Trading Options in the Middle of Volatile Markets with Raging Bull Founder, Jeff Bishop, Ep #139
Jeff Bishop is a professional Trader and Founder of RagingBull.com and Weekly Money Multiplier, which are both financial education and trading websites dedicated to helping other professionals achieve success in trading. He brings nearly 20 years of professional experience, and has become known as a leader in the industry. While Jeff has experience working in nearly every form of trading, he specializes in options trading, something that he teaches to other individuals interested in trading. Jeff attended the University of Texas, where he earned a bachelor’s degree in finance, and a master’s degree in economics. Following graduation, he began working before giving up his office job to pursue trading full-time. Soon after becoming a full-time trader, Jeff met Jason Bond and became his mentor, as Jason learned about trading and the stock market. They teamed up to create RagingBull.com, or Raging Bull Trading, in 2010. Today, Jeff Bishop remains a mentor to countless students through his trading programs. He is passionate about helping other traders find success by teaching his own strategy. His skill as an entrepreneur has allowed Jeff to implement successful business ideas throughout the years. In addition to his success in professional trading and education, Jeff is also a member of the elite MENSA community, which is known as the largest and oldest high IQ society in the world. In 2019, Jeff and Jason decided to open the RagingBull.com Foundation, which is dedicated to supporting the community by raising money through their trading profits for local charitable organizations. In this episode of How To Trade It, Jeff & Casey discuss the benefits of selling options, even when the markets are seemingly out of control. You don’t want to miss it! Jeff Bishop, from @RagingBull, thinks that having fixed amounts that you can win or lose makes a lot of sense right now with the markets as they are. Join us on this episode of How To Trade It to find out more! #Options #OutOfTheMoney… Click To Tweet
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You’ll want to hear this episode, if you are interested in…
- [01:40] How Jeff got started
- [04:06] Learning to trade successfully
- [05:20] Mastering the losses
- [07:29] A tough year to trade
- [08:04] What’s working right now
- [10:02] Volatility in the market
- [11:42] Protecting your gains
- [14:00] The Ins & Outs of Swing Trading
- [17:12] Bullish on Gold?
- [18:51] Triggers to consider entry
- [20:33] Cryptocurrency
- [21:26] Microstrategy
Learning to trade successfully
The first thing I had to learn, in order to become a successful trader, was how to respect the Stop-Loss. When people start trading and are looking at others on social media, for example, it seems as if everyone is winning huge sums of money at every turn. You never see any losses. That, however, is so far from reality. Every trader is going to see losses. No one is successful 100% of the time. One day, when you realize that losses are a big part of trading, you will finally learn how to plan for those losses early…you plan where your “Stop” is going to be, before you even take a trade. When you learn to do this, it’s very freeing, and you gain a level of comfort when you know you aren’t in over your head in trades. Then, you can focus on figuring out how to take some profits. It’s hard at first, but being able to deal with losses is something that every good trader needs to master.
GOLD
I own gold for the long term. I have physical gold. I’ll always own gold. I’m a big believer in having it as an asset. This is probably a great time to buy too, as it is closely linked to the dollar. Right now the dollar is very extended against the Euro and other currencies. When the dollar pulls back and other currencies strengthen, gold will rally again. It’s not going anywhere at the moment because the dollar is strong. For now, other countries can’t afford to buy it. I don’t think the dollar will reverse in the near future, but there will be a change eventually and the price of gold is going to go up once again.
Cryptocurrency
I don’t actually hold any because for me the verdict is still out. I do, however, think that crypto is here to stay and will be a big part of our lives in a few years down the road. Our best bet would probably be dollar cost averaging with the bigger blue chip crypto names like Bitcoin, Etherium, etc. Just start scaling in…low priced, high priced…so that you get a good average price over the course of the next several years.
Resources & People Mentioned
Connect with Jeff Bishop
- Website: https://ragingbull.com/
- Twitter: https://twitter.com/RagingBull
- LinkedIn: https://www.linkedin.com/in/jeff-bishop-515579185//
Connect With Casey Stubbs
- Website: https://tradingstrategyguides.com/
- Website: https://caseystubbs.com
- YouTube: https://www.youtube.com/TradingStrategyGuides
- YouTube: https://www.youtube.com/caseystubbs
- Twitter: https://www.twitter.com/caseystubbs
- Facebook: https://www.facebook.com/TradingStrategyGuides
- LinkedIn: https://www.linkedin.com/in/caseystubbs/
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Disclaimer: Trading carries a high level of risk, and may not be suitable for all investors. Before deciding to invest you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment. Therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
