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Lessons from the Trading Desk: Insights from a Pro Trader
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In this episode, I had the pleasure of speaking with Bear, a seasoned trader who shared his fascinating journey into the world of trading. Bear started his career in real estate investing, where he experienced significant success but eventually grew tired of the challenges associated with it. This led him to explore trading, initially through a somewhat reckless leap into futures trading after watching a YouTube video.
Bear's early trading days were marked by a mix of luck and a steep learning curve. He candidly shared how his rough childhood, where he had to fend for himself from a young age, instilled in him a resilience and a somewhat delusional confidence that he could succeed in any field, including trading.
One of the most intriguing parts of our conversation was Bear's discovery of a market inefficiency in the ES futures market, which he exploited successfully for a couple of years. This exploit was a turning point for him, providing the confidence and capital to dive deeper into trading. However, he also faced significant challenges, including a harrowing experience during the COVID-19 pandemic where a trade went disastrously wrong, resulting in a substantial financial loss and a long recovery period.
Bear emphasized the importance of forward testing over back testing, building a mental and physical database of trading setups, and the value of discretionary trading. He also discussed his approach to trade sizing, which involves grading trades and using exponential bet sizing based on the quality of the setup.
We delved into his preference for scalping, which he views as his primary income source, while also engaging in swing and big-picture trades. Bear shared his thoughts on the evolving efficiency of markets, the potential in obscure markets, and the importance of being open-minded and adaptable in trading strategies.
Towards the end of our conversation, Bear reflected on the importance of thinking outside the box and not blindly following conventional trading wisdom. He advised new traders to be critical of the information they consume and to develop their own discretionary trading skills.
Overall, this episode provided a deep dive into Bear's unique trading journey, his strategies, and the lessons he's learned along the way. It was an insightful discussion that highlighted the complexities and rewards of trading, as well as the importance of resilience and adaptability in this challenging field.
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