Earn 5% a Day with The DayTrade SPY, Ep #8
After blindly handing his money over to his financial guru for years, DayTradeSPY Hugh Grossman decided to open his statement. The low amount that stared back at himโfar lower than what he had investedโled him to make a phone call and pull the money he had left. He realized he was comfortable with risk, good with numbersโwhy couldnโt he do it himself? Hugh believes: โNo one should be more interested in my own money than me.โ
That launched Hughโs journey into the trading world. Now heโs an esteemed options coach and successful trader. He joins me in this episode of How To Trade It to talk about his background and transition from auditor to day trader. In this episode, we talk about โgut feelingsโ and the insurmountable value of a good mentor. Hugh also shares what his trading day typically looks like. Donโt miss it!
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- [0:28] Hugh Grossmanโs beginnings in options trading.
- [5:45] Hughโs transition from auditor to DayTradeSPY.
- [7:22] Technical, fundamental, and psychological analysis.
- [11:30] Market sentiment and learning to trust your โgut feelingโ.
- [17:43] How to find the best coach/mentor for your style.
- [27:10] Am I ever going to master options trading?
- [29:45] On average, how much trading time?
- [33:55] What Hugh likes to do for fun.
Hughโs transition from auditor to DayTradeSPY
Hugh continued dabbling in options while keeping his โday jobโ as an auditor. He continued to find success tradingโto the point where the income surpassed what he was making at his job. He had a chat with his boss and asked for his advice. When he realized his heart wasnโt in his job anymore, he decided to quit. He had enough confidence and faith in his abilities to leave and be an options trader. Now, Hugh is nearing the 10th anniversary of launching his business.
How does SPY trading work?
Hugh shoots for making 5% back of what he invested in the trade (including commissions). His bread & butter strategy consists of watching the 1, 5, and 15-minute indicators looking at EMAs, the MACD, and Stochastics. His philosophy is to keep it as simple as possible.
There were times along the way where heโd blow up his accounts and then spend hours pouring over charts to see where mistakes were made, where changes needed to be made and nailing down his strategy. He looked at technical analysis, fundamental analysis, and psychological analysis.
Heโd combine these things and look at the market sentiment. How is the market reacting to good news in a bad news time? What are the charts and patterns saying? Hugh honed in his skill and mastered a few strategies. Keep listening as he talks about sentiment and his trading strategy in detail.
The Insurmountable value of a good mentor
Hugh wishes that he had been able to find a good mentor to help him become the DayTradeSpy that he is. He shares that before you start searching for a mentor you have to find the strategy that fits your style and budget. Donโt waste your time and money on a mentor who doesnโt mesh with your style.
To figure out of a coach or mentor is the right fit for you, Hugh recommends asking some hard questions: Do they trade their strategy? Where do they derive their incomeโcoaching, trading, or both? Do they admit to losses as well as their wins? Are they empathetic? Do they care about your goals?
Hugh points out that a good coach should be accessible and responsive. If they arenโt the ones corresponding with you or reply days laterโthey arenโt worth your time or money. What about their costsโare their rates reasonable? Lastly, Hugh emphasizes the importance of getting along with your coach. A bad coach can ruin trading for you altogether.
Hugh talks in-depth on this topic. Listen to hear his full thoughts on finding the right mentor and coach.
The DayTradeSPYโs trading day
Hughโs trading day begins with a cup of coffee in hand. He sits down in front of his computer around 8:30 and starts pouring over charts. He looks at news feeds from Forex Factory, Fox News, CNN, and Barchart. Heโll look at the technicals (30 minute, hourly, and daily charts) and gauge the patterns that are forming.
He makes his predictions and issues his inner circle report: a flash assessment of how he sees the market unfolding for that particular day. He streams a real-time video trading room at 9:20 and talks through why he thinks stocks will rise or fall. He then finds and walks through a setup, makes his trade for a profit, and moves on with the rest of his day. His trading day is done after an hour and a half, and he spends the rest of his day coaching other day traders.
Hugh emphasizes that you CAN learn to understand trading options and demystify them. You simply need to be better than most of the people out there to make money. So why not learn something that can make you money? Listen to the whole episode for Hughโs strategies, some amazing flying analogies, and his unique DayTradeSPY insight.
Earn 5% a Day with The DayTrade SPY, Ep #8 Click To TweetResources & People Mentioned
- Hughโs Day Trade Spy Commercial
- Forex Factory
- Barchart
Connect with Hugh Grossman
- 10th Anniversary Webinar!
- Hughโs FREE eBook
- Follow him on Twitter
- Day Trade SPY on Facebook
- Day Trade SPY on Instagram
- Day Trade SPY Website
Connect With Casey Stubbs
- Website: https://caseystubbs.com
- Subscribe! https://www.youtube.com/caseystubbs
- Twitter: https://www.twitter.com/caseystubbs
- Facebook: https://www.facebook.com/caseystubbs
- LinkedIn: https://www.linkedin.com/in/caseystubbs/
- Newsletter: https://tradingstrategyguides.ewebinar.com/webinar/how-to-make-dollar10000-a-month-swing-trading-11060
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