Chezz and I sit down with Steven King (same name in the chat room) and hear about one of the craziest stories to date. In fact, the story is so crazy that I asked for verifiable documentation to support some of the claims being made. Becoming a high school dropout after turning $900 into $40,000 is just the start to a journey that truly covers some highs and lows of trader emotion. Despite making some extremely large amounts of money, you’ll be shocked to hear about the reality of the situation in terms of the emotions involved.
Sit back and buckle your seat belt. This is one crazy ride journey with some very valuable insights and lesson’s learned.
Notes:
Steven had a strong desire to get rich dating all the way back to his time in high school. He dropped out in 10th grade after finding initial trading success.
He got caught up in the lifestyle that accompanies coming into large amounts of money and faced many struggles to get back on his feet.
After spending more than half of his profits, the IRS sent him a bill for 170,000 dollars to which he did not have anymore. He took a job on an oil rig, was able to pay off that bill and started to get his life back on track.
After he finished getting his college degree he began trading again and realized the benefits of options. You can get the exponential returns penny stock players are used to while simultaneously being able to control your risk up front.
Steven recognized that he needed to approach trading like a business. He formed a plan and now he sticks to it wholeheartedly.
Quotes:
“I started with 900 dollars and after I turned that into 40k I decided that there wasn’t a reason to keep going to school.” tweet this quote
“Charts isn’t the hard part in trading. The hard part is the emotions. It’s the mental mindset, risk management, all those pieces.” tweet this quote
“The worst day that I ever had in my life was the day that I made the most money. 283k dollars in 1 day but no one to share it with.” tweet this quote
“If you have trouble sleeping at night because you’re worrying about your positions, you’re not managing your size correctly.” tweet this quote
“If you can count to ten, you can be an amazing trader.” tweet this quote
“The important thing is ‘why are you trading.’ Today I trade because I want to help people. I want to become a philanthropist.” tweet this quote
“It’s all written down just like a business plan because this is a business. If you’re going to trade you do it like a business.” tweet this quote
