When The Young Buck and Lucci sat down last week to talk about the infamous AMZN trade from two weeks back, we received a lot of awesome questions that were never answered (you can find this webinar here).  Ask and you shall receive from Team Sang Lucci, however, as we got Lucci to sit down and answer the top questions that weren't answered.  For those of you who are willing to go beyond the tip fo the iceberg, you can sign up for our 12 Day course that starts TONIGHT at 8pm ET.

? Did youplay poker early in your career?

? This question obviously came from one who hasplayed and understands the mental aspect of the game. Therefore, you shouldalready know the answer to that question but obviously it’s a yes. Poker isvery similar, you must read your opponents correctly just like I read the tapeto understand the actions of market makers & smart money. There is a HUGEtiming aspect to playing poker that is present as well in trading stocks. Youmust know when to go heavy or when to throw in the towel. So there’s an instinctualaspect to both games that comes from experience by either playing more hands ormaking more trades.

? What’sthe largest account you completely blew up and how did you recover from it?

? I blew a $50K bankroll after I first started tomake money back in 2008. What happened was I was so excited that I finally wasbringing home money I thought that was how it was going to be from now on. Sothe lifestyle kicked in and I started living like I was making 10 grand a monthlike clockwork. In my head, I had the game figured out and I didn’t need towork at it anymore. Then I just started losing focus and went into a tailspin.I wasn’t taking profits I was holding positions too long that same old song anddance and I got obliterated. That was the humbling experience I needed torealize that in THIS game, you always need to be on point. If you ain’t,somebody will take yo money real fast and your dumbass will be too slow tonotice.

? What wasyour life changing trade and how did you come down from “Cloud 9”?

? My biggest trade was 1.2 million and let me justsay right here and now that no matter how much self control you got, you ain’tready for that even though you’ve been preparing for it your whole life. Cloud9, you’ll soon realize is a place where you don’t want to be and you lose sightof what is real. And almost always the people who are on Cloud 9 get a violentshove back into reality. For me, I took my biggest loss ever to the tune ofabout $350 - $400K and that just broke me in half. I sat there staring at mycomputer screen amazed at the fact that I could lose that much money in oneday. And you will all sit there and say yea yea yea it’s relative but you don’tknow anything UNTIL you go through it. Who pisses away that kinda money? If Idropped $100K in your lap would you throw it in the trash can???? What kindalife am I living that I’m making and losing this kind of money everyday? Whatdoes this say about me as a person? Is this money even real???

? Do youfear that, over time, Market Makers will be on to you?

? To answer this question I bring in the topic ofhacking or even the drug wars. Regulators get smarter, the hustlers have tobuild a new strategy to account for the changes. In essence this is the naturalorder of any capitalistic market or zero sum game if you look at it from amacro perspective. Somebody wins, somebody loses. If the market makers are onto me, which by the way they always are, then I simply have to get better attricking them.

? Whydon’t you trade futures?

? The one market I never got into but I realizethe necessity for it. I will soon be trading futures though so you need notworry. The reason why though was because I didn’t have enough capital. In orderto trade futures properly you need leverage and you need some solid capital toget that. My thoughts now are until I have the right amount of capital and Ihave an immediate need to diversify my strategies, I’ll stick with what I’mdoing.

? How doyou teach “Balls” to get into the trades that you do?

? This is a difficult question to answer becausemuch of it stems from experience and confidence. But where do you get that?Well experience comes from both being in the game for a while and having asolid understanding of how the markets actually work. Most traders are lookingfor a system so that they can consistently generate profits but they have noclue why or how markets move up and down on a second to second basis. Theydon’t understand the plumbing behind the actual structure of the markets. Theyalso don’t have a clue about the bigger players and what their strategiesare.  Confidence is a tricky thing. Butis it that hard to believe in yourself and your own abilities? We have manyarticles about psychology and confidence on Sanglucci.com. I suggest you start reading up.

? Can youtalk about your biggest loss ever and how you dealt with it psychologically?

? Biggest loss clocked in around $350K or so andit broke me in half. I couldn’t make a trade after I was too scared to hit thebutton. It hit me so hard that I quit. I dumped the game and disappeared for ayear. I came back to trading in 2011 and the fear was there hardcore. EverytimeI got into heavy positions I was making ill-timed decisions which were theresult of taking that big loss. So to be honest, I think it’s taken me years toget over that loss. Suppose it’s no different than a broken relationship whenyou’re still in love? I can say I’m finally back to trading at the level I wasin 2009 and have the confidence to say I can achieve even more.

? Do youever consider shorting something else as a hedge versus hitting bids to getout?

? Yes I have considered it just haven’t figuredout a way to hedge that kind of size within such a short period. Remember I amthrowing around 1000’s of contracts in weekly options, so you’re talking aboutexposure to hundreds of thousands of shares within minutes. You try building a100K share position in an equity at a reasonable price within a short period.It ain’t as easy as you think.

Have an awesome week!

- Team SL