You may recall, for episode 25 I invited Zach Hurwitz back (after being a featured guest on episode 011), to grill me about my own trading progress. We’re now another 25 episodes on, so I figured it’d be a good point to share another update on how I’m tracking…
To do this, Zach joins me again for the milestone of 50-episodes. The first part is mostly Zach asking questions for me to answer, then we switch it up, and during the later part I fire questions at Zach to answer.
Pretty much every question asked during this episode has been crowdsourced, so if you contributed a question last week, then there’s a good chance you’ll hear it asked at some point.
Edit:
Since recording this episode, Zach has released a free eBook that goes further into VWAP and how he incorporates it into his trading: Download here
“You can pay the tuition of the market in either time or money, you gotta pay one.”
“All systems lose money, great systems lose less.”
Topics discussed during this episode:
- Zach asks me to give a thorough update on my own trading development and progress, going into algorithmic trading.
- The commonalities between many of the traders I’ve interviewed, and a few key realizations from the past 25 episodes which stay on my mind.
- How your beliefs change between knowing nothing about markets, to knowing significantly more (with the added benefit of real experience).
- Tips and pointers for effective journaling practises and review – what you should include beyond the prices you buy and sell.
- A guide to structuring your study in the early stages of your trading career, and what to do if you have limited resources, i.e. time and/or money.
- Zach speaks about what he ‘stopped’ doing to become profitable, rather than what he ‘started’ doing to become profitable. Take note!
- How to find stocks that match your criteria, and the three layers of scanning you need to understand: Universals, Conditions & Triggers.
- What markets are best suited for VWAP, and even though it’s often used intraday, Zach shares how this institutional indicator can be used across multiple timeframes.
- How to think about your exit strategies (getting out of positions), and the benefit of being very clear on what type of trader you are.
- Plus, so much more…
Links and resources mentioned:
- Full list of previous CWT episodes – There were many past episodes and guests mentioned during this discussion, you can find links to all of them right here.
- The Numbers You Wish You Knew About Your Own Trading – Zach brought up the topic of Monte Carlo simulation, if you’d like to learn more about it I encourage you to read this brilliant article by Fil Lorinc.
- Codecademy: Python – In my effort to learn the programming language Python, this was one of the courses I found very helpful; it’s totally free and the interactive aspect is great.
- Udemy: Complete Python Bootcamp – Another great course for learning Python, while it covers similar ground to the Codecademy course the different delivery format helps to drive home the foundations of this language.
- Reminiscences of a Stock Operator– Referenced by Zach, the semi-fictional biography of legendary trader, Jesse Livermore by Edwin Lefevre.
- Why Most Traders Never Succeed – Zach is one of 18 traders featured in this premium CWT eBook, explaining the key reasons why most never hit the big-time.
Connect with Zach Hurwitz:
- [email protected] – To contact Zach, send him an email at this address.
- @ZachHurwitz – Be sure to follow Zach on Twitter, he assures us he’s becoming much more active…
- TheVWAP.com – While this is still a work in progress, it’s home base for Zach, and you can find a bunch of links and resources on his website.
Connect with Aaron Fifield:
- [email protected] – If for any reason you’d like to drop me a line, you can catch me at this email address.
- @ChatWithTraders – Make sure you follow CWT on Twitter, I often recycle past interviews and share anything I find interesting.
Did you enjoy this interview?
- Please leave a 5 star review on iTunes to support the show.
- Subscribe to receive a free guide and an email when new interviews go live.
- Got a question or a comment? Post below, Zach and I will be watching this space.
- Share this interview with your friends and followers.