The sheer bluntness displayed in this interview I found completely refreshing and… well… honest. There is no need to sugarcoat or beat around the bush when it comes to how the market actually works. Bottom line, if you show up to trade and are underprepared, there are people out there who will take advantage of that fact and punish you. Our guest, Mike (chat room alias, ‘afronge’), is one of those “punishers”. He has a great story and many insights on the market (hence the two part episode), but the one that stood out to me the most was how ignorance is costly. The market is a living breathing creature that sets up knowledgeable traders (such as Mike) to benefit against the ignorant/cocky traders. The cool part is, the market is also fair. You have a choice on which “kind” of trader you want to be. I’m confident Mike can motivate you to take the slower and more effort required route of becoming knowledgeable and then a PUNISHER!
Notes:
Today we talk with community member Mike who goes by ‘afroge’ in the community. He was introduced to the market at the young age of 6. While he was stuck in the hospital after a surgery he discovered what is now CNBC.
Years later he discovered a publication called Value Line. This was very eye opening to Mike since he was able to see how these companies would grow over time. In his teenage years after working odd jobs, he decided to put just over $1,000 into the market.
As he progressed through college, after changing his major and getting a masters degree in accounting, he was able to find a few jobs in the financial industry before ultimately becoming a consultant. Throughout this journey, Mike continued to expand his education to be more than just an accountant.
As he progressed in his career he was forced to navigate lots of red tape that is involved in the world of finance, which led to him only being able to swing trade a limited number of names. He eventually realized this was not what he desired to do.
Quotes:
If you can watch TV and make money, keep in mind I’m in 3rd grade still, that sounds like a lot of fun.
That was a big wake up call realizing that I’m never going to be a music major. I needed to find something to make money and something I’m good at.
I learned investor relations, strategy, financial planning and analysis. This was good because it wasn’t traditional accounting.
I know what I’m good at and what I need to learn. I’m not going to throw a large sum at a 5 minute candlestick chart when there are things I’m missing.
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