Topics:
- Using Social Media as a Trading Tool.
- How Jake got started in Trading.
- GME & RobinHood
- Trading the Laggard’s
- Supply & Demand Curves
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Guest:
Jake Wujastyk
Founding Member at TrendSpider
Jake’s Resources
Rapid Fire ?
Q. What Trader has influenced your career the most and why?
A. Brian Shannon. Really opened up my perspectives on supply and demand in the markets and the market psychology of the overall participants being up or down in a position.
Q. What was one of the hardest things for you to overcome in Trading?
A. Ego. Thinking I was right all the time and not realizing this game is about risk management and not win rate.
Q. How has your trading process evolved over the years?
A. Before, I looked at a lot of lower indicators and less VWAP and volume distribution levels. The process is now to find the same volume pattern (volume shelf and anchored VWAP pinch) I have seen success with and repeat plays that have this pattern. It is much easier to see risk levels this way as well. My process still involves watching a stock for weeks or months before entering. I try to stick with stocks that fit my personality and not just trade anything out there.
Q. What is one attribute that you believe every trader should have?
A. The ability to put your ego aside as well as manage risk.
Q. Favorite Book about Trading?
A. “The Quants”
Q. If you had to pick a profession other than trading, what would it be?
A. I am not a professional trader, I manage family accounts and my own personal trading accounts. My main focus is helping traders get a new perspective in the markets.
Q. What’s the best advice you received about Trading?
A. Don’t be mad about missing the whole move, you will drive yourself crazy. If you made profit, that is the end goal. You can always adjust your strategy in the future to hold a little longer.
Q. If you can give a piece of advice to the younger you about trading, what would it be?
A. Find stocks that fit your personality and a small group that you trade over and over. You wouldn’t go to a casino and play at a different table every hand. You need to have a “feel” for what you are trading.
Q. If you had to elevator pitch me your edge trading, what would you say?
A. My elevator pitch would be, “Focus on supply, demand, and price as well as having zones to watch, not exact levels. Focus on your success, not the success others are posting on Twitter or other social media.
Q. Favorite thing to do when not Trading
A. Spending time with family, enjoying the outdoors in Colorado!
If you enjoyed this interview be sure to listen to these other episodes:
Anthony’s thoughts on GameStop, Bitcoin, Dollar, Gold, Stock Market
Quantify Your Trades – Scott Andrews
Macro Themes 2021 – Tracy Shuchart Chigrl
Trade Right Initiative – Morad Askar
Disciplined To Your Process – Katie Stockton
