One of the biggest factors of failure in trading is created by the emotion/feeling of “make a trade”. Sure, at first it can be nerve-racking to do your first couple of trades; however, after that the floodgates of “make a trade” come out in full force. Community member Jeff (same name in the chat room) shares with us his story thus far which expands several years of time. The one underlying theme/problem throughout Jeff’s time in the markets is forcing trades and not tapping the brakes when he should be. I really appreciated his openness and candidness of sharing his mistakes, what he has learned from them and then also what he continues to struggle with. His journey is a wild ride that I want to offer some spoilers too, but I’m going to stay disciplined and keep quiet. Take some time out of your day and make sure to listen to Jeff and his story. Remember, take advantage of kind people such as Jeff who openly share their mistakes…. It’s much cheaper to learn from another’s mistakes than your own.
Notes:
Today we interview newer community member Jeff. His introduction to the market was a loan from a family member which led to a return of 10% on his first and only trade. This opened up his interest in the market.
After having his first child, he also received 60,000 dollars which he used to go full-time trading. He made some great gains but he also took some huge losses and admits he’s blown up multiple accounts since then. This led to him taking a break from the market.
Jeff hit a home run on a marijuana penny stock and that’s when he decided that he wanted to trade other instruments. He decided to invest some of his profits into his education. After stopping by the Inner Circle and seeing that penny stocks are not a focus, he joined University.
He admits that he went through the courses way too fast and even though he still had some profitable trades, he was still winging it. After volunteering to be a guest on the webinars, this opened his eyes up to the fact that he needed to slow down and redo the courses.
Jeff is going to attempt to paper trade or trade small until he finishes retaking the courses and is able to set up logical trade plans via the live weekly webinars that he does attend.
Quotes:
He gave me about 6k and saw a penny stock running so I bought 10k shares and made 600 bucks. My dad said I was a genius.
They had to call down to the NYSE floor because of my order size and I made the stock move. I lost 40 grand that day.
I said that this was the last time I’m going to sit there biting my nails for 3 months rolling the dice on penny stocks.
I admit I went through the courses too fast but the way you explained it, it was like you were talking directly to me!
You cannot read one book and learn how to trade stocks. You can’t do it. Get educated.
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