Key insights

• Replicable Trades and Mentorship

  • 🔄 Differentiating between trade setups and learning to scale up betting sizes prudently
  • 💰 Emphasizing the importance of finding Easy Money trades and gradually increasing betting sizes
  • 👥 Highlighting the value of mentorship and focusing on replicable, scalable trades
  • 🏆 Promoting his non-profit organization, Impact Competition, which hosts university competitions to address local social issues

• Intraday Trading and Profit Potential

  • ⏰ Understanding market dynamics and timing of trading opportunities
  • 💹 Importance of volatility, price ranges, and moves in trading
  • 📉 Trading on smaller time frames offers the most edge and higher win rates, but limited scalability
  • 💰 Potential for significant profit within the intraday and micro time frames due to inefficiencies and breaking news
  • 💵 Comparison of returns between day traders and hedge funds

• Trading Opportunities and Challenges

  • 🎯 Super in-play situations with fresh news, catalysts, order flow, or extreme volatility can offer significant opportunities for traders
  • 📉 Discussion on market efficiency and the challenge of beating the market
  • ⚠️ Cautioning traders about the marketing ecosystem in online trading
  • ⏰ Emphasis on understanding when a trading system is in play and focusing on high-quality times for trading

• Market Dynamics and Trading Approaches

  • 📈 Market dynamics include structural and short-term edges
  • 🔄 Different traders can have edge in different areas such as technicals, news interpretation, sentiment, or fundamental analysis
  • 🚫 No one-size-fits-all approach to trading – what works for one trader may not work for another

• Strategy and Testing

  • 🧠 Trading psychology and risk management refine trading edge
  • 📈 Backtesting and forward testing refine strategies
  • 📊 Quality of sample size for testing varies based on trade outcomes and risk factors
  • 🔄 Understanding underlying principles allows for strategy adaptation

• Profitable Trading and Overcoming Struggles

  • 💼 Started with a 26k salary, focused on improving own trading and helping others spot opportunities
  • 📈 Recognized the importance of not linearly thinking about trading struggles and a big monetary win that boosted confidence
  • 💰 Consistently profitable trading involves capturing easy money trades, covering basic income needs, and building a strong foundation of consistency
  • 🎲 Emphasizes the significance of having a positive expectancy or edge in trading, cautioning against attributing success to skill when it might be random

• Journey of a Determined Trader

  • 💪 Determination and focus on soft skills in lieu of programming skills
  • 📉 Targeting discretionary intraday trading firms aligned with skill sets
  • 🔍 Focus on mentorship and individual mastery of profitable trades
  • 🦮 Leveraging support and long leash from the trading firm

• Trading Strategies and Skills

  • ⏱️ Trading on 2-minute intraday chart offers significant opportunities
  • 📈 Upbringing drives motivation and determination
  • 🔄 Self-obsession and continuous self-improvement are crucial for success in trading

Q&A

• What does the trader emphasize about trade setups and mentorship?

  The trader emphasizes differentiating between trade setups, scaling up betting sizes prudently, and finding Easy Money trades. He also highlights the value of mentorship and focusing on replicable, scalable trades, while promoting his non-profit organization, Impact Competition.

• What does the speaker argue about trading on smaller time frames and its potential for profits?

  The speaker argues that trading on smaller time frames, like the two-minute intraday chart, offers the most edge, higher win rates, and significant profit potential due to inefficiencies and breaking news, highlighting the importance of volatility, price ranges, and moves in finding trading opportunities.

• What concept does the speaker discuss related to market efficiency and trading challenges?

  The speaker discusses the concept of market efficiency, the challenge of beating the market, and cautions traders about the marketing ecosystem in online trading, emphasizing the need to focus on high-quality times for trading.

• What is emphasized about market dynamics and the different areas of trading edge?

  The speaker underscores the recognition of structural and short-term edges in market dynamics, driven by a mix of emotions, fundamentals, sentiment, and various players, with different traders having edges in areas such as technicals, news interpretation, sentiment, or fundamental analysis.

• What does the speaker highlight as crucial for successful trading?

  The speaker emphasizes that understanding trading psychology, risk management, and strategy refinement are crucial for successful trading, with backtesting and forward testing playing essential roles in strategy development and adaptation.

• What journey does the trader share, and what does he emphasize about profitable trading?

  The trader shares a journey of improving trading skills, helping others, and overcoming financial setbacks. He emphasizes the importance of having a consistent edge for profitable trading and warns against attributing struggles to psychology and risk management rather than lack of edge.

• How did the determined trader overcome initial lack of programming skills?

  The determined trader focused on soft skills over programming skills and targeted discretionary intraday trading firms that aligned with their skill sets, persevering and learning from a mentor to achieve success.

• What are the key factors that the speaker emphasizes for success in trading?

  The speaker stresses the significance of self-obsession, continuous self-improvement, and leveraging support, underlining their crucial role in achieving success in trading.

• How does upbringing impact motivation, according to the speaker?

  The speaker discusses how upbringing can drive motivation and determination, shedding light on the influence of personal background on a trader's mindset.

• What does the speaker emphasize about trading on the 2-minute intraday chart?

  The speaker highlights the significant opportunities and higher win rates available when trading on the 2-minute intraday chart, emphasizing its importance for traders.

• 00:00 Lance Breitstein, an 8-figure Trader, discusses the importance of trading the 2-minute intraday chart and the impact of upbringing on motivation. He emphasizes the significance of self-obsession and continuous improvement.
• 10:06 A determined trader with soft skills overcomes initial lack of programming skills and focuses on discretionary intraday trading. He perseveres, learns from a mentor, isolates profitable trades, and gains success after a long struggle, leveraging the support and long leash provided by his firm.
• 18:50 A trader shares his journey of improving trading skills, helping others, and overcoming financial setbacks. Emphasizes the importance of having a consistent edge for profitable trading. Highlights the misconception of attributing struggles to psychology and risk management rather than lack of edge.
• 28:27 Understanding trading psychology, risk management, and strategy refinement are crucial for successful trading. Backtesting and forward testing help refine strategies, and the quality of sample size needed for testing varies based on trade outcomes and risk factors.
• 38:07 Understanding market dynamics involves recognizing structural and short-term edges. Market is driven by a mix of emotions, fundamentals, sentiment, and various players. Different traders can have edge in different areas, such as technicals, news interpretation, sentiment, or fundamental analysis.
• 47:20 The speaker believes that for most trading strategies, many tickers can be noise unless there's a super in-play situation with fresh news, catalysts, order flow, or extreme volatility. They discuss the concept of market efficiency, emphasize the challenges in beating the market, and caution traders about the marketing ecosystem. Traders need to understand when their system is in play and focus on high-quality times for trading.
• 57:46 The speaker discusses the importance of understanding market dynamics and leverage in trading. They argue that trading on smaller time frames, such as the two-minute intraday chart, offers the most edge and higher win rates, but with limited scalability. They also emphasize the significance of volatility, price ranges, and moves in finding trading opportunities. The speaker highlights the potential for significant profit within the intraday and micro time frames due to inefficiencies and breaking news. They compare the returns of day traders to hedge funds, suggesting that trading on shorter time frames can yield higher returns for individual traders.
• 01:07:52 The trader discusses the importance of differentiating between trade setups, scaling up betting sizes prudently, and finding Easy Money trades. Additionally, he emphasizes the value of mentorship and focusing on replicable, scalable trades. He also promotes his non-profit organization, Impact Competition.