Bad starts. If we’re all being honest with ourselves, I’m sure we can relate to getting involved in something and then having things not go very well. That is the spot today’s guest found himself in after attempting to get into the stock market. Chat room member, Nick, shares his experience of the tough start he had, but then, more importantly and inspiring, “what” he did to bounce back. As the saying goes, “it’s not how to start, but how you finish” and Nick’s story is very applicable to this. I was quite inspired by it. Nick got knocked down pretty hard, but he didn’t let the beginning experience keep him down.
Notes:
Nick started with penny stocks based on what was popular on iHub. He thought it was a good idea based on the fact that it required a small amount of capital and people always talked about how extraordinary the gains could be.
He had lost a good amount of money due to lack of liquidity and inability to sell out of his losers. Nick put in a few orders to close those positions and shut off his platform for a few years until he made his way back to trading in the winter of 2014.
Nick ventured back into the market now armed with education. He found what strategies work best with his risk profile and personality. Treating trading as a business is certainly a requirement for long term success in the stock market.
Quotes:
“I started holding some bags at one point. Had a bad experience and quit trading for a few years until I came back December 2014.” tweet this quote
“I was a little bit jaded. I kind of felt entitled to a 100% gain on every trade since that’s what happened with my first trade.” tweet this quote
“I don’t look at any indicators. They are all lagging and are all derived from the chart unfolding in front of your eyes.” tweet this quote
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