As most of you know, I had a change of plans over the weekend…
I’m unable to make it to the Trader & Investor Conference in Miami due to last-minute family reasons.
But I said I’d bring you some information from the conference. So here’s what I saw on the live stream…
There is one key lesson most presenters touched on — and even credited their success to…
They shared some of the patterns and strategies they’re using in this market and how they’re adapting and adjusting risk.
Plus, Jack Kellogg touched on what it takes to really succeed as a trader. I’ll share these lessons and insights below.
But first …
Exclusive access to my latest catalyst play ends tomorrow. Get it here now!
Table of Contents
What’s Working For Tim Sykes Right Now
Tim Sykes opened up the conference with a speech about how you can increase your odds of success in trading…
It’s important to cut losses quickly — especially in this market.
But don’t be scared. You also need to keep an open mind … Because an opportunity to meet people in person — or even online — is a chance for you to learn something from every trader and person around you.
But what Sykes says you also need in your trading journey is to stay patient. Remember that at the last Trader and Investor Summit in 2019, Jack Kellogg was only less than $140,000. Now he’s up over $10 million.
Sykes said, people may doubt you but you’ll be surprised at what you can accomplish over time.
A lot of the people in the conference audience have a job or go to school. And you probably do too. But you’re in control of your time and dedication around those commitments.
Here’s the homework Sykes gave attendees and livestream viewers…
- Write down three strengths and three weaknesses. You have to know what you’re good at and where you’re struggling or what you need help with.
- Write down one big goal. Studies show if you have a goal you’re committed to, you’ll be more productive and accomplish more.
What’s Sykes’ strength right now?
His best pattern over the last months has been his Weekend Trader strategy.
Because it helps him address his weakness of overtrading. He just buys on Friday and sells on Monday.
Matt Monaco’s Presentation
Matt Monaco was the first presenter this morning. At the 2019 Trader and Investor Summit, he wasn’t even a presenter. He was an attendee sitting in the audience.
And he was just starting to crawl out of his drawdown from his early losses.
The biggest thing that helped his trading was meeting other attendees and presenters. Because the connections and friendships can last a lifetime.
What’s Working For Matt Monaco In This Market
Matt likes to trade breakouts. Specifically multi-day breakouts.
And Matt says when the market bottoms, there are great opportunities for incredible bounces.
In his breakout pattern, Matt looks for big spikers that hold their gains throughout the day, close near their highs, then hold up over the next few consecutive days.
Matt looks at the consolidation period as the stock taking a rest between runs…
It’s like anyone who works out or goes for runs — you need a break between marathons. So does a stock.
And that consolidation or rest can set it up for a bigger secondary run.
On the other hand, if a stock tries to run for too many days in a row, it often loses steam as it becomes over-extended.
There are lots of gappers every day. But a lot fail. So Matt cuts those off his list quickly.
To find stocks holding near their highs, Matt uses a StocksToTrade scan. And he runs it every afternoon.
Like me, he likes to buy strength. So he doesn’t bet on the underdogs.
In this market, he’s sticking to the highest odds setups. And he’s being less aggressive and taking smaller position sizes.
Jack Kellogg’s Presentation
Jack’s presentation focused on what it takes to make it as a trader.
A lot of people underestimate the commitment it takes to make it.
Jack shared how he started … He didn’t just start trading and all of the sudden made $10 million.
He started with losses and frustrations like many traders.
His very first trade was a $59 loss. Then he took some four-figure losses.
When he attended the 2017 Trading Conference he was down $2,000-$3,000. He says he felt like a nobody.
He networked and made friends. But he still continued to lose. He said it felt like he was taking one step forward and two steps back — for a whole year.
He kept making mistakes.
And all of this was while he was hustling selling pillows at the mall kiosk. He wasn’t making money and he was paying a monthly lease. But the market started heating up…
He was watching Roland Wolf and other traders make consistent money. So he told himself he just had to work harder.
Then he started to get profitable over a period of five months. But then he lost it all in one trade.
So Jack knows what it’s like to struggle in the beginning. Especially with no support and people doubting you.
Jack says learning isn’t just about seat time. He says you have to trade and face your fears…
Fears of the unknown, fear of losses, FOMO…
You’ll make 10,000 mistakes but they’ll all help you on your journey if you learn from them.
And like Sykes and Matt Monaco, Jack says meeting people helped him push through to try to be the best he could be.
Jack says talk to every trader you can. All it can take is one conversation for you to learn something new or get into a community. It opens your mind to new strategies and opportunities.
And that’s the common theme from these three presentations…
A community is important. Many successful traders credit their success to networking, meeting other traders, and joining a community.
A trading community doesn’t have to be in person. Reach out to other traders online.
If you want to learn from Matt Monaco he’s in his Small Cap Rockets chat room every day.
And Jack Kellogg is in his Breakouts and Breakdowns chat room with Kyle Williams and Mariana.
And I’d love to have you in my StockToTrade Advisory community. You can join me every day in live Pre-Market Prep webinars here.
Teamwork makes the dream work!
I’ll be back tomorrow with more insights from the conference.
Have a great day everyone. See you back here tomorrow.
Lead Trainer, StocksToTrade