I have no idea what took so long, but we finally have a guest from the UK! I will say this though, it was worth the wait! As far as new trader horror stories are concerned, I’m pretty sure I have a new favorite. I had a great conversation with community member Sarah (alias in the chatroom, “like a glove”) where she openly shared her ups and downs. Like I mentioned, her one “down” is quite comical and while that makes me sound like a jerk, I promise it’s because she can laugh about it too at this point. Like many newer traders, she started out using strictly fundamental analysis in their approach to finding trades; however, Sarah quickly realized that there had to be better ways and that’s when she found the tool of technical analysis. We’ve heard it time and time again in the past, but it’s a concept that can never be overstated… as you’ll learn, Sarah’s experience with “rushing” didn’t exactly lead to great places. I had a genuinely awesome time with this discussion, and I’m confident you will too!
Notes:
Today we interview Sarah from the community who goes by the handle ‘like a glove.’ Her introduction to the market was getting issued stock for a company she worked for but she wasn’t very educated regarding the market.
She tried to utilize as many free resources as she could to learn how to trade in the stock market and that is when she stumbled upon the Stock Trading Reality podcast, which she enjoyed since it interviewed people on their journey.
She started off utilizing fundamental analysis for her trades but after taking a string of losers, she decided to invest into her technical analysis education and took Robotic Trading. It opened her eyes up to some of the foolish decisions she made in the past but gave her hope for the future.
After taking a massive loss trading on delayed quotes, she decided that she needed to stop trading and really learn to take it seriously or to not participate at all. Sarah has now learned to love her losses because she keeps them much smaller than her winners.
If she could go back and do it again she would have spent more time on education first and not been in such a rush. Patience has been a large focus for Sarah since she started to take trading seriously.
Quotes:
If he can do that, I can do that. I bought loads of books, read tons of stuff on the internet and got as much as I could for free.
I did paper trade… for around 20 minutes and then I realized I was making money and I could do this!
It was like a bombshell. I didn’t know what I was doing for the past 6 months. I’ve been very lucky I didn’t lose everything.
I came out halfway through a meeting and lost 90% of my account. I was convinced the price was wrong. It was 15 minutes delayed.
Be a lot more patient and less arrogant. And don’t call your broker and expect to talk to the manager for a refund!
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