I traded like Ross Cameron for 1 day and here’s what happened…

Summary

The video follows a day trader sharing their journey, focusing on the fun and fast-paced nature of trading with momentum. They reflect on the differences between their previous experience with large-cap stocks and their current strategy, inspired by Ross Cameron. Emphasizing the importance of finding a trading style that aligns with one's personality, they stress the significance of enjoying the process rather than stressing over profits. The trader also shares their mindset of seeing losses as learning opportunities, expresses gratitude for the ability to trade, and offers helpful resources for others in their trading journey.

Takeaways

• 😀 Momentum trading in small caps feels fast-paced and exciting compared to trading larger caps and ETFs.
• 😀 Patience is key when trading, as markets can start slow but eventually offer opportunities.
• 😀 Risk management is crucial, and setting a max daily loss limit can help keep emotions in check.
• 😀 Trading should align with your personal style and preferences for it to be enjoyable and sustainable.
• 😀 It's important to enjoy the process of trading; it shouldn't just be about making money.
• 😀 The mindset of trading is key—approach it as something you get to do, not have to do.
• 😀 Understanding the strategies of experienced traders (like Ross Cameron) can inspire but shouldn't be copied blindly.
• 😀 Focus on a trading style that suits your personality and avoid strategies that don’t resonate with you.
• 😀 Every loss should be reframed as a learning lesson, not a setback, to maintain a positive and growth-oriented mindset.
• 😀 Be grateful for the resources and opportunities you have in trading, especially when others may lack the same access.
• 😀 Find a community or mentors who align with your approach and personality to support your trading journey.

Q & A

What was the speaker's overall sentiment about trading smaller-cap stocks compared to larger-cap stocks and ETFs?

The speaker found trading smaller-cap stocks more exciting due to the fast-paced momentum, even though it can be nerve-wracking at times. They felt it was more aligned with their personality, as they enjoy high-energy, fast actions, similar to their interest in motorcycles.

How does the speaker manage risk while day trading?

The speaker emphasizes tight risk management by setting a max daily loss limit, which in their case was $7. They also limit their trades, ensuring they stop after a set number, like three trades, especially when the market slows down.

What key mindset shift does the speaker encourage for those new to trading?

The speaker encourages traders to find a style they truly enjoy, focusing on having fun and aligning trading with their personality. They stress that trading should be enjoyable and not overly stressful, even though it’s a serious activity.

Why does the speaker believe it's important to align trading with one's personality?

The speaker believes that aligning trading with one’s personality makes the process more enjoyable and sustainable. They note that many people follow others without considering if the strategy suits them, which can lead to frustration.

What did the speaker mention about Ross Cameron’s trading approach?

The speaker admires Ross Cameron’s trading style, particularly his consistency over many years. They mention that Cameron’s strategy hasn't changed despite his increased capital and success. The speaker also recognizes that they are still in the learning phase and not comparing themselves to experts like Cameron.

What was the speaker’s approach to handling losses?

Instead of viewing losses negatively, the speaker now calls them 'learning lessons.' This mindset shift helps them see value in every trade, regardless of the outcome, and approach trading with a more positive perspective.

What does the speaker mean by trading being 'fun' and 'energetic'?

For the speaker, fun and energetic trading refers to engaging with fast-paced, high-action market movements. They compare it to their love for motorcycles, highlighting their preference for speed and excitement, which makes day trading an enjoyable experience.

How does the speaker view their current trading journey?

The speaker sees their journey as a learning process and is grateful for the opportunity to trade. They acknowledge they are still growing and figuring things out, but are positive about the progress they’ve made without blowing up their account.

What kind of resources does the speaker offer to others who are learning to trade?

The speaker offers a free Google doc containing various day trading resources, such as videos, books, and links to YouTubers and experts who helped them. This document is intended to help others on their own trading journeys.

What does the speaker say about taking trading too seriously?

The speaker warns against taking trading too seriously to the point of losing enjoyment. They emphasize the importance of having fun, staying relaxed, and not placing unnecessary pressure on oneself, while still being focused and disciplined.