This interview made me laugh for sure. Not in a mean way, but rather in a “I can relate” type way. Did I ever go as far as our guest? No… he took things to a whole new level when it comes to going down the penny stock rabbit hole. Our guest is community member Jeff (“Crestronwizard” in the chat room) is an open book about his journey which reveals all sorts of nuggets of experience that can be used as learning points for us all… myself and Chezz included! Jeff is now a full time trader and the way he got there demonstrates an excellent talking point regarding WHEN and WHAT it takes to actually go full time in trading. From penny stock koolaid to now being a full time trader, it’s been quite the journey!
Today we interview Jeff a.k.a. Crestronwizard in the community. He installed and coded for some various audio systems and during a job, he met a successful day trader and started to watch over his shoulder.
After his introduction to this gentleman, he started to meet other traders throughout the industry but it wasn’t until quite a few years later that he got interested in utilizing charts. He didn’t trade much from 2005-2007 while his trading was mixed at best. He decided to focus on his business strictly.
When he came back to trading he actually traded some penny stocks and took some money out of the market (sort of). He actually ‘drank the koolaid’ so much that he became a distributor for this company and was selling it on his own website and Amazon.
After Jeff’s experience with penny stocks, he decided to learn options and while he had months of profitability, overall he ended up losing money because he wasn’t consistent with his sizing.
Jeff has a game plan on transitioning to full-time trading. There is a big difference between someone who takes the leap to go full time and has no savings or has taken no preparation. Jeff is on the opposite side of the coin. This has been coming together for multiple years, and his goal is multiple income streams.
When I get into some things, I get in big. I met a daytrader who turned a small sum into 50-60 million and that’s what introduced me.
One of the employees took 23 million dollars off the top and after they started investigating, the person in question took his own life.
They had real products and I ended up becoming a distributor for this penny stock. I bought 2 pallets of this stuff.
I was trading far out of the money and the other issue was ‘stepping up to go big.’ I went from 1, 2, 3 contracts to 20.
Being able to know when something is going the wrong way and to get out. I’m not scared to do that anymore.
It’s your emotions versus 100 million other emotions that are in the market at the same time. It’s a big chess game.
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