We have almost done 50 episodes, but this interview is a first for both Chezz and I. Our guest, Tony (“elkhuntn” in the chat room), had his journey start by literally working for a penny stock company that was in the mining sector. Can you say “shady???” By getting an inside look at penny stocks, this gave Tony a very unique start to his journey which contains many twists and turns. It was an enjoyable interview that includes what I find to be very valuable nuggets of wisdom that can only be gained through experience.
Tony worked for a very small mining company that was publicly traded and this is what led him to get interested in penny stocks. After losing a little bit of money, he decided to invest in his education and learned about penny stocks from Clay.
After moving away from penny stocks, Tony hit some fools gold trading options right away but as most fools gold goes, he gave it back relatively fast. Even with some nice size gains on a few trades, just a few 100% losses in options completely wiped out his gains and then a majority of his account.
Recognizing that he needed to focus on his strategy to emphasize consistency, Tony now has a set basket of options stocks he watches and utilizes the same setups over and over when he is able to be at the computer trading.
Tony has time to trade in the morning before he starts work so he can focus on strictly day trading. With some self diagnoses, we determine that if he had only traded the morning session and skipped the rest of the day he would go from being red on the year to green. Less really is more in trading.
“Working at penny stock company, I pretty much quit trading penny stocks after better understanding how they worked.” tweet this quote
“I have a hard time paper trading but if I take a really small positions I can at least be honest about it.” tweet this quote
“I denied the losses at first. It didn’t slow me down like it should have. It should have been a red flag but it wasn’t.” tweet this quote
“If I would just trade the first hour of the day, I would be green for the year.” tweet this quote