If you’ve listened to any of the podcasts before, you know a huge theme is always having a trade plan. Chatroom member, Matt (known as “Dirt Wolf”), gives what I would consider to be one of the better overviews of what it truly means to have a trade plan in place before putting any money at risk. For those of you trading penny stocks and wanting a better way, I’m confident Matt’s perspective on this area of the market can open your eyes to other possibilities.
Notes:
Matt went to college to become a math teacher but soon realized a profession in the finance industry would better fit his personality.
He was worried about not having enough capital to trade larger more well known names so he dove into penny stocks that had endorsement from various sports figures.
Matt won the penny stock lottery. One of the tickers he was holding was taken over and rode the marijuana boom up exponentially. While he gave back about half his total gains, he finished with a healthy profit and decided to use the money to get educated in an effort to become consistent.
After taking a break from trading, Matt decided he wanted to come back head first and accepted that this was going to be a lifelong journey, not a get rich quick scheme.
Being well versed in options from his previous job, Matt now employs advanced options strategies which give him a much higher probability of profit.
Quotes:
“I didn’t really think I could trade the big board stocks. That’s why I got into the pennies. You could buy a ton of shares.” tweet this quote
“I had a buddy who took out a line of credit on his house and put a couple hundred thousand into a ticker.” tweet this quote
“I’m just counting all the dollar signs in my head, thinking about what I’m going to do with all my money.” tweet this quote
“Options trading and technical analysis go hand in hand.” tweet this quote
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