(Note: Newer Trader Interview) Ben and Harold Riley have been trading full time for just over a year now. As brothers, they pooled their money into an account and sometimes trade the account simultaneously. They do have different trading styles. Ben, who we talk to first, is a daytrader while Harold's style lends itself better to swing trading. The benefit of trading together is that they can bounce ideas of each other and give each other feedback about their trading decisions. Here we talk about how they are learning the ropes, how much money they started with, what their goals are and how they find trading opportunities. They are still looking for long-term consistency, but they continue to get closer to that each day. They also document their trading activity in their blog: http://www.10kthrownaway.com/blog/.
Show notes: Trader Stewie is a popular trader and blogger (http://theimpatienttrader.blogspot.com/) who has been trading since 1998 and been full-time in the markets since 2004. Here we talk about why he calls himself "The Impatient Trader," why he never uses stop losses, how he finds trading opportunities with "wedges" and breakouts, why he sometimes puts himself on "trading probation," and a host of other issues. I also ask him how much money he makes. If you've been following this discussion in the Idea Lab, you know it's a big deal. A great interview with lots of practical information you can use in your own trading.
Show notes: James Stankiewicz is a trader in Florida who started out trading in the dot com bull run and simply bought shares of IPOs and held them for the day. That didn't last of course, but he continued trading by using options and finding stocks that had reached exhaustion points and are ready to turn. James trades by "feel" so it's often tough to describe how he finds trading opportunities. But we talk about how he determines the strike price and expiration he wants to buy and how he manages each trade.
Show notes: We focus on trader taxes in this interview - specifically tax issues for forex traders. However, traders of other securities can find nuggets of information in here as well as we discuss ways to minimize your taxes by claiming Trader Status. Robert also talks about how certain laws actually conflict each other and why forex traders need to be especially careful with this year's taxes. Robert Green is a CPA with GreenTraderTax.com. If nothing else, this interview demonstrates why you should have the help of a tax accountant who understands trading and what you do each day in the markets.
