Stevie Swai
Trader Scott was an invited guest on the 52 Traders podcast hosted by Cam Hawkins. Scott gave a brilliant interview packed full of honest and insightful information. As long as I’ve been trading and as many conversations I’ve had with Scott about trading, this interview rekindled a fire in me after listening to it twice. I think you will find it incredibly inspirational so take some time to listen.
The 52 Traders website is loaded with interviews with successful traders from all over the world. You will have to create a login profile and should you choose to access anything other than Scott’s interview, the rates are really reasonable. Cam has generously offered a promo code to our subscribers and visitors to listen to Scott’s interview FREE which is: scotts52toffer. After you create your profile and it asks for payment, simply put in the promo code and you will gain free access to his interview. Otherwise, you may find some gold in the other interviews by choosing to pay something for a listen.
In Scott’s interview you will discover:
- The simple strategy Scott learned from his mentor
- The missing key to his trading he finally figured out
- Good advice for struggling traders
- Why you should avoid scalping – especially if you’re a newbie
- The greatest, single, specific trading setup you must know
- A powerful concept in choosing winning stocks
- How you can stay consistent and in touch with the market
- 4 traits you must have in order to be a successful trader
- The advantages and significance of having a mentor
Enjoy the interview and let us know what you think by leaving a comment below.
You nailed that interview Boss.
Cam made it very easy. He kept me on track, and did a great job interviewing.
Got a few questions about springs and acum/dist).
A)So in a nutshell, the way to trade a spring is to wait for ending actions before the break of support and then just jump in when it is bellow support?
B)How do you go about deciding in real time when a spring had failed and it is likely to continue to head lower? Can you talk more about a snatch-back as a means to exit from a bad spring?(78min on the interview )(video if possible)
C)How do I know when an accumulation is about to morph into an uptrend?’
D)Regarding (re)accumulation and (re)distribution confusion.
At times I traded a trading range distribution believing that it was an accumulation due to it’s selling climax. Is there something that I’m possibly missing to avoid such a mistake?(If nothing) How do I deal with such scenario?
I’m doing another spring video and also accumulation which may help with some of this.
A) Yes. Let it setup with a well-defined support, especially including a trading range, and be prepared with these tools. The “easiest’ setups are when you have great confidence that something is in an uptrend, those springs work very, very well. Also remember your time frame. Look at HMNY on Thursday. one of the best springs I’ve seen in a long time. It doubled in one day, that is amazing. And legitimately doable trade for someone. I did not do the HMNY, but I did IZEA on Wednesday and had a limit order sitting in it, and sold it back into resistance. In general, if you want a spring situation which will not be a daytrade situation, you need something which has had an extended drop. Like gold in early July. Remember that one. I bought that 7/7 morning, and it still went lower on 7/10. But I was very confident about that situation and held on. So to answer B), if you are very confident in your work, an extended spring becomes more of a shakeout which is even more powerful. It’s “snap-back” rally, and if you believe it’s not going to work, be a bit patient, and let it snap-back and scratch or take a small loss. With trades, i set a 10% overall stop as a just forget this trade stop.
C) It will be in the video, but it’s when the big resistance area has been taken out, on the third or fourth attempt. Gold has one coming up later this year.
D) You are possibly mixing up time frames. A selling climax on a bigger-picture, or near-term? I’ll expand on this also.
“The “easiest’ setups are when you have great confidence that something is in an uptrend”
What would be your checklist for building up your confidence towards an uptrend?(
It seems like I keep coming back to this with almost everything, but so much of getting this “right” is about the time frame. And within each real big move in markets there are all kinds of trends going on. But behind it all for me is that huge accumulation area on the big picture – and then all of the selloffs are what? They are “backups” right? Becay=use the big trend is up, so we’re always looking for the selloff setups to be buying setups. Now whether those smaller setups are outstanding probability setups, that is not up to me, it’s up to all of the things I’m looking for. Meaning the initial (preliminary) EA, the automatic rally the trading range, the build up of a solid support area, the “break” of that support area and sell stop runs (to thin out the horde of weak hands), the transfer of ownership from weak to strong, the effort vs result, the retesting on lower volume, the spring, the news event which everyone is sure will cause more selling, the stupid commentary about moving averages and looking for reasons why a market can’t bottom, the time frame (cycles). The more the better, but by far the most important thing to me is the accumulation.
And Raphael, above all of this is the consistent blue collar work, and doing this over and over, and seeing it work for you over and over, that’s where the confidence comes from. I can’t emphasize this enough, all of the systems and theories and academia crap, by far the important thing is just doing it.
I really enjoyed Scott’s written comments to “just a guy” below… distilled goodness…..
I look forward to an in house interview or three ;)….
Wow! I must be a moron.
I’ve been at this for over an hour trying to figure out how to “apply the credit” to download the interview. Everywhere you turn on that site, it’s “pay here”, “subscribe here”, “give me your money”……I never was able to find anything that allows access to more than the 11 minute long “pay me” intro.
Eventually the path forward with this becomes obvious to me.
Thanks, but no thanks.
I’m not sure what’s going on. I’ll see if my partner knows what the deal is.
Hi Dick,
I had the same problem navigating the 52 Traders website. The easy way to do it is to simply sign up, then when it asks you to pay, you put in the promo code and it will give you 1 credit to unlock Scott’s interview. I think you’ll find the interview well worth the aggravation it takes to access it. Good luck should you try again.
Thank you Stevie, but I must be retarded. I got the 1 credit, but everywhere I go to try to use it keeps looping me back to “pay for this”, or “subscribe to that”…….I’m just not cut out to navigate that site.
Can you help me with exactly which magic series of clicks one would need to unlock this interview. I certainly wouldn’t be interested in subscribing to a site that my feeble mind can’t figure out how to navigate, but if I could get to the interview…well, I’d give it another shot….Thanks.
Hi Dick,
UGH! Now I’m frustrated. That site IS terribly difficult to navigate. I had some aggravation the first time I went on and ended up succeeding. I went back on tonight as I wanted to be able to tell you exactly what to do but it’s trying my patience, of which I actually have a lot, and I gave up. I remember the first time, when I got the free credit, I went directly to Scott’s interview and applied the credit and it unlocked the interview. It’s a shame the site is so complicated because Scott gave a stellar interview. It was absolutely wonderful with a real focus on ‘springs’. Just to reassure you though, I’m quite sure that you are NOT retarded.
Thank you Stevie. Appreciate your trying.
If this 52Traders guy requires users to have a PhD just to login….how could he expect lesser mortals like me, to be able to learn to trade ? Seems a bit of a paradox. Oh well…..maybe Scott will do an interview somewhere else some time.
Thank you again. All the best.
I also had issues accessing the interview. The option to apply a credit against Scott’s interview was not there, and when I went to pay for all interviews, and try to apply the voucher code there (couldn’t see where else to apply it) – the site told me that the code was not valid!
Disappointing.
It’s a shame that website is so complicated. Trader Scott and I might record an interview on our own and share it on this website because it was so packed full of great information and it was incredibly inspirational.
That would be great! Thanks Stevie