Episode 11 – When the going gets tough good traders get lazy w/ Tyler Bollhorn @Stockscores

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Summary

 

On this week’s show I interview Tyler Bollhorn and it’s a great show.

Tyler has been trading for 25 years and has spoken to probably 1000’s of traders through the seminars and speaking events he does as part of his Stockscores program along with the MoneyShow.  Tyler doesn’t remember this but one of the 1st trading seminars I ever attended was one he put on almost 10+ years ago.

In this interview we cover a lot of ground but here are some of the Big Ideas.

Big Ideas

In the show we talk about –

  • The 6 things Tyler looks at as the basis for each and every trade –
    1. rising bottoms,
    2. falling tops,
    3. support,
    4. resistance,
    5. price volatility,
    6. and abnormal activity
  • Tyler’s market philosophy – The stock market isn’t fair –
    • There’s always gonna be some people that have better information about what a company is doing than others and with that better information they can have an edge in the market, predict where those stocks are gonna go so I’m really just trying to follow those well-informed people – those who really know the company well and know the sector very well because when they act aggressively in the market, when they have new information that justifies paying a higher price or accepting a lower price they will do so quite aggressively and that creates the abnormal activity
  • 2 ways to overcome your emotions
    1. Have a written plan
    2. Don’t take on more risk than you’re comfortable with or accepting of.
  • The most important part of trading well is risk management and how to use chart analysis for risk management
    • To identify exit points are,
    • where the stock will likely get stuck,
    • knowing where to reverse
  • The importance of not trying to be perfect
    • If your aim is to be perfect then you will end up blowing up
    • Your job is to follow your rules day after day after day
  • Tyler shares his pre-market exercise routine and shares the practices he uses to relax and renew
  • The fallacy of setting daily goals and capping your profits
  • Don’t compete against the HFT’s by playing in their space.
  • The importance of having fun.

Tyler Bollhorn started trading the stock market with $3,000 in capital, some borrowed from his credit card, when he was just 19 years old. As he worked through the Business program at the University of Calgary, he constantly followed the market and traded stocks. Upon graduation, he could not shake his addiction to the market, and so he continued to trade and study the market by day, while working as a DJ at night. From his 600 square foot basement suite that he shared with his brother, Mr. Bollhorn pursued his dream of making his living buying and selling stocks.

Slowly, he began to learn how the market works, and more importantly, how to consistently make money from it. He realized that the stock market is not fair, and that a small group of people make most of the money while the general public suffers. Eventually, he found some of the key ingredients to success, and turned $30,000 in to half a million dollars in only 3 months. His career as a stock trader had finally flourished.


Quotables

You know in life we’re taught to work hard and when the going gets tough, work harder. I like to tell people when the going gets tough good traders get lazy.

It’s about changing your mindset from a gambler to trader; gamblers don’t trade expected value, they just throw money on a stock and hope that it works out.

Transcript

 

Resources Mentioned

 

www.stockscores.com – Learn more about Tyler and the Stockscores approach

@Stockscores – Connect with Tyler on Twitter

 – Reminiscences of a Stock Operator continues to be the most recommended trading book

 – In Drive, Daniel Pink asserts that the secret to high performance and satisfaction-at work, at school, and at home—is the deeply human need to direct our own lives, to learn and create new things, and to do better by ourselves and our world.

 – Overcoming 7 Deadly Sins of Trading – Hard to find but recommended book from Tyler.  This book identifies seven dispositions that impede trading profitability.

 –

Tyler’s weekly Market Commentary

 

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Episode 11 – When the going gets tough good traders get lazy w/ Tyler Bollhorn @Stockscores

by editor time to read: 47 min
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