We have another two part episode as we dig into the journey of chat room member “CPO”. He has been on an adventurous ride ever since first being introduced into the markets. This included signing up for the chat room and not being too happy about it. In fact, he was still not very happy about it when he decided to come meet up with Chezz and I during our Baltimore Meet-and-Greet. How’d this meeting go? Did he choke me out with this knowledge from his SWAT Team training? We shall see…
Notes:
CPO had an interest in the market at a relatively young age but he believed he was unable to participate. He thought it was for big wigs on Wall Street. As he got older and transitioned into a new career, he was offered stock options, matching 401k contributions, and those are all great but he disliked the fact that he did not have a say in where the money was invested. He wanted more control over his finances.
He was pleasantly surprised to find that he actually had a brokerage account sitting idle and decided that he would utilize this money to invest/trade with some knowledge he acquired from a book and google. The unfortunate thing about this trading account is that CPO had treated it like Monopoly money since he didn’t recognize that it was his hard earned dollars.
After being unfamiliar with the pattern day trader rule, CPO was eventually flagged and this led to him not being able to day trade further in his account. He then went and opened a new account. The mistake he made at this time was that he was trying to trade alerts from the Inner Circle but wasn’t familiar with the alerts or strategies that are best suited to them. This led to losing trades and frustration.
He had tried to reverse engineer the alerts but was unsuccessful. Since the Baltimore meet and greet was not far from where he was living, he decided to take a chance and come meet some fellow traders to hopefully learn something.
Quotes:
“All I know is I’m thinking long term. Put it in and watch it increase like my 401k. I bought 50 shares of Microsoft and Disney.” tweet this quote
“Unfortunately, adrenaline in the market will sometimes cost you money.” tweet this quote
“I think the worst place to be in is not knowing what you don’t know and being overconfident in what you do know.” tweet this quote
“I was trying to rush into the market because I thought the market was going to leave me behind if I didn’t jump in.” tweet this quote
