It’s an odd thing to think about, but in all reality, it’s a logic worth discussing deeper: if you are going to do something wrong, at least be wise about it. This is the overarching theme of our interview with chat room member Garrett. I realize it seems like a contradiction, I mean how can something be “wise” if by definition, it is already “wrong”. We talk about that and much more with Garrett, who very well may be one of the more skeptical people we’ve had on the show. I don’t say that in a bad way, but it created some great conversation pieces and perspectives.
Notes:
Garrett’s introduction the market began by having a friend tell him that he should let someone else manage his money. Being skeptical by nature, he figured that he could manage it better than anybody else and keep his best interest in mind.
He was smart enough to limit his risk right off the bat by only funding his trading account with $500 of his initial $12,000. After putting this in 2 stocks that were household names, he immediately took losses to the tune of 50% of that initial $500.
These losses led Garrett to realize that he needed to get educated to compete against the professionals in the market. He was smart enough to be skeptical of penny stocks and didn’t think he could compete in commodity futures so he settled on indices futures.
Considering he opened a small account, he once again took more strings of losses that led Garrett to pursue some paid education vs the free Google and Youtube trading videos he had watched prior. After stumbling upon a day trading ‘guru,’ he quickly realized this person’s style did not mesh well with him and eventually he found Clay.
After going through the courses Garrett realized he needed to go to paper trading until he had a firm grasp on all the techniques and risk management. He’s currently in the break even stage of his option trading and that’s where he will most likely hone his edge in the market and continue to improve as time goes on.
Quotes:
“I just went ahead and put 500 in eTrade. I did absolutely no research at all and just bought a couple stocks.” tweet this quote
“I really wasn’t paying too much attention to the chart. I just bought into the stock and was hoping it would go up.” tweet this quote
“I’ve done so much research and if I still can’t become profitable, I still need to go do some more research.” tweet this quote
“I’m not going to give up and I recover well from losses. I don’t let it ruin me.” tweet this quote
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