Today, Tom Sosnoff and Tony Battista sit down with Joey G. to discuss his trading journey. Tom said that he had received a lot of emails requesting a "Rising Star" who had a full time job to help give them context on how trading (and working) was doable. Joey has a full time job working for a software company that provides solutions for the car industry. Joey also mentioned he travels most of the time.
Joey began his trading career over 10 years ago by investing in mutual funds. Then he advanced to trading in the stock in the company with which he was employed.
Joey is relatively new to tastylive. Joey has only been trading the tastylive way for 6 months but has been watching tastylive for over a year. He explained that he wanted more market awareness and that's what drew him to tastylive. A co-worker introduced him to tastylive and he initially spent 3-4 hours a day looking at tastylive videos.
Joey generally manages his winners at 50% of Max POP (Probability of Profit) but lowers that threshold to 25% when there are less than 30 days to expiration. He trades 50-60 trades a month (2-3 a day) and is up 22% for the year. Joey trades one account that has portfolio margining and is funded with $340,000. He also has two smaller IRA accounts.
Tom asked Joey, "Do you feel confident at this point that when you do something, you at least understand the risk and the metrics of what you are doing? Joey answered that yes, now he did. Tom commended Joey for being able to "change gears" at 57. Tom joked, It's hard to learn golf in your fifties. Tom asked, "Have you seen it (trading mechanically) affect other things that you do like with your job? Has this process made you stronger?" Joey answered that it has and that he now uses these "decision making processes" based upon statistics that tastylive teaches in his everyday life.
Joey said that his "go to" strategy was mostly selling premium by selling naked puts. If he got assigned stock from his short put position he then sold calls against his long stock. Joey explained that high IV Rank now plays an important role in his strategy followed by liquidity. Joey said that he normally carries 11-15 positions. Tom asked Joey what his biggest trading mistake has been. Joey said it was trying to "manage a loser" in both XLU and DUK. Joey found managing at 50% max has been one of the biggest keys to his success. Joey said that it's never too late to start self investing the tastylive way.
Watch this segment of Rising Stars with Tom Sosnoff and Tony Battista to see that it is possible to trade successfully while still working full time.
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