Welcome to the final trading frontier – “Beyond the PDT” – where we interview those who have made it beyond the PDT themselves through hard work and determination. We know that if they can do it, so can anyone, and through these interviews we hope to get an inside view as to what it took them to break through the ever-so imminent barrier of the PDT.
Who Are We?
Our names our Bryce Tuohey and Matthew Monaco, and we’re two college students who decided to pick up day-trading ourselves and have been working hard over the past few years to make a name for ourselves. Matt began trading towards the end of his senior year of high school and into his freshman year of college as he sought a way to become financially free at a young age. I (Bryce) met Matt during my sophomore year of college through some mutual friends, and instantly we bonded over our love for hard work and aspiring to take a different path than the rest. Personally, I worked as a freelance writer, and still do, which is something that I love because of the freedom and flexibility it gives me. Watching my peers bust their ass for minimum wage inspired me to find a different way to make good money, and that was my first way of doing so.
After getting to know Matt, he talked to me about his interests in day-trading, and instantly I was all ears. Not because of the fact that I was looking to get rich quick by any means, but to me, it seemed to be the greatest way of finding a way to become financially free. Over the past year-and-a-half, I have been working on finding a strategy that works for me. After all of this time, I have finally found something that I feel has the potential to be profitable if I am able to stay discipline and hope to be over the PDT by the end of the year.
Matt, on the other hand, has been trading for about two years now, and over this time he has gone through a lot of different strategies and systems, and after meeting a mentor who has helped him refine a strategy that works for him, Matt hopes to be profitable and above the PDT by the end of the year.
Why “Beyond the PDT?” What Makes us Different?
Unlike other trading podcasts, we want to get to know not only those traders who are immensely successful, but also those who are just beginning to find success and consistency who have just made it beyond the PDT. We have all heard some of the most successful traders out there, be it through Twitter or other forms of marketing. With that, we all know their stories as well, and while they are nothing short of extremely inspiring, not everyone is going to be a top-notch trader overnight.
Hence, we decided that looking for those who have been working hard for quite some time to finally be profitable and consistent may make for great people to talk to. Matt and I feel that we are intermediate level traders, of whom could really benefit learning from those who have just recently made it out of our own shoes. Hopefully, you feel the same – our goal is to deliver you content of people that you can relate very well to – those who have been in the game for quite some time trying to figure out how to get it right and have just recently made a name for themselves.
Hopefully these are not people you have heard of before. The idea is that these are different people than you may have listened to, and they may very well have small followings on social media. Nonetheless, their story may be even more powerful to someone like you, or us, because they too were in the same position we are all in right now: trying to find a way to make it beyond the PDT.
With this all being said, we also are making it a goal to talk to those who you likely have heard of, because we feel that their stories are just as important too. While you may have heard their stories through other social media platforms, we strive to get updates as to where they may be now and learn from any mistakes they may have made recently, or inversely learn from recent success.
Our Thoughts on the PDT
As you can imagine, we are not exactly fond of the PDT. Matt and I have both had very different experiences with the PDT, mainly because of the difference in the way that each of us trade. Matt currently is more focused on swing trades, as the PDT made it very hard for him to focus solely on day-trading. Even still, Matt has been forced to change his style because of the PDT after having broken it five different times over the course of the past two years with a number of different brokers. Needless to say, Matt does not like the PDT at all.
I am also no fan of the PDT, as I feel that it forces newer traders to find ways to try and go around the rules, be it through the use of an offshore broker or by opening up a number of different accounts to have multiple day trades. I personally opened up an offshore account where I was encouraged heavily to overtrade, costing me a lot in commissions because I hoped of hitting it big with the use of 6:1 leverage. This is not what new traders need at all, and I highly encourage that traders who are just beginning do not use this leverage, as when used without proper trading discipline, it can be very deadly.
To this, I will be the first to admit that account blowups are inevitable. As a beginner, everyone makes rookie mistakes, sometimes mistakes so large they blow up an account. The goal for new traders or those struggling to find consistency should not be to make big wins, but rather to keep the losses small. I don’t know about any of you, but I would personally rather go back and forth between making and losing $100 a day, than to make $250 one day and lose $500 the next.
What to Expect in the Coming Weeks?
From me and Matt, you all should expect a lot of great episodes that will give you insight as to how the elite traders, as well as those who are finally breaking through to the next level think. With our interviews we hope to help both ourselves and you learn, so that we can all become better traders together.
Check Out Episode 001:
By working hard and learning every day, we hope to help you make it Beyond the PDT.