Chan Lo: "TradeZella showed me my biggest mistakes."
Author - TradeZella Team
Meet Chan Lo!
Chan Lo wears quite a few different hats. 🎩
He has a YouTube channel. ▶️
He runs an Airbnb business. 🏡
He’s a successful trader. 📈
He’s also a TradeZella user! 😎
We took to Twitter to chat with Chan Lo about his trading journey, early pitfalls, and future.
Let’s dive in. 👀
Approximately 8 years ago, Chan got into trading during his time in college. 🎓
He started trading equities. 💡
This is a smart way to learn trading when you’re starting out- as equities are not as volatile as other financial instruments such as options or futures.
He experienced the difficulties that all of us face...
🔘 Trying to find the right time to enter a trade
🔘 Being patient enough to allow the setup to come to him
and everything in between.
After about two years of learning from mistakes and small failures, Chan saw the light at the end of the tunnel and began to see consistency in his trading performance. 🤩
He continued with equities until about two years later, when Chan dove into the world of options. 💰
As of this interview, Chan has decided to focus most of his efforts on options trading and has grown his profits to the tune of bagging a 40K month!
Great timeline, Chan! 👍
Another good takeaway from Chan’s journey is that he was patient in taking the appropriate steps along the way. ✅
After seeing success with stocks for a couple of years, he moved to options.
Everyone’s risk tolerance and trading journey are different! There’s not necessarily a charted path that everyone knows to take. 🗺️
💡 However, it is important to note that Chan knew from the start that becoming a successful trader is a marathon, not a sprint.
He learned with equities, refined his game, and moved onto options when he was ready.
Smart move, Chan! 😎
We see a lot of traders gain success when there are less complexities to deal with in the beginning.
This could mean trading stocks, futures, or a less complex instrument at first, gaining experience, and then moving on to a more explosive instrument such as options.
Along the losing part of his journey, Chan noticed a couple of major mistakes that he could address to turn things around. ↪️
He mentioned that his biggest trading mistake was simply not being disciplined enough.
He went on to say that following the plan and listening to himself was integral towards executing better trades. 📈
Specifically, he felt like due to his lack of discipline in the beginning, he would get into trades too early and not wait for his setup to form. ❌
In doing this over and over, he was playing a losing game. 📉
But once he realized this mistake and corrected it, his trading turned around from there. 💪
Something to note here is how important this realization is. Once you start journaling your trades, you’ll notice which habits are keeping your account underwater.
Without addressing these habits, your trading system is playing a losing game.
Consider not correcting these habits as money you’re handing to market makers, institutions, retail traders, and other participants.
Another discovery Chan made was actually when he joined TradeZella. 🥳
He saw that Mondays and Fridays were challenging for him. On these days, the mistake of getting in early was more present than on other days.
So with this in mind, Chan’s newest goal is to get better at not making this mistake on Mondays and Fridays. ✅
He plans to continue trading those days, but be extra aware, size down, and continue to identify pain points.
In addressing this mistake, Chan has sized down drastically, which may be the reason behind his November month consisting of 4 figure profits rather than his usual 5.
This is trading maturity at its finest! 🎩
Being able to be humble enough to size down and address mistakes, takes some serious discipline. 🧠💪
In speaking about his journaling process
Chan mentioned that his favorite features in TradeZella are:
✅ the ease of tagging mistakes
✅importing trades through API sync
✅ the ability to pull a comprehensive outlook of your performance through analyzing your mistake tags, setup tags, and custom tags
Sounds like you REALLY know how to use TradeZella to the best of its ability, Chan! 💡
The ability to create custom tags and run data along with your setups and mistakes can be a game changer.
You can tag whether or not you got out early, should have held, were right to exit the trade at the time, etc.
These might not necessarily be mistakes, but instead critical data points you can use to refine your execution and trade management. 👀
Chan's goals for the future?
As far as December, he’d like to tackle those Mondays and Fridays and then eventually size back up to achieve those 5 figure months. 🤩
As far as long term goals, Chan spoke about how trading can help fuel his other endeavors. ✨
He uses his trading funds to invest into his Airbnb business, so that eventually he can generate more passive income. 💰
He also wants to continue helping others on their trading journeys, so he’s created an options sweep platform and his own discord server 👀
Pretty awesome, Chan!
We have no doubt you’ll reach your goals and continue to generate more passive income for yourself! 🥳