volume greater than 100,000. Risk management: Target 4:1 risk-reward trades. Risk between 0.5% and 1.0% of cash equity per trade, depending on volatility as defined by an average true range. Stop orders are moved up/down with trade as new support/resistance levels are formed. Entry: I filter for daily-chart trends using ascending high and low pivot points, and ascending, stacked moving averages (reverse for shorts). The same filter is repeated on the 1-hour chart. Buy decision is based on a confirmed breakout (3 closing bars) of support or resistance on the 15-min chart. Support/resistance is defined by prior pivots and areas of consolidation on the 1-hour chart. My plan is still technically discretionary while I build my programming skills. But I do use a detailed checklist before entering each trade. Longer-term idea. Scale up the above strategy by raising capital from smaller private investors (people with good jobs, a home, and a 401-K plan). Often these people have investable cash, but not enough to meet the minimums required by traditional hedge funds/private equity. I also think their risk appetite is greater than you would expect. This “person” was me and many of my friends and colleagues for years. At this point, my sole focus is building a trading track record. The “small investor fund” is more of a side project, but something I’m very interested in. I’d be curious if you have heard of something similar? Let me know if more information would be helpful.
My reply was simple: I have ripped short term minute/hourly trading for twenty years. Go trend following. Of course, I appreciate his nice words, but that doesn’t change my stance or temper my reply.
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