Phil Goedeker | Long-Term Success in Trading and Investing
Вставка
- Опубліковано 15 чер 2024
- In this episode, Phil Goedeker joins the Trading Takes team to discuss how the market has changed over the years and how he has evolved his trading style accordingly.
Phil started trading in college when he turned $5,000 into $1 million. He has since sustained a 20-year trading career.
While Phil started out as a short-biased trader, he has recently changed his style to focus more on long trades, swing trading, and options trading.
Learn how he has adapted to the markets over the years and how he approaches trading today.
👉 Join the Trading Takes team in IU (Exclusive discounts)
www.investorsunderground.com/...
👉 Video Contents:
0:00 Introduction
2:47 Opportunity Cost in Trading
7:39 Adapting to Changing Markets
22:48 The Process of Learning a New Strategy
41:03 Current Trends in the Market
55:22 What is Working Well Right Now
1:00:18 Trading Routines and Balance
1:05:59 Getting to the Next Level in Trading
1:13:17 Considering Quitting Trading
👉 Follow IU on Social
Twitter / iutraders
Instagram / investorsunderground
Facebook / investorslive
👉 Follow the Trading Takes Team
Sam / tradesturbo
Judah / dividedchamp
Chris / chris_j_lance
Review important disclosure information before watching this video www.investorsunderground.com/...
Trade alongside the Trading Takes team live in the IU chat room at www.investorsunderground.com/tradingtakes/
Love how around the 32 min mark Stan calls out that every trading style might not resonate with you, but even deeper than that it might not resonate with you at that certain period of time. You have to take your hits, learn and get back in the ring to fight. Shout out to Stan as well, always so helpful in IU, awesome guy
Thank you guys, amazing one yet again, just had the chance to watch it
Great conversation guys. Phil is a blessing to trading community 🙏.
Thanks guys, what a great interview. My first aha moment came when I realised that I had zero chance of success unless I have the patience to ensure that the chart represents a solid reward to my risk before entering a trade and committing my capital to it. My second aha moment (equally important once you find consistency), was starting to track my trades and performance - this allowed me to track my profit and losses, see the patterns I'm good at and trade the most consistent patterns where I lose the least and win the most.
Great talk! Absolutely fantastic. Phil is an OG I’ve known about him for years.
Stan is definitely an OG. Him and I started trading during the Great Financial Crisis.
Biggest takeaway here is how Phil spoke about his journey early on. Asymmetric opportunities. Shorting small caps, not crowded back then.
Today? Overcrowded. Super high borrow fees. Almost no edge.
When you find that opportunity in markets, take advantage. It won’t last long.
Once again. Great video. 🤝🏼
Great interview. My trading style is very similar to Judahs but definitely good to hear about others trading styles and systems. Biggest takeaway is that your system is everything, you dont need to trade every stock and every market. Risk to reward will do wonders for you in the long run. While it is great to learn other strategies, sometimes, all you need to do is master one strategy and master it.
Thanks for the chat!
- most volatile and what offers highest risk/ reward
- 2024: lots of stuff moving
- changing strategy depending on the market
- when you get older, you don't want the risk and want more time
- short: one a stock goes up a lot, then it starts trickling down
- when you swing and look at fundamentals, look at the invisible charts. If you plot the earnings growth of a company that looks like a chart. Revenue growth, cash, margins, etc. if everything is aligning then it all works
- minimise not A+ setups. Reduce losses = increases profits. Eliminate the risk
- you don't need to trade everyday
Have always looked up to Phil. Amazing interview. Amazing to hear the evolution.
One of the best! It was interesting to hear about his evolution as a trader. Thanks, Roland!
My key take away..........This my journey and I am committed to it. I put the work in and that's what counts. It might take me longer to get to where I want to be but it doesn't matter. I can't compare myself to others. I can learn from others but my style is my own. It's valuable that I have seen different types of markets throughout the last few years and this will help me in the future. Do what you do best! Thank you guys! Great video! 💚
Excellent mindset!
My biggest a-ha moment was understanding the random nature of trading and the degree in which luck plays a role.
To understand that I can't be the most patient person in the world and be expected to be rewarded heavily just because of the sole fact I was patient.
To know that I need to FOCUS on positioning and make sure I am always increasing my chances of experiencing luck
Being Risk Prepared, Having Multiple Uncorrelated Playbooks and having all the data behind me to make sure I have the highest probability of making the best decision when the opportunity presents itself.
My aha: It wasn't pdt that held me back. It was bad trades. I didn't need more trades - I needed better trades.
Focused on that & things changed. Plus I focused less on making money & more on not losing money.
Good stuff guys!
Thanks, Brian!
So good
In small caps as a short, an aha moment is that it’s ok to cut losses and reattack to remain clear minded and using a starter position so my mind remains clear for the back side trend.
My "aha" moment was that trading, and the corresponding statistics, are a game of large numbers. So, in that sense, no single trade matters. Having a system and a process and following it patiently can make any trader profitable. Let's say I have a win rate of 60%: I cut my losers at 5% and I take my gains at 10% is a simple calculation that shows that I can be a profitable trader. Once I realized that, I started to focus on my mindset as I believe that's the only component which will ultimately determine my success.
After trading for 5 years my biggest aha moment was realizing RISK MANAGEMENT IS EVERYTHING. Without risk management you will lose every dollar you have!
Focus on a few trades at a time. Best> the rest
Biggest Aha moment was Take on me.
WBD!?
☠️💀🤣 Daaaaamn Danial,, Twenty-Nine Square Feet of of swing trading, candle / bar chart goodness ?! . 8 monitors… 6x 34” panels = 3,000 square inches and 2x 38” = 1200 square inches LOL. Bruh- Apple Vision Pro - imagine Trading with that on????