Wei’s Journey to Profitability
Wei, also known as “Valckrie” on Twitter, is a software developer turned day trader. He got started during the Covid pandemic of 2020. After reading a few books on trading, watching youtube videos, and paper-trading for 3 months, Wei jumped in.
Unfortunately, like most, Wei lost money, to begin with. He refunded his account 7-8 times, he says. However, by January of 2021, Wei started to hit his stride, and the rest is history.
From a meager $1500, he has amassed over $600k in about a year, give or take.
Wei’s Style of Trading
Wei is an intraday scalper. As you will see in the video, he typically trades breakdowns or breakouts based on the chart. He starts with a larger time frame, then dials into the smaller time frames to judge his entries.
Wei “Valckrie” is also very calculated about his risk to reward. He believes in the Kelly Criteria for position calculating and managing risk.
Small caps or large caps, Wei doesn’t really care. He will trade whatever has momentum.
The Importance of Community and Mentorship
Mentorship and community have been important to Wei’s development. He credits videos from prop firms like SMB and 7 Points Capital, as well as Nate from InvestorsUnderground.com and Stephen Dux.
According to Wei, mentorship doesn’t have to be a 1-on-1 experience, but virtual in the sense that you can use the mentor’s material to guide you on your own.
SimCast Ep. 17 Topics and Chapters
- Wei’s start in trading – 1:04
- Transitioning from paper trading to real money – 4:00
- Managing emotions through risk management – 7:15
- Wei’s thoughts on mentorship and chat services – 15:20
- Taking losses & the importance of review – 19:25
- Wei’s P/L in January 2022 $150k – 28:30
- Trade Recaps – 30:40
- Where Wei puts his stops – 35:32
- Wei’s long trades – 52:10
- Hard stops vs. Mental stops – 55:00
- 2022 Goals and Beyond – 58:18
Image and article originally from tradingsim.com. Read the original article here.