The next interview in the series is with Brian Shannon. Brian has been trading for a LONG time and has developed the reputation as one of the best guys in the business. His market commentary videos are well known for having a concise, no-nonsense approach. His book Technical Analysis Using Multiple Timeframes is excellent and widely reviewed and recommended. Find out more about Brian at his Alphatrends website and be sure and follow him on Twitter @alphatrends.
What is the most overrated trading advice?
“Winners take care of themselves.”
Once you have your money in the market, you can never let your guard down, complacency is the silent equity thief. Winners are clearly less stress, but accumulated profits are your money. Profits are not “house money” that you can be careless with. Things can change quickly in the markets, without a plan to protect profits and manage your winners you will give back large gains and worse, allow them to turn into losers!
What is the most underrated trading advice?
People will mention they are “bullish or bearish” on a stock or the market, without any reference to a timeframe. In order to add value, there needs to be some point of reference from a time perspective. I might be bullish on a long term uptrend in the market when I look back a year or two, but there will be periods during that bullish trend where the best trades are on the short side. Also, being “bullish” might be from the reference of a purchase made two years ago, that doesn’t make it a good buy today.
What’s a non-trading related book that’s influenced you recently?
The Impossible Climb – The story of Alex Honnold and his accomplishment of being the first person to free solo the 3,000 foot El Capitan, the largest cliff in Yosemite National Park. The book chronicles the laser focus it takes to tackle a goal that was widely considered impossible, if not a suicide mission.
Questions for Brian?
Ask him in the comments below or ask him on Twitter. Thanks Brian!
Do you know someone who you think would make a good interviewee? Contact me!