I really enjoyed this interview because it was a change of pace (in a good way). We’ve had many guests who rant and rave about the power of options, which is true for sure, however our guest (minor spoiler) was not a huge fan and chose another trading opportunity: Forex (the trading of currencies). Chezz and I sit down with community member Jaime and hear all about his journey with options and why he ultimately chose to take another path. What caught his eye about Forex? How is he doing with it? We cover that and much more in this refreshing interview.
Notes:
Jaime’s introduction the market was a co worker who traded penny stocks. After watching him trade for some time, Jaime opened up a brokerage account to ‘dabble’ himself. His first few trades turned into investments in the hold and hope fashion. Jaime also only focused on playing the long side and avoided the short side (where he thinks the price would go down for profit).
After sitting in a few tickers for a while with very little movement, Jaime wised up and decided to take a few years off before returning to the market with the goal of avoiding penny stocks. He wanted to focus on some larger names that actually had good liquidity.
While Jaime began focusing on high volume options he unfortunately did not have a true risk management strategy yet. After learning about the nuances of options including the greeks, he started to realize all the things he was fighting when he first started trading them. This led him to the Forex course offered here which opened his eyes to the opportunities available for him (especially since there is no pattern day trader rules).
Jaime practiced for a month before going live and has been doing very well since going live to the tune of tripling his account value. The glaring differences between his old trading and how he trades now is his outlook on risk management. Now, instead of focusing on only recouping his losses, which makes him greedy and stay in his winning trades too long, he willingly takes small losers because he knows that one winner will pay for many losers. This is the recipe for long term success and steady account growth.
Quotes:
“There was no strategy at all. Just going off of penny stock fundamentals which we all know is laughable.”
“I was able to get out of most of my investments. For the most part, I wised up pretty quickly and decided to be done with it.”
“There really was no risk mitigation or stop loss. Put some money in and it’s either going to go up or not.”
“I’m at 50:1 leverage. I paper traded for a month and now trading live. I’ve done remarkably well. The chart just agrees with me.”
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