26 year old professional day trader Marcello Arrambide of WanderingTrader.com works a couple of hours a day trading futures while travelling the world. In this interview Marcello explains what day trading is, how he got started and talks about some of his travels.
01:11 Where are you now?
01:39 What is day trading?
(Essentially taking profits from the differences in moves in the stock market.)
02:04 What exactly are you trading?
04:50 Do you make money on every trade?
(No, losing is part of the game. It is all about probability. Make sure you win more than you lose.)
05:18 Do you have negative months or weeks?
(No, negative days. That is about it. When people get consistent enough it is rare to have losing days in a row.)
05:50 Do you have some algorithm or computer program that helps you determine when to buy and sell?
(It is a set of indicators. It is not a red light or green light that tells you when to get in. There is a set of rules you have to follow but within those rules there is some wiggle room for discretion in terms of profit targets… In the stock market it all works with probabilities. The same things happen over and over again.)
06:55 It sounds a little risky, on your about page it says you lost $25,000 when you started?
(It is the simplest hardest thing to do because it is simple to understand but hard to execute. It comes down to emotion and discipline and if you can follow the rules.)
07:39 How did you learn?
(I bought a few courses, did a lot of study, spent hours of back testing… I spent so much time to develop a strategy.)
08:20 And you are teaching others how to day trade now?
08:23 What is more profitable, teaching how to day trade or actually day trading itself?
(They are about even.)
08:37 How long does it take for a novice to learn how to day trade?
(Depends on how much time they put in. Ballpark between a month and six or seven months.)
09:00 What would they learn? How to use a system? How to look for the right opportunity?
(It depends on the system you use. -He explains why he doesn’t like automated systems.- With a discretionary system… it takes practice to learn how the market moves and where to get in.)
10:00 You can’t just go on and trade, you have to wait for the right moment?
(Right, there may be a day when I don’t take a single set up… There is a split second to take advantage.)
10:40 Tell us a little about your travels?
(I’ve been travelling since I was little. I am from Venezuela. I lived part of my life in Venezuela. Part of my life in the United States. Then I moved to Italy. … Sicily, Malta, The Caribbean, Canada, Uruguay, Argentina, Paraguay, Iceland.)
11:22 Do you have a favorite country?
(No, it is favorite things from specific places.)
11:45 How about a least favorite?
(Venezuela because it is backwards there at the moment.)
12:11 What is the cheapest country you have been to so far?
12:36 Can you give us an idea of your travel expenses?
($1500 to $2000 per month.)
13:46 Any advice for aspiring day traders or nomadic travellers?
(Do your research. You don’t want to get burned. The best way to find an apartment is to go and stay at a hostel then look around the city. If you want to find places online, I recommend Craigslist. )
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