We have situation that I think many people can relate to if they are honest with themselves. Depending on how you were raised or simply your general understanding of the markets, it can really create a challenging mental situation for yourself when you transition into the world of trading. Our guest, Evans (better known as “reboot” in the chat room) walks us through his journey and we go down some solid rabbit holes that really demonstrate why a common problem exists for many traders out there. I don’t want to spoil anything, but if you find yourself struggling to cut losing trades and/or honor stop-loses, then you may be fighting against the same challenges Evans is. In other words, make some time for this episode as it could very well get you on the path you want to be on.
Notes:
Today we speak with community member Evans who goes by ‘reboot’ in the community. A few family friends started an investment club and this was his main introduction to the market.
Evans was in charge of his father’s finances as he aged and to his surprise, he saw his dad had stacks of paper stock certificates and eventually turned them in to his broker. This made up the majority of his retirement.
During the financial collapse in 2008, Evans was quite nervous as his father’s retirement account had suffered a 50% drawdown. He was torn between the idea of selling or holding during the fall.
He comes from an investing background (over 30 years) and this is leading to an unfortunate mentality while day trading. While time is on your side investing, time is NOT on your side when you are day trading short dated options.
While members are proud to show their gains to the community, this can sometimes lead to feelings of FOMO and while it was an issue for Evans at first he has conquered that now. He has the ability to spot opportunities himself and form his own trade plans.
Quotes:
In order to do any research on companies we had to physically go to the library. We only invested in companies that had dividends.
I didn’t have much money to invest because children and life but it was fun to watch it on a day to day basis.
You know, I want to learn more about technical trading and charts. I want to be a better trader so I joined the Inner Circle.
That can be addicting to have a couple of wins and feeling good.
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