Interview: Navigating The Markets With Josh DiPietro by Jayanthi Gopalakrishnan
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Josh DiPietro knows about the challenges traders will face on the road to trading successfully. He wrote about it in his 2009 book The Truth About Day Trading Stocks: A Cautionary Tale About Hard Challenges, based on first-hand experiences. He helps aspiring traders meet those challenges head-on through his mentorship program at his company, DayTraderJosh.com, and through his trading rooms there. He also regularly passes out real-world advice in his live speaking engagements, appearing frequently at MoneyShow and Traders Expo conferences.
Here, he shares with us some of his professional insight into the real world of trading and what short-term traders just starting out may need to know. STOCKS & COMMODITIES Editor Jayanthi Gopalakrishnan spoke with Josh DiPietro by phone on April 3, 2014 on techniques that work when intraday trading.
Josh, we last interviewed you for this magazine about four years ago. Since then, have you made any significant changes in the way you trade, or have you seen any significant changes in the markets?
When it comes to training or giving advice to new traders, I have not made any changes. But in terms of my personal trading, Iíve gravitated more toward swing trading. Iím still intraday trading, but I swing trade more than I intraday trade. The main reasons for that are Iím more experienced and my capital permits it now. The more capital you have, the more you can swing trade and intraday trade.
My general system of trading has not changed much. I still use the same broker, the same general reverse-countertrend trading strategy, where Iím shorting whenever I break through resistance, and going long after support, and things like that. I am even trading some of the same stocks, like IBM and Goldman Sachs, as long as theyíve stayed between $100 and $250. Virtually none of that has changed; consistency is important with my system.