Patrick Walker - Quit day trading! Focus on price, volume, and daily charts | Smarter Trading EP001
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- čas přidán 2. 07. 2024
- Patrick Walker joins us in Episode 1 of Smarter Trading to share his 30+ years of insights as a technical trader in the stock market.
KEY LEARNING POINTS
► Why taking care of yourself is so important to successful trading
► Why 5 minute charts are so dangerous
► MAXLIST stocks and the key criteria traders should look for
► The advantages of focusing on price and volume as key criteria
► Limiting your losses is essential to survive as a trader
EPISODE SHOW NOTES & BLOG POST
www.thetraderisk.com/patrick-...
WHERE TO FIND PATRICK
Twitter: PatrickWalker56
Website: www.MissionWinners.com
CZcams: / ourmissionwinners
SKIP AHEAD TIME STAMPS
0:00 Introduction
4:10 How Patrick got started in markets
7:40 How Patrick sidestepped the 1987 crash
10:00 Trading under pressure
11:15 Take care of yourself mentally, physically
13:20 Limit risk to be successful
13:50 Focus on a stocks price and volume
17:05 Don’t get wrapped up in day trading
18:05 Combine simple technicals with fundamentals
19:25 Winning stock criteria
21:00 Focus on the longer term
21:50 Sell partial profits into strength
26:45 Max list stocks
29:40 ETFs Patrick likes to trade
31:50 How to let winning stocks run
37:00 Don't impose your will on stocks
41:10 What does successful trading look like
46:50 Limit your losses
50:00 Final advice and words
52:40 Where to find Patrick
53:48 Extended cut Patrick in the 1990s
55:10 Bill O'Neil from IBD
56:05 Charts on graph paper
59:50 Stock setup in ZIM
1:03:39 Stock setup in GOOGL
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THANK YOU FOR WATCHING!
This video is intended for informational and educational purposes only and does not constitute investment advice. The Trade Risk LLC is not an investment advisory service, registered financial advisor, or registered broker-dealer. The risk of trading in securities markets can be substantial. The Trade Risk and guests may hold positions in the securities discussed in this video. All opinions expressed by guests are solely their own opinions and do not reflect the opinion of Evan or the Trade Risk. You are responsible for your own financial decisions. Please review The Trade Risk’s disclaimer www.TheTradeRisk.com/disclaim... which applies to the contents of this video.
#TradeRisk #SmarterTrading #TradingPodcast
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l😊om
Recipe for a good cake
1. Focus on stocks in top 30 industry groups (of 197)
2. No low price stocks ($10 or higher)
3. At least 200k shares a day
4. Composite rating of 90 or higher
5. RSI of 85 or higher
6: Accumulation distribution of A or B
7. Stocks within 20% of 52 week highs
Great stuff!!!
Yes! So nice for Patrick to share that criteria.
How would this work if I want to swing trade ES FUTURES only. 1 point equals $50. On the daily you might need 120 point stop or $6000 risk minimum
That is relative strength rating (not RSI). RS shows the performance of stock against SPX (or another benchmark index).
I have not watch such a nice podcast that is so full of wisdom thank grandpa
I've listened to hundreds of trading interviews with a plethora of people. This is one of my all time favorites. Patrick is a gem.
He sure is! Thanks for the comment Steven, so glad to hear it.
Let it ride...just let it ride and let profits run....No wait...Reduce risk! Reduce risk!...Always have your stops in! This is why 99% of stock gurus are full of crap.
Pat is my William O'Neil he has changed my life!
@toncuz8291 nooooo9boòoonon😊nobono
@toncuz8291 nooooo9boòoonon😊nobono
I have the utmost respect for this man! We have a lot in common! He's a true teacher!
💯
Patrick is the voice of wisdom and he loves to help others from the bottom of his heart, you can see it in his eyes, may Allah bless you Patrick .
Pat is a true teacher, he just can’t help but drop golden nuggets, with golden chains tying it all together, truly awesome man!
He sure is! Glad you enjoyed
I love how genuine and humble this man is. I have always appreciated listening to his wisdom.
Amazing video. God sent. I was about to quit this game. Lost 30% of my account. Doing all the stupid things. Wrong entry, wrong exit, wrong stock, all of it. Thank you for this video. Within 30 minutes into the video I was googling this guy. I will give it another shot with these tips.
Thank you.
We're glad you found this video! Good luck on your continued journey.
I just reck my account 😢 .54 playing options.
Love his approach and his faith! Love your work Pat!!
Great guest, great interview. Thank you for not interrupting and letting your guest shines. Love the podcast. Learns a lot!
Thanks for the comment, glad you enjoyed it!
I can listen to this guy all day long. Have learned a lot. Thanks for sharing.
Patrick is great, I'm glad you enjoyed it!
Outstanding guest , grateful for the wisdom and words of experience.
Wow this was sooo good! Thanks for sharing.
For me the best line from Patrick is (in addition to Protect capital, financial and emotional!) is: "Isn't that what you want?" LOL! So wwesome! Simple patterns and strong sector and momo names, so that MANY others see the price action and join in.
Patrick is super engaging. The life insight is just as good, if not better, than the trading insight. Looking forward to the next episode!
Yeah I could listen to Patrick talk all day long, he's got great energy. It was a treat to chat with him for an hour.
He seems to know his stuff.
Super-awesome interview, so many golden nuggets. Thank you so much for this sharing of wisdom.
This is pure since and honesty , I trade and this is like a reference textbook.
Thanks Mike, appreciate that!
Excellent interview in every way. Information..the guest.. your interviewing style. So thankful for this information
Great to hear and much appreciated!
Great content as always Evan! Patrick provided some great gems during the interview!
Right on thanks, Gary!
So much good information/education! Loved it
Thanks Marlon! Glad to hear it.
Fantastik , magic ✨️
Great info and maybe even more important as that is - the messenger is easy to listen to. Kind, thoughtful and immediately likable! Thank you. I can’t imagine you two being anything but successful.
We appreciate that Harry, very kind, and the star is all Patrick!
i love this guy already what a demeanor more power Sir Pat.
very good and very informative video
I just found you tonight. You seem to be a very great person to learn from. Thank you!! Oh..And just signed up on Spotify.
Welcome Michael! Leave a comment if we can ever be of help, and thanks for the sub!
Trading made easy
I think I'm in love with Patrick Walker. Great interview! The positivity, knowledge, and simplicity is first rate!
Us too, and thanks, glad you enjoyed!
Grear interview with Pat! A lot of great lessons to be learned here!
Glad you enjoyed!
Patrick seems like a genuinely nice guy. Good info.. Thanks for the video.
yeah man, he is been a VIP on his site for almost a yr now. He just is amazing, and how tight he is with losses is amazing. pro at getting out at the right time.
Thanks, Evan and Patrick for your time and great talk! Hope to apply some information God willing…
Thanks Raymond and good luck!
This information...should not be FREE.... Its gold... Iam so glad u have shared it...
Glad you enjoyed it Steve!
Thank you for sharing your experience. The information and helpful advice put out in this interview was priceless to a new trader like me.
If the last video hadn't already made me hit the Sub button, this one surely would have.
Exactly what I love to hear, thanks for the nice comment & sub!
Grt work thx
For a newbie like myself I found this podcast very helpful.
Great to hear!
Great video!
Thanks, glad you enjoyed it!
True veteran here
I am trading under pressure at the moment...Pat really spoke to me here...I have the ability but the mental pressure of trying to produce has been so hard....thanks Pat...
Best of luck pushing through!
@@TradeRisk Thanks kindly. I will get there if I don't push too hard but as Pat says, 'Trade what you see..."...so true!
I appreciate a little bit of talk from someone with experience.... But, I tend to take it with a grain of salt when a *swing trader* says _"stay away from day trading",_ and when a *day trader* says _"stay away from swing trading",_ and when a *buy and hold investor* (Warren Buffett) says _"buy and hold quality stocks for the long term - nobody can time the market so stay away from day trading, swing trading, and momentum trading."_ *For the record:* Not only do I know plenty of scalpers/day traders who are *very* profitable - hell, there are even some who broadcast consistently profitable live scalping/day trading here on CZcams.
Yeah I hear you. Trading will always be very tribal. I can't speak for Patrick, so I won't put words in his mouth, but I do think there's a lot of evidence out there that shows the shorter your time-frame in the market the harder it all becomes. Doesn't mean it's impossible, it's just a hard place for a lot traders, but everyone needs to figure out what's right for them.
Love the video, wish Pat's audio was just a bit better. that slight reverb, maybe that is it. gives me a headache. Hopefully, he can get that worked out. other than that he seems like a great teacher.
What do you sell?
Would love to see Patrick back to your excellent podcast again ! before 1987 happens again ,LOL
Haha thanks Alex! We'll have to make that happen.
Started out slow but got good
Glad we got there 😀
I love your guest but saying “it will go up if it goes up” and “let it tell you what to do” doesn’t give me much of an entry point 😂. I joke but I seriously liked this interview. It makes me want to find out more about him and his trading strategy. Thanks for the content
he is on Twitter and has his own youtube channel as well. Best thing about him honestly isn't the Entry Points it is his Exit's. So many people teach about entry's but very few teach exits.
and that matters so much when you do take a lose.
Hi, can you please upload to Castbox as well, thank you
Yes definitely, we're still waiting to be accepted in a handful of podcast apps, hopefully soon! Edit: you can find us there now: castbox.fm/channel/Smarter-Trading-id4084247
This would be good!
I lost 45% of my account in the last 2 months day trading. I was up ealrier in the year.
I kept doubling into losers instead of accepting losses. Depressed emotionally. Now i feel like I cannot move on anything. Desperate....any advice?
Sorry to hear about the situation Tim. I've had similar rough periods in my trading history and it's always very psychologically difficult and defeating. Here's a couple of pointers for you:
1) My advice on the emotional side: You need to take a step back and detach yourself from markets temporarily. You're too emotionally compromised to trade well, so take a break and reset. Acknowledge the losses, highlight the problem, & make a commitment to yourself to fix things.
2) My advice on the technical side: You already pointed out exactly what you did wrong, doubling down on losers. You need to come up with a process to avoid doing that in the future. Withdraw funds from your account and trade smaller to rebuild confidence and get back on track.
You were positive at the start of the year, what changed? Was it the market environment or your actions? Starting with that question may help you get to a solution.
I hope that helps.
@@TradeRisk thanks for the advice.
I took a few days off. Today I made a little. Baby steps, small positions.
No more doubling down. I'll get bigger when I string together a few good weeks.
@@timmccarty8111 Good to hear. Take things slow. You got this!
Let it ride...just let it ride and let profits run....No wait...Reduce risk! Reduce risk!...Always have your stops in! This is why 99% of stock gurus are full of crap.
Go go power rangers
You don't want " amped " up people, uh.? Lol
Gold, thank you for great interview and info.
Glad you enjoyed it!
Great video!
Thanks, glad you enjoyed it