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Meet Scott Malatesta

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Admin

February 4, 2019

Scott Malatesta is Tradenet’s Vice President and spends his trading days leading the trading chat room, along with Meir Barak.

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Scott Malatesta Biography

Since graduating with a business degree from Michigan State University, Scott felt like he could make it on his own, and there was something about the stock markets that spoke volumes to him. But he could not do anything about it, at that point, as he did not have enough money to jump into the trading pool.

Always a responsible decision maker, Scott got a job in Corporate America. Since the late 1980’s, Scott worked as an Executive at General Motors, which at the time was one of the most valuable companies in the US and the world.

Working as a Zone Manager for GM in the state of Florida, Scott learned a lot about America’s work ethics. He loved the fact that he was in charge of both the sales side and the service side of the business. As such, he would see his clients over and over again, knowing that he could never oversell or underperform.

Scott became highly appreciated in his career, and as he became more financially stable using his hard earned dollars he made at GM, he also started to invest a bit as a hobbie.

Scott adores the outdoors. Whenever he has had a long weekend, since the early 1990’s to this very day, you would see him skiing, boating, or golfing. Based by the gulf and within proximity to the panhandle and Southern Florida, Scott enjoys easy access to any type of terrain: ocean, lake, and by plane the best skiing in the world.

All the while, working in Corporate America, Scott never let go of his one and only passion – the stock market. At first, he would invest his personal savings and his 401k into the markets, without knowing much about what Wall Street was about.

Thinking of day trading

At one point, however, the Floridian got a bit frustrated of stock market investments. He found that they were highly unstable, and without having any close watch over them they were unreliable as a source of income.

That’s when he started to think of the stock market as a place to day trade, realizing that the way to make money is by going in and out of positions within the same day, and not over an extensive period of time.

The successful GM Zone Manager by then, sat down and started reading. Because Meir Barak’s book, The Market Whisperer, was yet to be written, Scott had to compromise and read other related books. Once he got the hang of day trading, he was pumped. He was all in. He decided he’s about to go on a journey to change his life.

After 25 years at one of the safest, and focused employers in the world, Mr. Malatesta was writing GM his resignation letter. An excerpt read: “I have loved GM, and the GM family, with all my soul. But I know that if I do not pursue my calling as a day trader, I will always regret it”.

Scott Malatesta and Tradenet

Shortly after resigning, and as he was starting his career as a day trader, Scott stumbled upon Meir Barak in an online forum. Having been ever so impressed with the level of knowledge and market understanding Barak presented, of the sorts Malatesta has never seen, Scott asked Barak to be his day trading mentor.

After several years of following, and being inspired by, Meir Barak, Scott’s successes and strengths as a day trader amazed Barak. Meir called Scott and asked: “would you be a mentor at Tradenet?”, to which Scott replied, surely enough, positively. Scott later recalled that call. “I would honestly never forget it. After having taken the tremendous risk of leaving a safe career, with the best benefits, and deciding to make it on my own, I suddenly had an offer from Meir Barak. Meir has always been my number one mentor. I have learned from him so much. When he offered me to cooperate I felt like nothing would bring me more joy”.

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The rest is history

Nowadays Scott is spending most of his work time on Tradenet’s live trading chat room, and providing his own mentorship to new, aspiring traders. He summarizes, “There is nothing I would rather do than helping up and coming day traders. I was exactly them, not so long ago. To me it feels like closing a circle by helping them where I once needed support”.

SCOTT MALATESTA TIPS FOR ASPIRING TRADERS

  1. The trend is your friend. Never try to trade against the market’s direction
  2. Have a mentor. Without one you will lose too much and be likely to drop out altogether
  3. Never give up. If you are not trading well – it means you are still lacking knowledge.
  4. Read all you can. The more you know the better.
  5. Remember – trading is hard. But when it works, it’s the best job in the world.

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