“This is not mission impossible!” – Matt Leibowitz, CEO of Stake
This episode is a cracker.
As many of you are aware, we were invited to participate in a trading competition, hosted by Stake, to beta test their new trading app. The rules were simple. We were given $500 (USD$370) to trade through Stake, in American stocks. We had two weeks to make as much money as possible, and we had to trade at least three different companies.
However, for Equity Mates, this was going to be a massive challenge, because our view on investing is much, much longer-term than two weeks. We had to radically change our mindset.
We sat down with Matt for what was going to be a short wrap-up of the competition, and reveal of the results. However, as we got started we couldn’t help picking Matt’s brain further and further with questions about his trading during the competition and his views on technical analysis. We had a very open conversation with him about the tricks and habits of being a successful trader.
In this episode you will learn:
- How much money we won or lost in the competition, and where we placed
- What our biggest learnings were from the two weeks
- The stocks we picked, and why we picked them
- The stocks Matt picked, and why he picked them
- About the importance of using a stop loss, and how to best manage them
- The basics of volatility, and how Matt used it to his advantage
- How to “be a lion in the jungle, and wait for your prey to appear”
- Why money drives markets and not the news cycle
- Why everyone has the ability to manage their own money
- Why investing is not about being right, it’s about making money
- The best books for technical analysis
Stocks and resources discussed: