Day Trading Secret #4: Master This and You Will Ensure Your Success, And It Doesn’t Come In A Black Box

Money Tree Investing

Money Tree Investing Podcast

Stockmarket, Valuestocks, Investing, Finance, Passiveincome, Wealth, Business, Personalfinance

4.6 • 658 Ratings

🗓️ 27 November 2020

⏱️ 79 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Want to be a successful day trader? Think you have the chops to do it for a living?

This interview with Chris Tate gives you exactly what you need to be successful with his day trading secrets. We discuss the ins and outs of day trading for a living and the essential components for you to be successful.

We discuss what to trade (or not to trade), why magic systems don't work, how to size your positions, basics of trading, the importance of psychology, and some of his favorite books.

This is a must listen to episode if you want to know how the sausage is made with successful traders.

For more information, visit the show notes at https://moneytreepodcast.com/day-trading-secret-chris-tate

^{Today's Panelists:}

^{Kirk Chisholm | Innovative Wealth}
^{Barbara Friedberg | Barbara Friedberg Personal Finance}
^{Megan Gorman | The Wealth Intersection}

Transcript

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0:00.0	Welcome to the Money Tree Investing Podcast.
0:04.5	Stock market, wealth, personal finance, value stocks, invest in your life.
0:11.2	Hello, the Smart Money Tree podcast listeners.
0:13.5	Welcome to this week's show.
0:15.1	My name is Kirk Chisholm and I am going to be your host.
0:17.9	So today we are talking with Chris Tate from the trading game. How are you doing
0:21.8	today? I'm doing well, Kirk and yourself? I'm doing great. Doing great. So Chris, tell us a little bit
0:27.9	about your background. Okay, you know, in sort of the 50 words or less sort of description you need for
0:34.1	these sort of things. I'm a professional trader down here in Australia, and my background
0:40.4	is somewhat unusual because I actually have no background in finance. My academic background
0:46.6	is or was many, many, many years ago, the study of the human immune system. So I'm perhaps the poster child for the notion that to be
0:58.4	successful in this sort of investing slash trading world, you don't actually need to have a firm
1:04.8	background within this world. And I've currently come out of retirement a few decades ago
1:10.5	to co-found a business called The Trading Game.
1:14.9	You mentioned that you're from a different industry.
1:16.9	And of course, I'm sure that listeners are thinking like, when's he going to ask him about COVID?
1:21.1	Well, we're not going to do that, I hope.
1:22.8	I think God.
1:24.3	I do want to point out, though, that what I find is some of the more successful people in trading
1:30.1	tend to come from different backgrounds, you know, from the medical field, your backgrounds in the
1:35.6	immune system. There's, you know, engineers. But, you know, people with other backgrounds,
1:40.0	I find it's people who have a really strong ability to think. You've used that power word, think. And I think it's people who have a really strong ability to think.
	...

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