15 Price Action Patterns Insiders are Using If a hedge fund managers were using 15 specific price action patterns would you want to know?

Do you take personal responsibility for every single trade you make? Or do you routinely make a habit of blaming poor trades on market volatility? Bob Iaccino learned personal responsibility the hard way—but knows it made him a better person and a better trader. In this episode of How To Trade It, Bob shares his journey into trading, taking responsibility for his actions, and trading strategy. Don’t miss it!

Bob Iaccino is the Co-Founder and Chief Market Strategist of Path Trading Partners. Bob is also part of PureXposure Growth Series, a livestream trading event sponsored by E*Trade and the CME Group. Bob has been trading 25+ years in commodities, futures, FX and equity options markets. He’s a frequent guest analyst on CNBC, Bloomberg, CNN, Fox News, and others. Listen to this episode as he shares some of his personal stories that made him the successful trader that he is today.

@Bob_Iaccino weighs in on the importance of personal responsibility in trading in this episode of How To Trade It. Don’t miss it! #stocks #trading #StockMarket #Investing #DayTrading #StockPicks Click To Tweet

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You’ll want to hear this episode if you are interested in…

[1:05] Bob Iaccino’s unique transition into stock trading.

[6:49] What happened to Bob’s family after they lost their business?
[8:12] Major challenges and obstacles Bob faced in his career.
[16:42] The market can stay “wrong” longer than you can stay liquid.

[20:30] Learning the concept of personal responsibility from his dad.
[23:16] Take personal responsibility for the way you’ve set your trade up.
[25:22] Bob Iacinno’s trading strategy: price-action & technical analysis.

[28:40] How to connect with Bob and resources available.

The important lesson Bob learned from his dad

Bob Iaccino had worked in his family business since he was 14. On weekdays, weekends, summers—he was always working. It’s just what their large Italian family did. When Bob was around 18/19 years old he had obtained a fake ID. One morning, his dad found him drunk in a bathroom. He picked him up and said, “Sorry you feel bad, but you still have to go to work.”

His dad then assigned him the worst chore imaginable: cleaning the giant ovens in their bakery. It involved turning off the ovens and blowing large fans on them to cool them. Even with the fans, Bob noted the temperature of those ovens never fell below 120 degrees. So here he was, completely hungover, shoveling bread crumbs from the ovens into garbage bags.

His dad would occasionally pass through and say, “Bobby, you okay? You want a beer? I can get you a beer.” Bobby learned quickly that responsibilities don’t go away just because you self-medicated for a night. From that moment on, he took personal responsibility for every decision he made—good or bad.

A lesson in humility and personal responsibility

While Bob was working for Nikko Securities, he made a costly mistake when he bought a stock for a client instead of selling it. He thought he would trade it, make the money back, and never even let the client know what happened. At the time, it was a $1,700 loss. When all was said and done, Bob ended up losing $70,000. When he went to tell his boss, he sent him home—he couldn’t even look at him.

He was too smart to have made this mistake. He went back to his boss the next day and laid his cards out. He understood that he didn’t have a job anymore, but asked him to please tell any references that called him that he was a good guy and to hire him so he could eventually pay him back.

His boss sent him back down to the trading floor to recoup the losses and pay him back. Bob believes the only reason he kept that job is because he swallowed his pride and took personal responsibility for his poor judgment call.

@Bob_Iaccino shares a lesson in humility and personal responsibility in this episode of How To Trade It, as well as his trading strategies. Don’t miss it! #stocks #trading #StockMarket #Investing #DayTrading #StockPicks Click To Tweet

What makes a ‘good’ or ‘bad’ trade?

Bob isn’t a big fan of dollar-cost averaging. In Chicago, they just call that adding to a loser. Bob lost $90,000 of his own money because he read the markets wrong and kept adding to a loser. He points out that “The market can stay “wrong” longer than you can stay liquid.” In reality, it’s not the market that’s wrong—you are.

You can make or lose money on a bad trade, just like you can make or lose money on a good trade. Bob emphasizes: “A good trade isn’t defined by whether you made money or lost money. A good trade is defined by: Was it your trading setup? Did you place it correctly? Did you stick within the rules that you set for yourself?”

If you lose money but follow your guidelines, it’s still a good trade. You have to accept some losses simply as part of the process. You must take personal responsibility for your choices. Bob shares a unique strategy he uses to remind yourself that you’re responsible for every decision you make. Keep listening to find out what it is!

Bob Iaccino’s trading strategy

Bob is most active in individual stocks and commodity futures. He and his partner keep a core portfolio of stocks as well as actively trading futures, cryptocurrency, currencies, and commodity futures. They specialize in price action trades using technical analysis. Bob will have a fundamental view that he shares with his partner. His partner then goes to the charts and either veto him OR tells him where to express his opinion in terms of price.

Bob has a bearish stance with the markets overall, but his partner has yet to let him take a bearish position yet. It’s a fundamental view based on what’s happening in the economy, the markets, and in credit. Bob admits that trading is hard to do alone, while also admitting that finding the right person to help you is difficult. You must align on the core principles you hold, and if you don’t, then you’re not right for each other.

Listen to the whole episode to hear how Bob Iaccino got into trading, where he’s active right now that can benefit you, and get his full thoughts on personal responsibility.

What does @Bob_Iaccino trade? What is his trading strategy? Find out by listening to this episode of How To Trade It! #stocks #trading #StockMarket #Investing #DayTrading #StockPicks Click To Tweet