Watch the Full Trader’s Mindchat Show interview with Gregory Gossett here!
Mike and I recently interviewed Gregory Gossett on the Trader’s Mindchat Show. Greg has been a full time equity trader for 25 years and he also hosts a daily YouTube Podcast during the last hour of the market called “Gossett Trading & Mentoring Live” where he trades, teaches and mentors in real-time. Greg began his trading career in his early 20’s after the small chewing gum company that he started went public in 1994.
Greg had initial success trading but ultimately lost a large amount of money due to his inexperience and lack of trading education and a solid trading plan. He has spent the last 25 years studying the markets and refining his trading approaches and has also studied “One on One” with a handful of well known Traders and Authors, including Dr. Alexander Elder and Steve Burns. Greg shares what he has learned each day on his YouTube podcast and also teaches private “One on One” lessons in the evening time via Skype.
Here are the Top 10 highlights from our interview with Greg Gossett:
Learn from the trading masters: Take these learnings and develop them into your own unique trading style
Buy from people who are depressive. Sell to people who are manic!
You play offense and defense in any sport. In trading, play offense by taking off profits when market really wants to give it to you. Play defense with trailing stops.
Greg made some significant changes to his trailing stop rules. Recommends take half and then half of a half.
ETFReplay.com is a tool that Greg uses to backtest strategies.
Spread trades over many different time frames in order to have diversification of time and your approach. Have an Emergency stop and End of day stop!
Master one strategy first and then tinker with it to fit your personality. Like a musical instrument, best to master one first before picking up a new one.
Need a confluence of indicators and setups. Want to see buyers coming in weekly and daily. Want to be in the company of as many buyers to make a profit.
Traders need to adjust to the volatility of the market. When volatility picks up, buy fewer shares. When volatility reduces, buy more shares. This will help them standardize their maximum loss.
If you are a beginner trader, or even an experienced trader, on the weekend go back in time and do a simulated trade. More repetition and mind will take in the different patterns. Put into a demo account the actual amount you would be looking to trade so apples to apples comparison.
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Melissa Lamothe is a bestselling author and co-host of “The Trader’s Mindchat Show” with husband Michael Lamothe. Melissa has 15+ years of marketing and writing experience and is the marketing director/content supervisor for Mara Wealth.