Tim Bourquin: Hello everybody and welcome to another edition of TraderInterviews.com. The idea of all of these interviews of course is to give you ideas to approach the markets by listening to how other traders do their approach and have their strategies. And today we're talking with John, he has been trading for many, many years, a very experienced trader. We're going to talk to him about his approach to the markets and how he finds good trades each day. So John, thanks very much for joining me on the phone today.
John: Thanks for having me, Tim.
Tim Bourquin: All right. So, let's talk about if you can kind of define yourself as a trader. I know you trade a number of things, but are you a day trader, a swing trader? What's kind of your overall approach?
John: I would say 60% of my trades are position trading. Probably 30% absolute swing trading which may or may not derive from an actual day trade that turns into the swing trade. I just carry it to position as the market may trade in my favor. And absolutely, I'd have to put the balance of my time when it is available for day trading purposes.
Tim Bourquin: Okay. So, I know a lot of traders have an issue right off the bat with making those day trades turn into swing trades just because they're waiting for it to come back around their way. How do you keep yourself disciplined so that those day trades don't become swing trades just because they haven't worked quite yet?
John: Well, if the trade doesn't work, it's not going to turn into a swing trade. In fact, if a swing trade doesn't work out well, it's going to turn into a day trade because pretty much, if it hits my loss objective, I'm out of the trade.
Tim Bourquin: Okay, that's interesting. So even on a longer-term trade, if it's not going in your direction right away, you're minding your stops and getting out. How do you kind of set those stops...
To read the rest of this interview's transcript, get access now or login
Looking for the free interview and bonus?
