The concept is nothing new. For you longer time listeners, you’ve heard it time and time again… not to mention, you’ve probably done it yourself: make mistakes. Our guest, Thomas (alias in the chat room is “thwidra”), did exactly that, but he provides an excellent example of how traders need to blame themselves, not others, and then improve. He actually made some money at the start to, but quickly realized and admitted to himself it was pure luck and he had no idea what he was doing. Something that many new traders fail to realize (myself included when I was new!). He has had to do some reinventing of himself, but Thomas is progressing by leaps and bounds.
Notes:
Thomas began his trading in 2016 with mutual funds. After doing some research into the funds he had allocated, he saw that it was not increasing at an acceptable rate. After being unable to reach his advisor, he pulled out his funds and decided to take control of his money in the market.
He found a site similar to iHub (message board for stocks) in Germany and after reading through the board a few times he decided to put some money into a few tickers. He admits that he got into a lucky trade which was a 100% gain but the important part is he realized this was pure luck.
After some new found confidence based on his previous large winner, he started to purchase stocks while at work and then letting them sit. After reopening his broker account later in the day he saw that he was completely in the red and gave back half of his gains. Thomas did a great thing throughout all of this. He took complete responsibility and did not try to blame any external factors.
Thomas learned not to put his whole account into one position and did a much better job of diversifying across multiple tickers. At this time he also found some of Clay’s stock chart analysis videos and he saw the value in technical analysis and invested in his education to be a more knowledgeable trader.
After going through some courses, Thomas began to paper trade but more so in hindsight. He realized the error of this and began to paper trade realistically. As he continues through the courses he continues to paper trade and hone his craft. Finding what works best BEFORE trading real money is a real key takeaway.
Quotes:
“I was not looking to trade penny stocks but what I noticed is that those people were looking at stocks with a low price.”
“At that time, SDRL reached its top and was falling down. It started climbing again but I thought it would break down.”
“I tried to search for some sort of holy grail. I tried to find some hot stock picks. This led me back to break-even.”
“It wasn’t good paper trading. I didn’t have a real plan in place. At this point I was struggling a bit with my emotions.”
“At the moment I’m not that confident. I won’t go live until I have more confidence and paper trading experience.”
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