There is one thing that stops many people dead in their tracks before they ever get started in the markets: FALSE assumptions. That was the case for today’s guest, chat room member “Zep”. For the longest time his mind created a faulty illusion about how the markets actually worked causing him to avoid getting involved. He finally was able to overcome this illusion and is now going strong in his journey as a trader. He has done quite a bit right in his journey so far, but like anyone who is being honest, he’s also experienced some bumps.
Notes:
Zep was a musician on a cruise ship for quite a few years but came to realize that he wanted the ability to be more selective in choosing his gigs. He wanted to have a music job and a ‘numbers’ job.
After joining Robinhood (commission free broker), we placed his first trade and made 3 dollars. This opened his eyes to take his finances into his own hands. He realized that it would be in his best interest to get educated so he dove straight into the courses from here.
On a $10,000 account, he had grown his account to 23,000 in just a few trades. Zep was smart enough to realize that he might be losing control of his risk management and decided to scale back.
Even while finding success relatively fast, Zep realizes that he is very fresh on his path to consistent profitability. He strives for perfection and this takes its toll on him when trades go against him but the more seat time he accumulates, the more comfortable he will become with his proper trade management habits.
Quotes:
“The market always seemed inaccessible to me. Like there was a barrier there or you needed a ton of money.” tweet this quote
“I would be up until 8 in the morning studying, take a 20 minute nap and then wake up for market open to watch the action.” tweet this quote
“If I would have just slept in, I would have been up 2 or 3 thousand dollars.” tweet this quote
“Options will bite you fast. That’s the cool thing about them is you can make high percentages but the opposite is also true.” tweet this quote
