Chat room member Ricky (from Pittsburgh) has a journey that, if you’re honest with yourself, I’m sure you can relate to in one particular way. That is, being a total innocent guppy at the beginning of his trading journey swimming in shark infested waters. There is nothing wrong at all with having a history of being a guppy, but the key question is, have you begun to transition into being a shark? Ricky has, and he tells us what he has been doing to transform his trading into that of a shark, rather than that of a dumb guppy.
Notes:
Ricky’s introduction to the market was in 2007 when his friend and himself witnessed an IPO skyrocket and they thought about how much money they could have made.
When Ricky first began trading he was very good at cutting his losses immediately. As time went on and he was drinking the Kool-Aid of the tickers he was trading, he was more open to taking much larger losses by holding bad positions.
After doing more research over the years, Ricky decided to join CTU. He saw folks finding success in liquid options that would prevent the liquidity trap that penny stocks present.
Ricky has actually made more money flipping penny stocks vs. trading options, however, he continues to work toward finding consistency in options.
Quotes:
“I drove down to the Scottrade office to try to get shares for the next IPO. I didn’t even know there was a wait time for that.” tweet this quote
“Everyone has an agenda. I have even been caught up in pumping stocks without even realizing it.” tweet this quote
“I just started watching some charts. Took 2-3 weeks before I placed a trade. It was like starting over brand new.” tweet this quote
