Humility is a great attribute to have as a trader, and our guest is a perfect example of this. We bring back former guest Mike (‘HeyFordy’ in the chat room) to discuss how his journey has continued to unfold since the last time we spoke with him. I don’t want to offer many spoilers, but I will say his account has been growing and growing. Even with this being the case, Mike remains extremely self-aware of things he needs to keep working on in order to keep his eye on the prize. Being self-aware is the first step in remaining humble as a trader… if you have any amount of extended experience, you know pride truly does come before the fall, so staying humble is key and Mike is doing a fantastic job at it.
Today we reinterview community member heyfordy. After joining CTU, Mike closed down his smaller accounts and consolidated into one larger brokerage.
Mike went from utilizing Stocktwits and iHub daily to now completely avoiding them and scanning for his own trades. Unfortunately, he has been flagged for PDT a few times in the last couple of years which has forced him to focus on swing trading.
Typical to many other trades, Mike has an issue with having a bias and will sometimes ignore a chart reversal because he thinks the fundamentals point in a particular direction.
He likes to keep his trading pretty simple. There is no need to get fancy. The more people recognize a pattern or trend the more likely it will continue (the self fulfilling prophecy). He is exploring trading options but still going through the training for that.
Mike has a long-term plan regarding his trading so that he will never be in a position where there is too much pressure to perform. He knows that this is a slow and monotonous process but that’s how success is created.
All of them were just puppet trading penny stocks and I’d get lucky with a decent entry and bank on it.
If my track record is still positive by the end of the year I will fund the account a little more.
I’d like to be more patient and stick to my plan a little tighter. Even if I chase, it will usually come back to the zone I wanted.
I just look for patterns or strong uptrends or downtrends. The more common it is the more people see it.