Defining risk: capital and mental readiness

🔍 Get Your Free Month of Deepvue Here: https://deepvue.com/podcast/📚 Order The Trader's Handbook Here: https://go.traderlion.com/uilGP📘 Get your FREE 115-page Ultimate Trading Guide: https://go.traderlion.com/uihtcPhil Goedeker is a full-time trader with over 20 years of experience and is featured in the upcoming Market Wizards book by Jack Schwager. In this episode, Phil breaks down how he turned $5,000 into over $50 million as a short seller — and the brutal lessons that shaped his "extreme risk management" approach.Phil's journey started with failure. He lost money swing trading long in his sophomore and junior years of college before discovering short selling in his senior year — where he turned $5K into $1 million in eight months. But the lessons didn't stop there. He lost $500,000 in the following three months, teaching him the importance of wiring out profits and never trading with money he couldn't afford to lose.Discover what Phil calls "extreme risk management" — why he expects to be green immediately on every entry, how he pyramids into positions, and why he never adds to losing trades. Learn how cutting out C and D trades doubled his profits, why he sizes down during drawdowns, and how studying your biggest losses is where the real edge is found.Phil walks through real trade examples including his seven-figure SMCI short, the MSTR parabolic reversal, and the frustrating SLV silver trade that didn't perform to his expectations. He also shares his biggest losses — including $2 million on GameStop — and the psychological lessons that came with them.🔥 What You'll Learn:✅ How Phil turned $5K into $1 million shorting small caps in college✅ Why cutting out "garbage trades" doubled his profits without adding risk✅ His extreme risk management rules — expect to be green immediately✅ How to pyramid into positions and scale out of winners✅ Why wiring out monthly changed his psychology forever✅ How to size down during drawdowns and push hard when things workWhether you're a short seller or long-biased trader, Phil's insights on discipline, position sizing, and studying your data will help you trade with a clearer mind and a stronger edge.Enjoy!- The TraderLion TeamTimestamps:0:00 - Welcome & Phil's Background4:26 - Discovering Short Selling in College5:09 - Turning $5K into $1 Million Senior Year6:26 - What Kept Him Going During Tough Times8:44 - Resources for New Traders Today10:52 - Studying Charts & Technical Analysis12:49 - Cutting Out C and D Trades17:46 - The "Addicted Trader" — Market Wizards Chapter19:34 - Risk Per Trade & Position Concentration20:22 - Losing $500K After Making $1 Million22:29 - Extreme Risk Management Explained24:30 - Pyramiding Into Positions25:39 - Biggest Drawdowns: Dryships & GameStop27:27 - Sizing Down During Drawdowns30:20 - Reading Market Health & Conditions30:48 - The Mental Side of Losses34:15 - SMCI Trade Walkthrough39:43 - Scaling Out of Winning Trades41:52 - SLV Silver Trade Breakdown48:45 - MSTR Trade Walkthrough54:23 - Options Strategy & Zero DTE58:40 - Daily Routine & Scanning Process1:03:22 - Scaling Challenges as a Short Seller1:05:35 - Selling Options for Income1:07:31 - Defining Risk & Mental Capital1:13:20 - Wiring Out & Trading with a Clear Mind1:14:52 - Advice for New Traders1:17:37 - Studying Your Data & Reviewing Trades