How To Trade It: Trader Insight from Profitable Traders
Business:Investing
Tom “Canny” Canfield worked on Wall Street for two years, before starting a chain of restaurants. Ultimately, Canny began trading stocks in 1997, as he wound down the restaurant business, and went full-time by 1999, because of the freedom it provided to be at home with his wife and four kids. Trading is an expression of love for his family and has allowed him to be actively involved in his kids’ lives. Coaching, teaching, and encouraging, is very much in his blood…from hockey with his children to trading today. Tom is now free to enjoy life on his own terms. In this episode of How To Trade It, Tom and Casey discuss the joys and pains of trading. You don’t want to miss it!
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You’ll want to hear this episode if you are interested in…
Strategy for this current market
According to Tom, there’s a whole lot of nothing right now. Short trading is pretty stressful for him. He tends to be more of a long-term trader who looks for growth stocks that are gaining ground quickly and are in an uptrend. So, when market conditions are under the 200 moving average, Tom tends to trade very short-term…one, two, maybe three days, at most. There are still lots of small wins you can capture, but it’s the money he makes on those long-term trades that sustain him during these leaner times.
Knowing when NOT to trade
Tom likes to take a break…or rest…from trading. He believes it’s healthy for our progress to take weeks, even months, where we don’t take a trade at all. “It’s absolutely essential to your mental health”, he chimes.
Rebounding from a catastrophic loss
In l
Grab your copy of the Complete Trading System This book teaches you how to build a trading system from the ground up and how to become profitable in the markets.
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Connect with Casey:
11 Questions Every Great Trader Must Ask Themself, Ep #82
Keeping It Simple with Raghee Horner, Ep 81
How I Made 683% Return Last Year, Ep #80
How to Pass a Prop Firm Test with John Meli, Ep #79
Follow the Money with Fari Hamzei, Ep #78
The Trading Legends Edition - George Soros , Ep #77
Macro-to-Micro Analysis with Samantha LaDuc, Ep #76
Clean & Simple Charts with Patrick Walker, Ep # 75
The Basics of Automated Trading with Andrea Unger, Ep #74
The Key to Success = Mindset + Methodology with Dave Floyd, Ep #73
Ignatz Schalajda’s Schwalbe Trade, Ep #72
How to Find the Best Stocks to Buy Ep #71
Make Money, Slow Down, and Spread Out [Wayne Klump + Tom Nunamaker] Ep #70
Chris Pulver: From Professional Golfer to Trader, Ep #69
Trading Legends Edition: William Delbert Gann’s 12 Trading Rules, Ep #68
The Metrics of DreamTrades with Thomas Hughes, Ep #67
Two Traits Make Great Traders According to Boris Schlossberg, Ep #66
Stocks for Beginners with Phil Muscatello, Ep #65
Trading Legends Edition: The Lasting Impact of T. Boone Pickens, Ep #64
How to Sell Covered Calls with Dr. Alan Ellman, Ep #63
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