EP 058: Planning and preparation—failing to plan is planning to fail w/ @PaulJSingh

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This week I spoke with Paul Singh, a long-time trader who has been doing this since his college days. Over the years he’s traded stocks, options and futures, but now tends to focus purely on stocks.

In fact, Paul actually began trading during the ‘dot com boom’ and quickly racked up huge profits – he was living large in a penthouse, his neighbors were professional athletes, and all was good …until the bubble burst, and that’s when he returned to square one.

So, during this interview we discuss; the light-bulb moments and changes he made to his trading which helped him to achieve sustainability and consistency. We talk about how he transitioned into full-time trading, why you should be cautious of micromanaging positions, and overall; how to be a better swing trader.

It’s worth mentioning, there’s also something within this interview for day traders, because Paul is very active on an intraday timeframe too.

“With trading, every single decision you make effects the outcome.”

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“The hard work is in the preparation.”

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Lessons learnt in this interview:

  • The highs and lows of Paul’s early years, and why he persevered after blowing up three trading accounts and losing hundreds of thousands of dollars of profits.
  • The biggest mistake people make when deciding to trade full-time, things to consider, and the unexpected challenges Paul experienced after taking the leap.
  • Light bulb moments; the subtle changes that lead to the greatest improvements in Paul’s trading performance – take note!
  • Paul emphasizes the need to adapt and evolve with ever-changing market conditions,  plus an example of how he’s had to do this recently.
  • Why swing traders need to be cautious of micromanaging positions, and the reasons why Paul trades with a ‘set it and forget it’ mentality.
  • The importance of preparation and having a game plan before entering a position, and how Paul thinks about stop placement.

Links and resources mentioned:

  • The Market Speculator – To learn more about Paul, you can visit his blog which is updated regularly with insightful articles.
  • Part Time Trader Program – Paul runs the swing trading service for Bulls On Wall Street, follow the link for more info.
  • EP 020: Kunal Desai – Here’s a link to the interview I recorded with Kunal, who was originally mentored by Paul.
  • Evernote – The freemium online tool Paul uses to prepare trading plans.
  • @PaulJSingh – Also be sure to follow Paul on Twitter!

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