Kipp is co-host of Opening Bell and FAST Forward. He is a Training Specialist for GlobalTec who has been with the company for more than six years. He is a contributing writer for the GlobalTec Talk™ newsletter and is recognized by many from the Wizetrade Trade Simulation and WizeFinder® 6.0 training video. Kipp is an Active trader, utilizing both Wizetrade® and Wizetrade for Options software. In addition to training thousands of Wizetraders over the past six years, Kipp is responsible for developing several trading strategies as well as new training curriculum for Wizetrade University.
1) You have written several articles and conducted many classes regarding the importance of having a trading plan. Why is having a trading plan crucial for any trader?
A trading plan is like a roadmap to success, guiding you from entry to exit. Why would someone plan their vacation but not plan their trades, risking thousands of dollars? Every trade should have a clearly defined entry and exit point with a set stop loss and profit goal. The plan should follow the 6 Golden Rules to Money Management in the Steps to Success.
2) What do you find to be most rewarding in your role as an analyst on Wizetrade?
Knowing that I am making a difference in other people’s lives is most rewarding. It is very rewarding to get a call or an email from a client that says “thank you for your poppers today; I had a winning trade from them”. As long as I know I am helping people out, I will be here!!
3) What is the most common challenge you see coming in from traders who call in or email Wizetrade?
Not using stops or trading without a plan is the biggest challenge. The toughest call I get comes from the client who gets into a losing trade, did not have a stop loss and now wants guidance after they are already in big loss. I have started to teach the 10/10 rule for Swing and Position traders. It means never put more than 10% of your account into a single trade with a stop loss no greater than 10% of the position. This will minimize losses to no more than 1% of your entire equity balance, barring unforeseen catastrophes.
4) What strategies do you use the most when trading your personal account?
I trade the Pre-Market Poppers at the open and then look to Fill or Fade the Gaps the rest of the day. I really enjoy finding the stocks with the strongest overall trend and then trade it off a bottom (when going long) or a top (when shorting).
5) One thing we did not know about Kipp Cohen is…
That my middle name is Wolfe, and that one day I want to compete in the World Series of Poker!!
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