In this week’s episode of Beyond the PDT, we had the pleasure of interviewing Harry Hoss, a current Twitter sensation in the day trading community. After having found recent success with a strategy he learned in My Investing Club, he has been helping other new traders to learn and use the strategy to find consistent profitability – the same consistency that has allowed Harry to trade full-time for a living whilst still being in school. Needless to say, this was one of the best interviews we have had yet here at Beyond the PDT, and if any up-and-coming trader can help you to get to consistent profitability, it very well could be Harry Hoss. Listen to the full episode below:
For those who don’t know, Harry is a young day-trader from Canada. Because of this, he has never technically been under the Pattern Day Trader rule, but he has proven to be able to take a very small amount of money and grow his account exponentially after finding consistency with his trading style. After his newfound success, he has been helping other people all across the internet by teaching them his style of trade
How Did Harry Get Started Himself?
Harry has a story much like a few other prominent traders in the trading community – he started off trading because of an injury that kept him from being able to do anything else. At a relatively young age he was faced with a major decision; sit inside and do nothing while he recovered from his concussion or take this time to learn a new skill that could help him in the future. As legend has it, Harry found some free videos and information online that led him to start learning how to day-trade, and just like that he began working on the art of trading.
In this interview, Harry also tells us that when he first began trading, he was not in any chatrooms. He was not learning from anyone else besides the internet resources he had for free (be it YouTube videos or through the ideas of some people on Twitter) and his own mistakes. Through his own trading, though, he eventually began to see success in time and after having taken some losses due to inconsistent trading.
When Did Harry Begin to See Success in His Trading?
Very few day-traders see success in the early stages of their trading careers, and Harry was no different. He started off very short-biased, simply shorting low float runners because they are up too high, as many people think as they begin to short-sell. However, one of the main issues that he had was that he was not tracking any kind of data; be it technicals or fundamentals. In time, though, he began to realize the power that fundamentals played on the movement of a ticker. After seeing the power fundamentals had on these low float stocks, he began to track data on them and how they moved the stock. He noted that it was around this time that he began to see early success in his trading. At this point in time, Harry was primarily a short-seller still, and while he did not get rich off of his short-selling, he tells us in his interview that it did help to pay for his University.
Why Did Harry Switch to Long?
After seeing the recent massive runners in the low-float land, it seemed difficult to ignore the possibility of trying to long. After having joined MIC, Harry learned a lot of strategies taught by the moderators of the room, one of which being the “first bounce” strategy. This is the strategy that has ultimately made Harry as successful as he is today. The premise of the idea is that there are key levels on a chart where low-float runners should fall back to and bounce before continuing their run. Through a lot of studying of the strategy, Harry has been able to identify areas of the chart where the stock should bounce off of its first pullback, and generally looks to take long positions in these areas (contingent on the tape and level II backing his justification.)
Harry’s Trading Advice to New Traders:
One thing that appeared evident throughout the course of this interview was that Harry has always been big on studying. He told us about how when he joined MIC, he went through every single one of Bao’s tweets (one of the owners of the room, and a very successful trader on Twitter) and studied why the first bounce strategy worked when it did. Furthermore, he also told us about how much time he has put into watching Level II and the tape to see what stories it told beyond just the candlestick movements. It is clear that this hard work he has put in has been extremely vital to his recent success as a trader.
Because of this, he encourages people who are just getting into trading to study. One of the most important things that he thinks new traders should study is the level II and the tape, which can be done through screen recording your day, or by going onto YouTube where MIC has posted free content of a day full of Level II and tape reading. By doing this and simply getting the screen time in, he suggests that any new trader will be able to find some kind of an edge.
On top of this, he also encourages new traders to study the chart. As mentioned earlier, by simply going through and looking at Bao’s charts, of whom he learned the first bounce strategy from, he was able to find a lot of success in his trading. For new traders who are working on learning a strategy, he suggests that looking at charts when the strategy worked and when it did not work is important so that you can learn “the why” behind the strategy.
Harry is one of the most unique traders we have had on out podcast thus far. Being as young as he is, as well as still being in University, it is extremely rare to see this level of success. Nonetheless, he has proved to all of us that with enough hard work and determination, regardless of one’s age or where they are at in life, that they can make something of themselves. After this interview, Matt and I both decided to look a bit more into the first bounce strategy, and we will be the first one’s to tell you that it is a great strategy for both new and experienced traders alike. Thanks to Harry, a lot of new traders are able to find a strategy that is relatively simple to follow, and with the right amount of studying into it, one that has the potential to yield some great success.
Overall, we are very happy to have had Harry on this week’s episode of Beyond the PDT. Be sure to tune into next week’s episode and blog post as well, as we have another great interview in store! For more Episodes of the show, click the logo below!