Interview With The #1 Trader On Profitly Who Makes $1 Million+/Year

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Today’s interview is with Gregg S. aka Lx21, the #1 trader on Profitly with over $3 million in trading profits in just the past 3 years, a longtime PennyStocking Silver subscriber who also wrote this great guest post:

Best Guest Post Ever From A Trader Who Makes $1 Million/Year (So Good I Included A Free 10-Minute Video)

Gregg has already made over $1.3 million in 2011! (see all his trades)

You can see the whole Vegas speakers blog post category or see some recent ones:

A 2,000 Word Interview With Another Nerdy Self-Made Millionaire Trader

The Options Trader Who Has Made Over $2 Million The Past Few Years [VIDEO]

Meet The American History X-Like Skinhead Who Has Made $300,000+ Trading Penny Stocks & Quit His Job

Embarrassing Photo Of One Of My Vegas Conference Speakers [YOWZA!]

The Gorgeous Trader Who Turned $10k Into $50k In A Year

Here’s Gregg, he knows how to juggle pumpkins so I cannot

1. What’s your background?

I have been trading for 12+ years. My background is unrelated to trading.

Right before I started trading I was a contractor building residential wooden swing sets. It may not be as glamorous as trading, but I really enjoyed it. I like being outdoors and building things. One big drawback of trading is the long hours stuck in an office. My dream is to build a giant tree house so I can be outside all day while trade from above the forest canopy… now that would be cool.

2. Do you have any mentors or favorite books? What are the greatest lessons?

I am self taught. I never had a mentor.

As far as trading books go, I would recommend reading books on trading psychology. There’s always room for improvement in that department. Brett Steenbarger is my favorite author in this genre. I also enjoy reading books about other traders, such as biographies or the Market Wizards books.

3. What do you like to trade and why?

I like to trade football cards. Why? Because I never had much interest in baseball. I always found it too boring.
As far as stocks go, I like to trade small and micro cap stocks. Why? Because somehow I’ve always had a much easier time understanding them. Perhaps there’s very little competition from the smart money because very few institutions trade them and almost no analysts follow them.

4. Lessons from your biggest win

My best trade ever was a $400,000+ profit shorting Host America (symbol CAFE). I was a bit of a gunslinger back in those days. I shorted CAFE very aggressively and then the stock was halted by the SEC. That trade was luck.

$454,713profitCAFEShort Stock
Ran up on Wal Mart news, then the SEC halted it. Opened $10 lower!

Goldman Sachs

Posted by lx21 /
http://profit.ly/1MmbTB

An very important lesson to any aspiring trader is to differentiate skill from luck. Getting lucky is not a strategy. The ironic lesson from my big win is “don’t try it again!”

5. Lessons from your biggest loss

My worst trade was on a stock for a company called Foamex International (symbol FMXIQ). It was a disaster of a $700,000+ loss. I plan to talk all about it when I speak at the conference, so I hope you guys are excited!!!

($771,935)lossFMXIQShort Stock
Worst trade of my life. At one point I was down by 1.5 million.

Goldman Sachs

Posted by lx21 /
http://profit.ly/1MmbT1

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