I give episode guest, Charlie, a lot of credit as he was willing to sit down with just me and be interviewed. Our co-host, Chezz, had other obligations, so Charlie got stuck with me… and he did great! His analogy and description about the emotion of greed was absolutely awesome and almost brought a tear to my eye! Charlie is one of the younger guests we’ve had on the show; however, in his very short journey thus far, he’s already experienced as much as some people who have been trading for years. Thanks to Charlie’s openness, there are many mistakes that we all can learn from (that don’t cost us any money!). Let’s go!
Notes:
Charlie had a real sense of urgency to be successful in life except he didn’t know what he wanted to be successful at. After working a few different jobs, he finally found one that he enjoyed but was still exploring what other opportunities are available. After stumbling on a stock picker website, his interest was piqued.
After doing some exploration on Reddit and other free websites, Charlie frantically opened 3 brokerage accounts because the application process was taking too long at some other brokerages. He just wanted to get his money there and start trading ASAP.
Charlie did do a good job of managing his risk by limiting the size he enter with on these penny stocks. He did get addicted to larger gains which led to the greed voice and we all know how that ends. He does realize that he got lucky and actually ended up making money on the year.
Even though Charlie had made 2,000 dollars over the course of a year, he did not like the fact that he was dependent on Reddit for his trade ideas. If Reddit were to go down, he would not know how to find stocks to trade. This epiphany led him to realize that he needed how to learn to ‘fish’ on his own and that is when he decided to invest his profits into his education.
Charlie recognizes that this trading journey is just that, a journey. This is not a get rich quick scheme and now with realistic expectations, Charlie is getting through the content and planning on pursuing paper trading so that his future profits can be a result of his hard work and not luck.
Quotes:
“You don’t know what this guy is talking about or what angle he’s taking. He just talks about this stock that will make you millions.” tweet this quote
“My strategy was if someone’s talking about it it’s definitely going to go up because of hype. Hopefully get out before it plunges.” tweet this quote
“I was thinking this was going to the moon. They were going to cure everything. I got in during the dump stage of that.” tweet this quote
“Alright, it’s house money anyways. I made 2,000 bucks and spent it on education. Pretty cool how that works out.” tweet this quote
“It’s easy to learn from other people’s mistakes rather than losing a bunch of money. It discourages you from doing something stupid.” tweet this quote
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