Repeat guest ... first heard him on Episode 66, listened out of order.

Episode 32 ... Dan Shapiro (68:43)

Grew up in Brooklyn
Lacked direction in life
Generic Trading / Carlin Equities (1999-2006), sold to RBC [in 2007]
Borrowed money from neighborhood loan shark
Ron Shear at Generic Trading hired him
Met Mayer Hoffman, great prop trader (made hundreds of millions)
Did well during dot com boom
Would just buy the dips and did very well
Dot com bust and 9/11 changed everything
Didn't make any money for two years
Incredibly depressed, would sob himself to sleep
End of 2003 started making money again
People trading off their iWatches while on vacation on social media (it ain't real)
"Here's the deal"
Grew up poor in Brighton Beach, mom a manicurist, dad a waiter
Tasted success trading during dot com boom, had no Plan B
If he didn't succeed at trading, he would have killed himself (he's serious about this)
No highs, no lows to trading, it's just work
Wife told him he'd have to get a real job
Make $100 a day first, then go from there
Stocks trade in intervals, like steps in a staircase
Stocks go from supply to supply and demand to demand
Most stocks are not trade-able
Most traders have no patience and no bankroll and no education
Looks at 60 minute pivots
Figure out who the hell you are
Where emotional buyers meet technical sellers: the supply zone
The more hands you play, the quicker you'll figure things out
He'll only be 6'2" if he puts on his wife's 4" heels -- be realistic
Figure out what not to do
How do you mentally stay afloat? Turn off your P&L
The more emotional you are about a trade, the more you'll mess it up
Don't walk away from the table when you're dealt pocket aces
Trade the set-up, not your P&L
Can't take trading to heart, you have to have a sense of humor
The revenge trade does not work, ever
You can't cry your money back to you
A lot of traders can't accept defeat
Lose the battle, not the war
The market takes your money and your confidence
You don't lose your confidence, it gets transferred to another trader
Don't let things snowball, get a massage, go to a sauna, do something nice for yourself
Listens to Sade to get depressed which makes him angry which makes him a better trader
Makes his money as a swing trader in a trending market
Dumb money trades in the morning and smart money trades in the afternoon
Will keep a good runner overnight
Treat trading like a business, it isn't fun
You don't serve filet mignon on a paper plate
Mayer Hoffman, Jason Lieber -- they'd tell you if you were trading like a putz
Hoffman taught him there's no such thing as overbought
"Whatever goes down, should go lower"
Price action dictates everything, opinions don't matter
Don't fight price action
Turn off social media, read good blogs instead, old vets
Every trader he knows has blown out, including Mayer
He never sells dreams, only reality
Don't think you're alone, keep your head up
"The rich people don't live in Times Square"
Twitter: @DanShep55