We have a rare case of someone who experienced fool’s gold… but… in a contradictory way, realized and admitted to themselves that their success was actually NOT “skill”, but rather “luck”. Upon this discovery and self admission, where did their journey go from here? Our guest from the community, Angelo, tells us all about the decisions he has made along with the rationale behind them. What I really enjoyed and learned from was you always need to keep your ego in check. Even though Angelo has a college degree in finance, he was still able to see through many potential pitfalls that others commonly fall into. Lots to learn, so let’s go!
Notes:
Today we interview community member Angelo. While he has a degree in finance, his interest only spanned as far as his mutual funds and 401k. After Robinhood launched, he was intrigued by the no fees which led him to become a much more active investor/trader.
A majority of Angelo’s friends were just looking for low priced stocks that they could load up on and hope they went higher. Angelo also falls in the category of finding fools gold to start. The difference is that he recognized that he had been lucky and wasn’t a prodigy.
He realized that he didn’t want to continue down the path of inconsistent trading so he decided to invest in his education AND he closed his account so that he would strictly focus on the education first.
The pattern day trade rule really hindered Angelo’s short term trading. He once again closed his trading accounts because his situation was suboptimal. He realized that the market will be there in the future so he decided to focus strictly on the courses and paper trade alerts from the community.
Angelo still has a few courses to get through but will be considering implementing advanced option strategies so that he can still trade while having a full time job. It is crucial to understand where you are at in your journey and he is not rushing anything. Taking the logical route through training and practice leads to consistent results.
Quotes:
One of those degrees was in finance. It was mostly looking at my target funds and 401k’s but that changed at the beginning of this year.
I was up 2 grand and had no idea why or what happened but I remember feeling pretty good. In the back of my head I knew it was luck.
My friend’s thought I was crazy for spending that much money on education. Eight months later, it’s been worth every penny.
The big issue I was running into was the PDT rule. It’s the worst thing in the world. It messes with your psychology.
I know what I’m willing to risk on each trade so that makes it easier to find what fits your plan versus going wild wild west and wondering.
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