Steven Huang started his career as a trial attorney, with the ultimate goal of being a corporate transactional attorney. Trading didn’t hold much interest at all to start; he came across swing trading as a potential way to make some side income. Day trading was an option at the time, but Steve didn’t want to be tied to the markets during the day.
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Description
Steven Huang started his career as a trial attorney, with the ultimate goal of being a corporate transactional attorney. Trading didn’t hold much interest at all to start; he came across swing trading as a potential way to make some side income. Day trading was an option at the time, but Steve didn’t want to be tied to the markets during the day.
Starting with naked puts, trading went okay for Steve until the 2008 meltdown; which nuked his account. At about this time, Steve sought out Tim’s help on general risk management while still primarily swing trader (he still didn’t want to give up on being a lawyer quite yet), but another dip in the market caused his account to crater a second time.
In talking to Tim after the second account flatline, Steve decided to actually get some serious fiscal education starting with Tigrent. He started performing better, and continued his education further with other services such as Rich Dad and general trading systems. Today, Steve only day trades, and has developed a few systems he personally follows when trading. He loves how fluid the market is, and how easy it is to fix errors as the trading day progresses.
He’s also very specific about the difference between trading strategies and trading systems. Trading strategies, Steve posits, are general best practices of trading such as technical & fundamental analysis to make standalone trades and generally assess particular securities. A system, however, is taking a particular portfolio as a whole and applying particular rules to entering & exiting trades, and knowing how & roughly when you’ll take profit during the trade. A system also helps a trader maintain emotional distance, which is important when a particular trading day is extremely good or extremely bad. With a system, you just trade the rules you set in place and can minimize trading errors.
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Notes
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