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How Kira Turner Went from Extreme Athlete to Top Trader
Get to know Kira Turner, one of our Inner Circle moderators, in this in-depth interview. Interview Transcript* *this transcript has been edited for length and clarity Michael Comeau: Kira is a full-time professional trader out of Austin, Texas, where she lives with her three children and two dogs. She was a pro trader in the nineties, trading at cornerstone trading from 1994 to 2001. Then she moved into real estate investing, and she back to trading in 2018. One of the really interesting things about Kira is she has a lot of experience in what some would consider high risk activities. Namely rodeos. and skydiving. It turns out that rodeos are pretty dangerous about — about 20 times more dangerous than football in terms of the risk of a catastrophic injury. So this is going to be a really interesting conversation about developing nerves for trading, managing risk and keeping your head together. Kira Turner: Thank you. It’s good to be here and I never would have realized that radios were so dangerous. That’s a very interesting statistic. MC: Would you have done it if you know it was so dangerous in the first place? KT: When you’re young, you think you’re bulletproof. And so I never thought I would get hurt really doing anything. I got a couple of concussions and I had a couple of broken bones. So you can get hurt, but you never think ABOUT that when you’re a kid. MC: So that’s going to bring us to a different kind of starting point than usual. I want to talk a little bit about the type of person you are. How would you describe your own personality? KT: I would describe myself as a glass half full kind of person. So, I’m always looking for the bright side. And I’m pretty easy going, but I’m very driven, as far as making changes goes. If I see something I don’t like, you know, in myself, or in my house, or whatever, I think, what are the steps I need to take to change that? And I’ll just be on a path toward achieving my goal. And that’s been pretty consistent throughout my life. If I decide I want something, I figure out how I need to get there, and then I head in that direction. MC: How does that relate to your trading, and how you manage risk on a day to day basis? Are you saying you have little attachment to what’s in front of you? KT: I don’t know if I would say that, but sometimes it’s good not to have too much attachment. Today was a really hard day. In fact, you’re probably interviewing me on one of the hardest trading days of the year. What I will do this evening is probably take a long walk and really think about what I did today. What I could have done better, if there were trades that I took too much risk on, or should have taken more risk on, and that kind of thing. So I’ll just kind of replay today and focused on how to make it better. MC: Can you give me an example:? KT: At one point I got short the futures. There was a slow downtrend, and I didn’t take profit when I had it. I had about 100 points of profit. And I thought we would move up a little bit and then just continue our nice slow downtrend. That didn’t happen. So I ended up giving back a fair amount of my profit just to try to stay in the trade. Because on trend days, I like to get in and just keep moving my stop and just today it wasn’t the day for that. I’m should have been more careful. MC: I want to compare this to rodeos specifically. What is the mix of confidence, fear and excitement on a day like this vs. when you’re about to get on a 1,200 pound horse that could kick you in the head? How did those emotions mix for you? KT: In both cases, it’s a performance, right? So you’ve got a certain amount of time where you need to do something. It’s so psychological in both cases, and you’ve got to be mentally prepared. The key component is knowing what your risk is. On a horse, your risk might be falling off, or the horse stumbles and falls or something like that. In the market, I can control my risk even better because, depending on the size of my position, I can control how much money is at risk. Part of what I love about trading is the excitement, but it’s also because I know how much risk that I have. MC: That’s an interesting point. Because technically, anything could happen. We have all these economic issues, geopolitical issues. Everything is going crazy. So how do you assess how much is actually at risk? KT: Well, for instance, I’ve got a small biotech stock and it’s around $4. I know that, even if the whole market falls apart, it’s not probably going to go under $3.50. That’s just a low-risk position for me, so I don’t worry about that. If I’m in something that’s likely to move a lot, or that I’m afraid might move a lot, I would use options. My risk would be limited to the amount of premium that I’ve paid. If I’m actually in stock, and I’m worried about it, I lower my size. Something I’ve talked to Inner Circle members a bunch about is that if you have a lot of anxiety about a trade, and that’s keeping you up at night, for sure, you need to be in less size. If you’re worried that a loss can really damage your account and hurt your ability to trade because it eats up too much of your capital loss, then you’re in too much. You need to have a smaller position, and take
Continue Reading -->How Bear Markets Work – David Prince Talks Anxiety, Pain, and the Light at the End of the Tunnel
Want to learn how to trade through a bear market while keeping your sanity and wallet intact? Then check out this interview with David Prince, Founder of our Inner Circle community. David delivers the cold, hard truth about bear markets, including: What a bear market is beyond a mere 20% decline in the SPX The psychological toll the market takes on your brain How to keep your head screwed on straight when volatility is high Where he is finding opportunity The stocks he is watching for 2023 and 2024 What’s different about the oil sector What he sees in the semiconductor and housing markets What a bottom really looks like And more! FULL INTERVIEW TRANSCRIPT Note: this interview has been edited for length and clarity. Michael Comeau: David, I’ll start by asking you a simple question: What is a bear market? David Prince: There’s the classic definition of a being 20% down from the highs. But the way I see it, a bear market is a market that is trending lower and has not hit a bottom, and doesn’t have one in the foreseeable future. MC: Can you talk about the psychological impact of a bear market? What is that doing to people’s minds right now? DP: Sure. You have the initial reaction: “Oh my God, it’s not easy anymore the way it used to be.” Then you have the “Okay ,I hope it gets better” phase. Then you’re in the “hope didn’t work, I’ve lost money, and this is starting to get painful” phase. Then you have the “I need to find a new career” phase. Finally, you have the panic and distaste and lack of interest. It’s a long process that many people don’t adjust to or recognize until they’re halfway through. Sometimes you have angry people. And course, there are happy aggressive traders that love downside momentum because things go down much faster than they go up. For some people, bear markets are great. MC: How do you view the temperature out there now? The VIX is up about 65% in the last few weeks and all the sentiment indicators are very negative. Are people pessimistic enough? DP: No. We saw so many bullish extremes in 2021 and I expect more of the same on the downside. I’ve been around for a while and I’ve seen a lot of crazy things happen, but nothing like JPEGs selling for millions of dollars or Plug Power (PLUG) hitting $70. And cockamamie companies that have been around for decades losing money becoming hot stocks. You had names like Snowflake (SNOW) come off the lows from earnings and go up something like 70-80%. That’s not indicative of everyone being despondent and it’s not anywhere near the way you bottom. There is not that ever-present fear, like people waking up and asking “how much money am I going to lose?” I haven’t seen that yet. MC: So let’s talk about the silly stuff. We saw a boom in things like NFT’s, Rolex watches, sports cars, electric guitars, trading card games, cryptos. Has that stuff bottomed? DP: It’s sort of irrelevant to me. I won’t judge Where we are in the marketplace by really like how far Bitcoin has dropped. It Doesn’t have to go to $10,000 or $12,000 to create a bottom in risk assets. I almost don’t care. I don’t think the lows are in for the art market and the watch market. I’m into collectables, like sneakers, art, you name it. The point is that market has only barely come up. The car market is just beginning to implode. There will be upside down Lamborghinis everywhere you look over the next couple of years. You’ll be able to buy them for pennies on the dollar. There’s further to go, but I don’t paint them all with the same brush. MC: Months ago, inside Inner Circle, you talked about the semiconductor industry moving into a state of oversupply. Now JP Morgan is talking about oversupply of everything. Do you think that’s priced in? DP: It’s a process and it’s not a one-quarter deal. It’s often two to three quarters. And the difference this time is the amount of orders – the that double and triple catch-up to what they thought demand could be. The downside here might be longer and more severe than we normally see. These stocks will bottom before the news flow changes. But I don’t think they’ve hit bottom yet because of the ordering that every major chip company did in 2020 and 2021. MC: It feels like a lot of high-profile market people are catching flack. Like Cathie Wood wrote that letter to the Fed and people laughed. And Jim Cramer has been catching a lot of flack with the inverse ETF and those sorts of things. It seems like we’re in hero-killing mode, symbolically. Do you think that’s fair to them? DP: When you put yourself out there publicly, it comes with the territory, right? Movie stars complain about not having privacy, but then they make $20 million on their next film. So the direct answer is how they handle it. I think, in both instances, neither has humility. I think Cramer is beyond bright. If he was just a little bit more humble and talked about his mistakes, it would be better. And Cathie never said “I probably made a mistake here.” Neither of them had any humility, and that’s why they’re so attacked. I make mistakes all the time, but at least I come clean. Josh Brown made a bad call on the CPI and he came clean and said he was wrong. No one thinks about it anymore because he was humble about it. So I think they deserve it because they pretend they don’t make mistakes. MC: Let’s talk about humility. I felt like a genius in 2020, less smart in 2021, and a moron this year because I see an awful lot of red in my account. What advice do
Continue Reading -->Webinar Replay: My #1 Earnings Strategy
After you watch the webinar replay, go here to lock in 61% savings on Sami’s Earnings Engine bundle. As a reminder, with this deal, you get: $129 Value: Strategic Swing Trader Newsletter $295 Value: Sami’s Earnings Engine Education Course $424 Total Value Just $167 for You! Go here to check out =>
Continue Reading -->How Kira Turner Went from Extreme Athlete to Elite Trader
Check out Inner Circle Moderator Kira Turner’s appearance on the 2 Bulls in a China Shop podcast: Kira shares: Her role in the Inner Circle community How she got into trading How she transitioned to trading from rodeo competitions and skydiving The odd reason she began trading How she finds here trades When she knows a position is too big The reason she changed her trading style in the past 2 years What’s working in the current market environment How to make money in news-based trades And more!
Continue Reading -->Kira Turner Talks Trading, Rodeo, Skydiving, and Life
Check out Inner Circle Moderator Kira Turner’s appearance on the SafeDayTrading Podcast: Kira shares: How her unconventional background helped build her trading philosophy What rodeo, skydiving, and scuba diving taught her about risk Why trading was so different in the 90’s Why she likes shorting The reason she came back to the markets after a Real Estate career And more!
Continue Reading -->David Prince Interview: How to Succeed as a Trader in 2022
In this exclusive interview, David Prince, leader of Inner Circle, discusses what’s working and what’s not in 2022. David discusses: Why so many traders have the wrong goals Why 2022 has been so different than 2021 and 2020 When to bet on low quality stocks, and when to chase them The trick for knowing when to dump a popular “story stock” The reason stock picking is the easy part The role psychology plays in your probability of success Go here to learn more about Inner Circle =>
Continue Reading -->Oil Bulls Back Off
Traders are still cautious towards risk assets like stocks and Bitcoin. And interestingly, traders grew less bullish on oil this week, just in front of today’s drop in crude prices. IMPORTANT: when we reference “traders” in this article, we are specifically referring to T3 Sentiment Survey respondents. SPX: Traders Are Still Cautious Four weeks ago, bullish sentiment on SPX fell to 19% – by far the lowest reading we’ve ever had in our admittedly short 20 week history.It has since rebounded to 39%, which is still a fairly bearish reading. Bitcoin Sentiment Not Bouncing Bitcoin Sentiment was at record lows four weeks ago, and it has since bounced to 41%. That is definitely in the bearish category, even with traders speculating that the conflict in Ukraine is increasing demand for cryptos. Apple Optimism Edging Higher… Optimism towards Apple grew for the fourth week in a row, hitting 50%. That’s split right down the middle. Tesla Split Down the Middle Tesla (TSLA) sentiment is at 50% – split down the middle, just like Apple. Gold Bullishness Sliding Lower Even with the Ukraine-Russia war intensifying and inflation going through the roof, gold sentiment has drifted lower for weeks now. Oil Sentiment Drops Oil has led the market in 2022, but sentiment is dropping as many traders anticipate the highs being in. What Happens Now? Traders are still cautious on the market for good reason, including:The massive inflation spikeCentral banks pulling back accommodationThe conflict in UkraineThe overall crash in risky stocksNow we’ll see if traders are merely complacent ahead of another potential drop.
Continue Reading -->Are Traders Bullish Enough on Oil?
Traders remain cautious towards risk assets like stocks, as judged by our latest sentiment survey. But what’s really interesting is that traders aren’t more bullish on gold and oil, given their recent big runs. Let’s jump in. IMPORTANT: when we reference “traders” in this article, we are specifically referring to T3 Sentiment Survey respondents. SPX: Traders Still Cautious Three weeks ago, bullish sentiment on SPX fell to 19% – by far the lowest reading we’ve ever had in our admittedly short 19 week history.It has since rebounded to 42%, but that is still a fairly bearish reading. Bitcoin Sentiment Off the Lows Bitcoin Sentiment was at record lows two weeks ago, and it has since bounced to 40%. That is definitely in the bearish category. Apple Optimism Growing… Optimism towards Apple grew for the third week in a row, hitting 45%. Again, that’s still in the bearish camp. Tesla Still Not Feeling Much Love Tesla (TSLA) sentiment is off the lows, but you definitely can’t say it’s a loved stock as just 36% of traders think it is going up. Gold Bullishness Falls Oddly enough, gold bullishness has fallen for weeks – even with the Ukraine-Russia war intensifying, and inflation going through the roof. Oil Sentiment Drops Oddly enough, oil sentiment has actually dropped in recent weeks, even with oil going straight up. Crude oil futures hit a shocking $130.50/barrel on Sunday evening to top off a parabolic move from the $90’s in late February. What Happens Now? Traders are still cautious on the market for good reason, including:The massive inflation spikeCentral banks pulling back accommodationThe conflict in UkraineThe overall crash in risky stocksBut sentiment has growth less bearish over the past few weeks. Now we’ll see if traders are being fooled.
Continue Reading -->People Still LOVE Oil
Traders remain somewhat cautious towards risk assets, as judged by our latest sentiment survey. And in fact, they seem to view the SPX, Bitcoin, Apple (AAPL), and Tesla (TSLA) as one big asset. But the biggest takeaway is that traders still love oil… which is no surprise given the Ukraine situation. Let’s jump in. IMPORTANT: when we reference “traders” in this article, we are specifically referring to T3 Sentiment Survey respondents. SPX: Bulls Easing Back In Two weeks ago, SPX sentiment fell to an all-time low of 19%. It’s since more than doubled to 40%, which still counts as bearish. Bitcoin Sentiment Bounces Bitcoin sentiment bounced up to 40% this week, exactly matching the SPX. The bounce is to be expected given that Bitcoin came off the lows. Apple: Right in Line Apple (AAPL) sentiment is right in line with the SPX and Bitcoin at 39%. Again, off the lows but definitely not bullish. Tesla: Also In-Line Tesla (TSLA) sentiment fell to 22%, an all-time lows, two weeks ago. It’s since bounced up to 36%, roughly in-line with the SPX, Bitcoin, and Apple. Gold Still Feeling Some Optimism Gold sentiment hit a record high of 81% two weeks ago, and it’s since fallen to 67%. Still, that leans towards optimism. Oil Still Feels the Love Oil has led the market in 2022, with OIH up 31% and XLE up 24%. So as you would expect, traders have been very bullish on oil. And with the Ukraine situation continuing to unfold, oil is up big to start the new week. What Happens Now? Traders are not bullish, but they are definitely not as negative as they were two weeks ago. We’ll soon see if the small rise in optimism is warranted.
Continue Reading -->73% of Traders Are Bearish on Bitcoin
Traders remain very cautious towards risk assets, as judged by our latest sentiment survey. Let’s jump in. IMPORTANT: when we reference “traders” in this article, we are specifically referring to T3 Sentiment Survey respondents. SPX: Few Bulls Out Here This week, bullish sentiment on SPX fell to 19% – by far the lowest reading we’ve ever had in our admittedly short 19 week history.This week, bullish sentiment bounced to 32%, the second lowest reading in our history. And it’s dramatically below our all-time average of 59%. Needless to say, traders are very bearish overall. Bitcoin Sentiment Hits Record Low For the second week in a row, Bitcoin Sentiment hit a record low, with just 27% of survey respondents saying they are bullish on Bitcoin for the next 30 days. This is no surprise considering that Bitcoin just dropped from $44,0000 to $38,000 in the span of a few days. Apple Still Not Trusted Apple (AAPL) delivered a monster earnings report 4 week ago… but nobody cares. Just 34% of traders are bullish on Apple, up slightly from last week. Tesla Still Not Feeling Love Tesla (TSLA) sentiment fell to 22% last week, and this week it bounced to 31%. Still, that’s very low compared to the long-term average of 51%. Gold Bullishness Falls Gold sentiment hit a record high of 81% last week. And it fell back down to 68%, even with gold spiking up big time this past week. Oil Sentiment Drops Oil has led the market by a country mile in 2022 with OIH up 30% and XLE up 23%. But it appears that the late week pullback in oil priced spooked the bulls. Now 67% of traders believe oil will rise over the next 30 days. What Happens Now? Traders are still very bearish for a variety of reasons, including:The massive inflation spikeCentral banks pulling back accommodationThe conflict in UkraineThe overall crash in risky stocksAs we pointed out last week, sometimes (but not always) the market bottoms when traders show maximum fear. We’ll see if that’s true this time around.
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