Have you been here before? You place your buy order, it executes, and then down…down…down… the price goes. This is where our guest, Jules (same name in chat room), found himself during the early part of his trading journey. Wandering the world of penny stocks, Jules located himself a good ol’ fashioned pump-and-dump to blindly buy. After this experience, Jules found himself needing to find a new way if he was going to survive in the world of trading. Where did he go from here? What has he learned so far? That and much more in our interview.
Notes:
Jules introduction to the market was based on someone he idolized in the professional Call of Duty scene that was talking about how well he was doing in marijuana penny stocks.
After funding his account, he decided to follow trades from a known stock pumper on Twitter. Jules was just blindly puppet trading him in an effort to emulate the success of one of his idols that introduced him to the market.
Jules went through Penny Stock Survival Guide in a very short time and after he completed that course, he closed out all of his penny stock trades leaving him with about 15% of his initial account left.
After learning about options, Jules was swing trading advanced options making weekly income by selling out of the money spreads. These are Jules ‘set and forget’ trades (to which he now checks on daily to ensure they are acting how he would like).
Jules recognized that his over confidence is something he needs to keep in check but by abiding by his trading rules, he is establishing good habits that can lead to long term success.
Quotes:
“I dropped 10,000 into an account and as soon as it was ready I jumped in headfirst.” tweet this quote
“I literally bought the top. I bought the day it stopped moving up. It never moved up further than the point I bought it.” tweet this quote
“You have a higher percent of profitability when you are selling options. You can profit in many different ways.” tweet this quote
“My directional trading wasn’t good at the time. For the last 3 months I’ve been paper trading and it has helped a lot.” tweet this quote
“When I take a loss, it’s just part of the game. I just move onto the next trade. Wipe it off and move on.” tweet this quote
