Blog Ep 61: Charles Harris’ Massive Trading Loss Recovery + Mindset (Part 1)

0:30 – Kim’s FREE ebook “Discipline and Finding Your Edge”

1:05 – Introducing Charles Harris + guest co-host Shane Dorian

4:00 – The reaction to Charles’ viral video

6:29 – The staggering power of vulnerability

7:50 – Charles on his massive drawdown where he lost 85% of his net worth

9:40 – Why traders struggle with “deserving” success

12:45 – Why successful traders need to be real

15:20 – Shane’s comments on Charles’ video

16:50 – Shane + Charles on taking a break when things get bad

20:23 – The right thing to do when you’re on a losing streak

23:41 – Walking through Charles’ biggest win ever on TSLA

30:00 – The holy grail of building wealth in the market

31:45 – Over to the Twitter Space Q+A

Charles Harris’ Massive Trading Loss Recovery + Mindset With Special Guest Co-Host Shane Dorian

Charles Harris is a Portfolio Manager at O’Neil Global Advisors Inc. with over 20 years of experience in finance. Recently, he released a YouTube video of a 2019 presentation he made at the final IBD Level IV Master’s Program workshop in Santa Monica, CA entitled “A Trader’s Journey.” In it, he details his personal journey as a stock trader and shares his highs and lows, the many boom and bust cycles he’s experienced along the way, and the lessons he’s learned and continue to relearn. The video went viral — it currently has over 34K views. Legions of traders have been blown away by his vulnerability and the wisdom he has gained as a result of staggering losses and hard-earned lessons — including legendary big wave surfer and trader Shane Dorian, who joins Kim as a guest co-host for today’s episode. 

Not familiar with Shane? He’s been on the pod before — don’t miss his episode here. As a refresher, Shane spent 11 years touring on the World Championship Tour as a pro surfer before quitting the pro circuit to focus on big waves. Now, he’s one of the best-known big wave surfers in the world. But that’s not all — he’s also an accomplished trader, with years of experience. Following the CANSLIM system, created by William O’Neil, Shane identifies as a swing/position trader and has seen massive upside in his trading for over a decade.

What To Expect in This Episode 

In this unique two-part episode, Kim and Shane start by interviewing Charles about his exceptional trading journey. Then, Kim and Charles head over to a live Twitter Space q+a session. Here’s what to expect:
Not only will you learn about Charles’ recovery from a staggering drawdown that deleted about 85% of his net worth, but so much more, including:

  • The incredible reaction to “A Trader’s Journey.” There’s a perception that certain traders are successful and just make money but it’s not the case. The fact that Charles was willing to speak openly about his frailties makes his story exceptional — and it has clearly resonated with viewers.
  • How Brené Brown’s famed talks on vulnerability and shame inspired Charles to share his story and helped get him get to the root of why he had such a big drawdown. As he describes it, “I knew that I was out of control but I just could not get out of my way.”
  • When your vision of yourself doesn’t match reality and you feel unworthy, it’s a problem for your trading. As Charles notes, there are two potential outcomes: either you fix your psychology or you sabotage your success to bring it in line with how you really feel inside. Ultimately, the difference between people who have a sense of worthiness and those who don’t boils down to believing that they deserve it, that they are entitled to it.
  • How Charles came to grips with a massive drawdown that blew out 85% of his net worth. He explains what helped him recover and how much of a break he needed to get his mindset back.
  • The right thing to do when you’re on a losing streak is to take a step back, stop trading altogether, and figure out what’s going on. When you come back to the market, go really slow.
  • Charles talks about how he thought it would be 5 or 10 years to come back from his big losses but it actually took less than 2 years. A big part of that was his biggest winner — Tesla. Charles talks strategy — learn why he treats this stock differently, and why its performance reminds him of Apple. 

 Follow Charles Harris and Shane Dorian

Charles Harris on Twitter
Charles Harris on LinkedIn

Shane Dorian on Twitter

Shane Dorian on Instagram

Resources Mentioned

"A Trader’s Journey" — Charles Harris' YouTube video
"Reminiscences of a Stock Operator and The Investment Strategies of Jesse Livermore"  

Love the episode? Here’s more to enjoy:
Shane Dorian on The Wall Street Coach Podcast 
Kathy Donnelly on The Wall Street Coach Podcast

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