With over two decades of trading experience, author of Cash Rules: Reminiscences Of a Stock Trader, David Hale has navigated the highs and lows of the market, transforming a passion into a disciplined and highly successful trading career.
After 12 loyal years trading with Zimtra, he’s the perfect guest to feature next under the spotlight.
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Trading is clearly your passion, but it’s fascinating that horse and sports betting sparked your interest in risk. How do you differentiate trading as a skill-based craft from gambling?
Gambling typically means that the house has the edge, not you, so trading should never be confused with gambling. If I don’t have a strategy with an edge and then execute it effectively, I am gambling. Gambling is about the thrill, and while I still get a buzz from trading, the ultimate buzz comes from executing my trading plan.
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What specific steps did you take to develop the discipline needed to recover from your initial $40,000 loss?
The biggest step was learning to cut my losing trades and keeping those losses as small as possible. Losses are inevitable, but the number one priority for a new trader is to keep them tight and get your trading education as quickly and cheaply as possible. Cutting losses quickly will not only reduce the financial hole that you will no doubt dig yourself into at the start; even more importantly, it teaches discipline, which is a prerequisite for any successful trader.
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How much do you think living a disciplined life outside of trading contributes to maintaining discipline in your trading?
Unfortunately, I haven’t always followed this mantra, but discipline in one’s life definitely translates to better trading success. Trading can be very toxic, so it is extremely important to manage the stress and rigors in a healthy and disciplined manner.
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Having traded since the early 2000s, what are the biggest changes you’ve observed in the markets over the years?
I wish I could go back to those good old days. The rise of automated trading has generally made my job tougher–the markets were so much more inefficient and “glitchy” back then. But although lots of the “free money” has disappeared, there are obviously still plenty of opportunities because traders are making a lot more money today than back then.
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What initially drew you to Zimtra?
I had been trading through U.S-based prop firms, paying what I now know were exorbitant commissions. A friend of mine was using Zimtra and told me his commission rate, and at first I didn’t believe him, but as soon as I realized it was true, I made the switch.
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In your opinion, what are the key advantages of trading with a prop firm like Zimtra compared to using a traditional broker?
Buying Power! You need money to make money, and Zimtra can offer far greater BP. Active traders must have professional software, proper data feeds, and access to smart routes–good luck finding these at traditional brokers.
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What sets Zimtra apart from other prop firms or brokers in the industry?
Not only do I find that Zimtra offers the best buying power, commissions, and payout, but the service is also top-notch. I also love the fact that Zimtra offers a zero-fee smart route, and lets the trader choose which software they want to use. Probably most importantly, I feel safe trading with Zimtra. It’s been 12 years now, and I look forward to many more years of battling the markets with Zimtra’s support.
If you’d like to learn more about David and his trading or mentoring, you can visit his website here. To discover the advantages of trading with Zimtra, click here.