Confidence is a great thing to have in the world of trading the markets, there is no doubt about it. With that being said, if you allow the confidence to transition into stubbornness, your trading capital is going to get smaller in size. Our guest, Tony (“TonyAcaiBowls” in the chat room), walks us through his journey where this whole idea played a pivotal role in creating some headaches. The one characteristic I need to give Tony credit for is his wild ambition, which is certainly a good thing; however, once again, too much of a good thing can be bad, as you’ll see…
Notes:
Tony’s introduction to the market started with his family having CNBC on the television while he was a child at home. Tony’s father would watch it in an effort to keep an eye on the stocks he personally held. As he grew up and got to college there were not many majors that interested him but his interest in trading from childhood presented an opportunity so one of his majors included finance.
After reading an article about a trader who turned a small sum into a few million, Tony decided to save up some money during college and get involved in trading. Realizing that he shouldn’t jump in blindly, he was smart enough to invest his money in what he thought was a good training program but realized he needed to learn more.
Tony decided to try a paid chat room subscription and puppet traded based off of alerts made there. While he increased his discipline, there were still a few trades he got stubborn with and this led to a large decline in his account from the losses. By no means is having confidence in a position a bad thing but as traders, risk management HAS to be on the forefront.
After going down the rabbit hole of Stocktwits and other message boards, he started trading off of hype again. He came across Clay’s stock chart videos and was intrigued at his unbiased analysis and started to realize that the charts tell a story which can help determine trading plans. He joined the community and was pleased with the lack of ‘hype’ and strict focus on technicals. This led him to join Claytrader University and now he is currently going through the courses.
Quotes:
“I came across this article about this guy who took $10,000 and turned it into 2 million. I thought ‘wow, I want to do that.’ “
“I thought I could catch a bounce for 40c and make my money back. I was able to take a little profit but it wasn’t a good trade.”
“I was holding and hoping. One trade I thought had to go down and that blew up a big portion of my portfolio.”
“You were analyzing these charts and were very unbiased. It helped me understand how the charts tell the story.”
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