0:25 – Kim’s FREE ebook ‘Discipline and Finding Your Edge’
1:10 – Introducing Lance Breitstein
4:15 – Stepping away from prop trading
6:10 – Combining hard work with smart work
13:25 – Growth mindset, playing strengths, and ridding yourself of limiting beliefs
20:05 – The importance of self-awareness and introspection to adapt and grow
29:40 – The advantage of maintaining a longterm perspective
36:10 – The paradox of struggle and adversity
41:35 – Reviewing “the most important moments” in your trading
43:18 – Identifying the nuances of what works for you and when to size into trades
48:05 – Breaking down theoretical discretionary trades through thought experiments
51:55 – The value in game planning the realm of possibilities
54:48 – The best trades have every trader on one side – TSLA and CVNA trade examples
1:00:20 – Emotional intelligence in trading and life
1:05:30 – The value of working with a performance coach
1:08:10 – Combatting scarcity mindset and greed with identifying personal values
1:15:25 – How the Impact Competition has a large scale impact
1:25:10 – Advice to the average trader
Lance Breitstein on Becoming an Elite Trader
Lance Breitstein joins The Wall Street Coach Podcast to discuss his incredible rise as a prop trader at Trillium, the importance having a growth mindset, and how to identify the nuances in both the market and your own trading to vastly improve your edge.
In this episode Lance dives deep into what he believes are the reasons that he has found such success as a trader, including his tremendous work ethic, maintaining a long term perspective, and reviewing what he describes as “the most important moments” in his trading. As Lance puts it, it’s not enough to just work hard at trading by looking at charts or reading analyst reviews all day. In order to make it, a trader must really dig into working smarter by identifying and refining the nuanced aspects of trading that will compound and pay out exponentially over time. Lance gives a number of detailed examples of how any trader can accomplish this during their review process with examples of watching back how they traded, journalling, and doing a daily report card.
How Lance Identifies Great Trades
Lance also breaks down few different real world and theoretical discretionary trades and how he would approach them. In one example of a theoretical capitulation trade, he outlines how he would capitalize on a panic if a “boring” mega cap stock like Bank of America (BAC) dropped +20% in a matter of minutes. Other examples that Lance speaks to are real world trades that have happened recently, including catching the recent lows of Carvana (CVNA) and buying the breakout of Tesla (TSLA) from last fall. Beyond outlining how these trades worked, Lance dives into his thoughts and conviction behind these big trades. He describes the thought process and stock selection by specifically identifying stocks that he believes every trader is wanting to be on the same side of the trade.
The Roadmap to Becoming a Great Trader
The roadmap to becoming a wildly successful trader is outlined from virtually A to Z by Lance. As he says multiple times, there is no magic formula or secret to becoming successful. It takes committed, deliberate work to refine the craft of being a trader and this is done by removing limiting beliefs, being self-aware, staying objective and honest with yourself, being ready for any given outcome, giving back and being a contribution, living in accordance of your values, and committing to a growth mindset in order to improve every day.