Hello, Patrick. I am pleased that you accepted my invitation for an interview. By watching your channel on Youtube, I have already got to know you a bit. At the beginning I would like to ask you to introduce yourself to the readers of Passport to Wall Street. What do you do?
Hey thanks for doing this Interview. My name is Patrick Wieland and I've been dabbling in the stock market, day trading, investing for almost 3 years now. I come from a video production, marketing world and still work in that space but I've been really interested in investing and the stock market for quite some time.
I can see that you have a few thematic playlists - stock market, cryptocurrencies, gadgets and trips. What is actually the mission of your Youtube channel?
The real mission of the Youtube channel started out as just a place for me to document my journey learning to day trading. It's evolved to something much larger than I ever thought it would. Really, now it's turned into more of a place I document my life and that journey. With daily vidoes, vlogs and videos everyday it's become a creative outlet for me. I've had a lot of fun making videos and seeing people's response over the last couple of years. It's crazy to think 21,000 people care enough to subscribe and watch my videos.
Well-drone footage from holidays! I like these movies the most! You are a very good vloger. Should I call you the Casey Neistat of trading?
Casey Neistat is a legend on YouTube. I would love to draw inspiration from him. Before I started trading I was really passionate about filming and editing. I am still really passionate about all of that and I can apply it to my trading videos and Youtube channel. It helps to have some filming skills when starting a Youtube channel. There's a lot of "Trading" Youtube channels out there but a lot of them lack personality or decent video filming and editing.
Within a year you managed to build a vast channel reach - 21,000 subscriptions and almost 2 million views. WOW! How do you do this in America?
It's funny as bad as it sounds, but if I made more money day trading I would have way more followers. My most viewed videos are normally the ones with the most profit. It's just human instinct, I guess, People want to see BIG PROFITS. Even though it's hard to really figure out who's actually making what they claim on Youtube and what they make in real life. I try to document and show most of my trades LIVE and in real time so people can see the emotion and process of day trading.
Ok, let's talk about trading. Have you been doing it for a long time? How has your trading strategy evolved?
My trading evolved from using Robin Hood buying any and every stock possible to now focusing on momentum plays. Volatile stocks early in the morning normally. My best profit days are normally quick trading mornings. Done by 11 am for sure. I try to stop myself from trying to trade all day. Even if I have a bad morning and lose money, I just walk away. I've found that this works best for my style.
On your channel you write about playing a small account at Sure Trader. What is your strategy and tolerance for risk?
Being in America we're restricted with Pattern Day Trader rule so it makes it difficult for people with small accounts to grow their accounts trading more than 1-2 trades a day. Having that freedom to trade and have a little extra margin allows you to trade with only 1-2k dollars and still execute some decent size trades. Obviously, when using margin the risk is increased and it's very important to understand that. Cutting your loses fast and not getting emotional.
How big is competition among youtubers in the United States? How do you get a viewer who regularly watches you?
There's a lot of people posting trading videos, stock market videos and things like that on Youtube and I think the viewers can tell right away if the person is full of shit. I try to be open with everyone and I don't claim to be a day trading guru or expert. I'm just another guy learning and experiencing this wild day trading rollercoaster.
How do you deal with losses? How do you get a few hundred consecutive daily stop loss limit of $ 500?
Losses can really hurt you. Both your account size and your mental state. No one wants to lose and no one wants to walk away in the red but it's going to happen. There are just going to be those days where nothing works right and you've just gotta accept that. It's called trading for a reason because if you've gotta trade losers and winners. If we won every trade, it would be called "winning" lol.
Is trading your only job? What do you do when you do not invest on the stock market?
Trading is not my professional job. My job really is just being Patrick Wieland as weird as that sounds. I make a living being me. I have my Youtube channel, I handle social media, I create content, I've got investments and day trading. It's a great balance of things that at the end of a month add up into a nice little wage to live on. I'm really lucky to be able to do what I do and be my own boss. I chase my own dream and not someone else's dream.
You live in Orlando. What is it like to live in Florida? What does your day as a trader look like?
I actually live in Ft Lauderdale. Florida is good. It never snows and it's pretty easy. The beach is only 15 minutes away so you can find me at the beach a lot or on the boat. Normally, I wake up and trade 8 am-11 am or work on some videos and content. Then, the rest of the day I'll just do whatever I want or work on other videos/social Media stuff. I have complete freedom to really do whatever I want.
It is just a correction on the market right now? What do they say about it in America?
Long term stock market has always gone up. It's had one of hell of ride lately so it's getting a little bumpy but I think this time next year we'll be looking back wishing we had bought the dip.
What are your plans for 2018?
My Plans for 2018 really just consist of working on growing my brand. Everything Patrick Wieland! Creating a machine that just prints money. Having fun and making videos, really. I would love to travel more and just enjoy life. There's no point working hard if you can't spend all that money you make.
Thank you for your time! Would you like to add a few words for the readers of Passport to Wall Street in the United States and in Poland?
Few Words! "Money isn't real". It's just a vehicle to a better life and better future. Use it, abuse it, and make more of it but never forget that you came into this world with no money and you'll leave this world with no money. Don't go chasing waterfalls and stressing over every penny.