Independent Futures Trader
Record Date: 11/02/16
Today we talked to an old-school trader that has been a teacher, coach & real estate investor. His name is Dennis Parmalee.
Dennis talks to us about his journey from being a teacher and coach, to getting heavily involved in the Real Estate market, and eventually become a full-time E-mini S&P futures trader.
Dennis and I discussed what it means for traders to pay their dues and why full time or part time traders should treat trading like a business.
He gave us great points about using our time wisely as traders and explains why he thinks that traders need to determine their own style and not blindly follow someone else.
Dennis and I met on Twitter, but eventually we met in person. He and I went out to dinner with fellow trader and futures radio guest Fari Hamzei…I love meeting other traders, there’s a bond between all of us that is hard to explain to those that don’t trade. It was once said to me on this show from Howard Lindzon that trading is a language and he couldn’t be more right. It was great to have Dennis on the show today as it reminds me once again that trading is not just about the technicals or fundamentals, it’s about the great people and relationships that make up the industry.
- Why it’s important for traders to “Pay their dues”.
- How full time or part time traders should approach trading as a business.
- What is the highest and best use of your time as a trader?
- Importance of determining your own style, not blindly following someone else’s.
Answers to the 4 rapid fire questions at the end of the show:
- Favorite Book About Trading:
- Ted Lawrence: How to Make the Stock Market Make Money for You
- Favorite Movie About Trading:
- Wall Street, The First One
- Best Advice Ever Received About Trading:
- Never let it run against you and size kills.
- Advice to Give to Others About Trading:
- Study with at least 3-4 different pros.
- Nobody can just duplicate anybody else's trading style. Develop your own.
- It's important you listen to the giants that have made it before you.
- Do your homework.