DesiTrades: Trading shouldn’t be your only gig
DesiTrades talks through why trading shouldn't be your only gig and common trader mistakes.
Author - TradeZella Team
This week, we had the pleasure of chatting with Vincent Desiano.
He's the face behind YouTube's daily pre-market webinars. 📺
He's a break & retest strategy aficionado. 🤵
He's a seasoned trader devoted to helping others achieve success in trading. 👏
In this interview we'll learn about:
- Vincent's Trading Journey
- What helped him achieve success
- His unique perspective on trading full time
Let's dive in.
Can you give us a brief overview of your trading journey?
"My trading career started like many others. Tim Sykes, Wolf of Wall Street, the normal influences that got most of us interested in the market.
However, quickly after falling into the penny stock world, I realized there was A LOT more to learn. So I then shifted focus towards longer term trade setups & longer term analysis.
I believe that focus on longer term analysis has really assisted me even in my short term trading.
From about 22-24, I started to find real success & began making more profit on certain months then I would at my 9-5 job. This is when the first interest in taking trading seriously started to slip into my mind.
However, I wasn’t consistent to the point of leaving a day job & trading full time.
Around age 25, I began posting my trading journey online. Showing my success & failures, being honest with other people online.
At heart, I am a very introverted person but I wanted to break out of that shell.
To my surprise, my YouTube videos & online following grew exponentially- faster than I would have imagined. After a few years of doing this, YouTube began paying me more than my 9-5.
Coupled with my trading profits, I felt it was “now or never” to leave my day job & take trading seriously.
This was the best leap I ever took.
Between 25 & 28, which is the age I am now have been the most successful years for my trading.
The last 4 years after leaving my day job & going all in on trading I’ve been able to find consistency & build a strategy I can follow on a daily basis.
I truly believe the journey & focus on taking things slow have aided in my success.
What have you found to be your biggest trading mistakes?
My biggest mistake was not having a strategy.
I used to feel lost coming into the market & would just look for what was moving up or down.
Trying to ride that momentum without any real plan. I think a lot of traders start this way until they develop a plan, a strategy they can follow & perfect.
Not knowing where I will stop out of a trade & take my loss BEFORE I enter the trade is probably the biggest flaw I’ve ever had in trading.
When did you start to see success and what was it that helped you turn the corner?
After about 5 years of losing, learning & experimenting with trade strategies, I started to really grasp onto 1 strategy in particular.
The break & retest.
It's a common strategy talked about in the Forex trading world. This strategy made a lot of sense to me & really fit into my personality. This was game changing for me.
There has not been a single thing more important to my success than knowing my strategy & ignoring everything that doesn’t align.
Being a master of one instead of being a jack of all trades has changed a lot for me.
Long term goals with trading?
My goals tend to be different than most traders you see online.
I am still very much in the boat of trading being a secondary income.
I know most have the goal to trade full time & have it be the only source of income. I believe trading full time without any other sources of income is financially irresponsible & likely leads to high emotions.
Most traders will enter the market with the idea of making a few hundred a week to supplement their income.
However, after getting involved, the greed takes over & those original goals of supplementary income turn into irrational goals. Goals that most are not ready to reach for or goals that will require much more risk than they are comfortable with.
I am very happy with the mindset I have been able to maintain, being happy with small consistent profits.
I am comfortable with the trades I take and I think that has really helped me stay consistent in my trading.
Why do you use TradeZella to journal?
Journaling has never been my strong suit.
I needed something to track my trades & know where I was excelling but also where I was failing. It is tough to look at yourself & dig deep into what you are failing to do.
TradeZella helps me confront my trading errors & learn how to fix them.
Before using TradeZella I would be pretty on & off with journaling. I would be more inclined to journal when I had winning days than losing days.
I knew this was a problem. I knew I had to learn from the losses as well.
On top of that, I also love what Umar has done for the trading community & very much look up to him.
Seeing his success & knowing he has created a product for us traders really made me interested in seeing what he & his team have built.
What are your goals for 2023?
My goals for 2023 are to enjoy the freedom trading has provided me.
The attraction to trading has always been the free time, the working for yourself, the feeling of taking control of your own time.
I think is it very easy to fall into the trap of spending too much time sucked into the computer screen.
When I look back at my best and worse trading days using TradeZella, my best days are almost always done within 1 hour of market open.
In 2023, that will be the main focus. Take what I can get, get off the computer & enjoy the freedoms trading provides.
Any other interests you have outside of trading that you’re focused on?
Real Estate, without a doubt. I think trading is a fantastic gateway into the real estate market.
If a trader is able to successfully pull a profit from the market, I believe the best use case for those profits is to start saving for real estate investments.
Trading provides both the opportunity to make profit & the time required to get involved in real estate. This is something I am very interested in outside of the market & another goal for 2023 that I hope to work towards.
As of now, I have 2 real estate investments & hope to continue growing that portfolio.
Interesting take, Vince! Lots of value here. ✅
We have no doubt you'll crush 2023! 🙌