EP 032: How to handle a run of losses & grind through slumps, while keeping your emotions intact w/ Dan Shapiro

Aaron Fifield Podcast 3 Comments


I’ve received many requests for this weeks guest, in recent months. Maybe it’s because he’s a straight shooter who doesn’t mix his words, or maybe it’s because he’s bounced back from harsh failures, to become an exceptional trader.

Whatever the reason may be, I know for certain, you’re going to appreciate the raw honesty and insight of this weeks guest – Dan Shapiro.

Coming up from humble beginnings, Dan called on the neighborhood loan shark to fund his first trading account, which got him through the door to one of the largest prop firms at the time. This is where he rubbed shoulders with many phenomenal traders, who helped shape him into the trader he is today.

This interview is ultimately focused on the mental and psychological aspects of trading. We discuss some of the darkest moments from Dan’s trading career, how to handle losses and grind through slumps, trading the setup and not your PnL, and why you should care more about trading right, rather than being right.

Dan was great to talk to, and I trust you’ll enjoy this episode. Actually, it may even be worthwhile for you to play this through twice, just to ensure you don’t miss anything.

I’m Aaron Fifield, your host of Chat With Traders, and here is this weeks guest from New York City, Dan Shapiro.

“I really took this business for what it is. It’s not the euphoric love-fest that everybody thinks they’re involved with.”

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“Once you’re trading your PnL instead of the setup, you might as well wrap it up for the day.”

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Lessons learnt in this interview:

  • Dan speaks about the two year period when he consecutively lost money, after having a taste of success. And recaps on the depressing times he endured while trying to recover from this all time low.
  • Have you ever taken a step back to figure out, how you could make just $100 from trading a common denominator you see within a chart? Although it involved countless hours, Dan discusses how this was a game changer for his own trading.
  • Why alert services and social media could be the worst thing for new traders, as it can really curb their progress. When you fail to replicate a trader who is doing well, the emotions kick in and it’s easy for you to forget the importance of being your own self.
  • Dan shares an example of what it means to trade your ‘premium hand’ and an overview for some of the things he looks for in a quality setup.
  • How to mentally stay afloat during losing periods, the benefit of hiding your PnL, and understanding slumps are essentially just the cost of doing business – everybody goes through this.
  • Dan pulls apart the saying ‘dumb money trades in the morning, smart money trades in the afternoon’ so you understand the true meaning. And why you must avoid playing catchup if you happen to miss your window of opportunity. Tomorrow is a new day.
  • The standout traits and characteristics that made Dan’s mentor, Mayer Offman such a phenomenal trader. This is a man who would make $1,000,000 during a session, and that was nothing out of the ordinary.
  • Plus much, much more…

Links and resources mentioned:

  • AccessATrader.com – To learn more about Dan, the PS60 Theory, and his (live) daily webinar, make your way over to his site, Access A Trader.
  • Sang Lucci Interview #1 – Peter Zhang (EP 009) interviews Dan for SLTV. A must listen if you’re keen to hear more about his early days as a developing trader.
  • Sang Lucci Interview #2 – Peter Zhang interviews Dan for a second time, joined by special guest Mayer Offman (The Rabbi of Wall Street).
  • Sang Lucci Interview #3 – Anand ‘Lucci’ Sanghvi (EP 008) talks shop with Dan on another installment of SLTV.
  • @DanShep55 – Be sure to follow Dan on Twitter to stay up to date with his latest movements.
  • @DanShep55 – And you can also find him on Stocktwits with the same handle.

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