Here is the summary from ChatWithTraders.com:
This weeks guest is a little different to many of the guests I’ve had on in the past. Instead of giving very little weight to fundamentals and news releases, these two things actually form the foundation for his trading approach. In fact, he almost disregards charts altogether, and he relates the reason for this to his background in accounting and finance.
John Welsh has been a full time trader for over 10 years and he’s racked up millions of dollars in profits along the way.
His trading consists of both intraday and swing trading, and he concentrates mainly on Biotech stocks, making roughly 90% of his trades within this sector.
Now that I’ve given you the 1,000 ft view on John’s trading journey, here he is to fill in the blanks, and give us a lot more depth around his approach.
Lessons learned in this interview:
How John avoids the problem of overtrading, and the way he avoids trading like a typical gambler.
Out of the top 11 trading rules that John follows, he explains why number 4 just might be the most important: The more stubborn you are, the more you will lose.
The approach John takes in our current market, and why he is moving from predominantly being a short seller, to favouring both sides.
The main reasons why John favours the biotech sector, and the benefits of finding a niche in the market.
How Twitter can be a valuable resource for free breaking news, if you follow the right people and block out the noise.
Why John believes the mental aspect of trading is 90% of the challenge, and why you should avoid getting confirmation on trade ideas from others (in most cases).
Some days suck - John tells us when he knows it is time to switch the computer off for the day. Plus the importance of keeping a seperation between trading life, and personal life.
And much, much more...
Quotes from this interview:
" I dont fall in love with any stock, simply put if something is going against me I sell it." Tweet this
Links and resources mentioned in this interview:
Trade The News - The news wire resource John uses to find articles that have potential to impact the market.
Yahoo Message Boards - The place where John began learning how to trade, and to this day still visits on the regular.