In this week’s episode of Beyond The PDT, Bryce and Matt had the pleasure of interviewing Dan Irish, a rising young trader who has been struggling during his trading career over the course of the past couple of years. With that being said, after taking a $14,500 loss of his $30,000 account right out of the gates, Dan has grinded back and is finally back over the PDT after having found consistency in his trading. There is no question that Dan has what it takes to make a name for himself as a trader, and it is all a result of hard work and determination.
Listen to the full episode HERE:
Dan Did Not Follow the Crowd
One of the things about Dan that stuck out to us is how Dan got started trading. After deciding that college was not for him, he decided to stick his feet into playing poker (of which he still does to this day.) He liked the fact that it was a very statistical game, and while there is always some luck involve, there is a way to get better. While he was slow to start finding success, over the course of two years of his playing he eventually was able to take $50 and turn it into over $40,000. While he mentions that this was not a plethora of money to make over the course of 2 years, it helped him get by and allowed him to save up enough money to be over the PDT when he first started trading.
How Did Dan Get Started Trading?
Dan learned about trading after having been playing poker for a while. Something that Dan realized about trading is that it too was very statistical based, and he knew that with enough hard work that he could turn the odds in his favor.
His discovery of day-trading came from Tim Sykes, and Dan mentions that he learned of all of the free content that Tim puts out on the internet and immediately went to absorb it, with one of the most useful pieces, according to Dan, being the Trader Checklist: a free video guide.
After soaking up as much knowledge as he could, Dan decided that it was finally time to put some real money into trading and funded his first account with roughly $30,000. Unfortunately, Dan found himself going in with far too big of size on plays that he had little experience dealing with. Within the first few months of his trading, Dan had turned his $30,000 account to under $15,000 – a discouraging blow. In fact, he was so discouraged at the time that he thought trading might not be for him, and he decided to step back for some time and really study the market.
For a few months, Dan paper traded until he found a strategy that worked for him, and after a lot of time in front of his computer screens, he decided to start trading with real money again.
This time around, Dan had worked hard to understand what it would take to make money on a consistent basis. You can see his equity curve on Profit.ly here to get an understanding of what it took for him to get back to above PDT. Over the course of the past few months, he has been grinding consistently, not using too large of size, and working on getting the meat of the move in order to secure his gains. This is something that Dan has found vital in growing his account back to above PDT so that he is not to risk too much money while still being able to see consistent gains.
Advice to New Traders
Dan mentions later in the episode what he would do if he were in the position where he had to start all over again. He makes it evident that paper trading is something that he can attribute to his success, and by using StocksToTrade, he was able to paper trade real time to practice his strategy.
Furthermore, Dan talks about how big discipline is to his trading. In the beginning, he struggled greatly with overtrading because of a lack of discipline. While this is not always going to be an issue for those who are under the PDT, there are cases where new traders may decide to go with an offshore broker where they have not only full ability to trade when they please, but also with leverage. Dan’s advice is to make sure to trade the setups that work for you and to not trade out of boredom. Also, regarding discipline, he tells us all to make sure to stick to the plan. Everyone should have some sort of plan before they enter and get scared out before the plan has time to work or exit too early because they are up a little bit. Instead, be discipline and let the plan work out, and if it is clear that the plan is not going to work, then cut losses.
Check out more episodes of the Beyond the PDT Podcast!
Dan’s story is one of the most unique and inspirational ones that we have seen. He was in a place in which many would have given up. While he was close, he stuck with it and made it back to profitable and above the PDT. While this is all recent, we expect to see Dan continue to make something of himself in the months and years to come. For those who want to follow Dan’s story, check him out on Twitter here.