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STR 188: Get Good at the Basic

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STR 188: Get Good at the Basic

One of the great things about the market is the lack of age requirements. If you have a passion and want to embark on the challenge, then let’s go!, it’s open to everyone. In this episode, we sit down with Adam (chatroom alias “EwokAvenger”) who is still in college. I first started back in college so I always find these journeys interesting as I can normally relate to many aspects. The part that always surprise me is that even though I’m “older” now, there are still many things you can learn from someone who is technically younger than I am. As a small example/spoiler, I really enjoyed his logic and reasoning behind his strategy towards ensuring if does not get himself stuck in the “education loop” like many do. Adam is a young guy with lots of upside, and it was a beneficial discussion so let’s get to it.

Notes:

  • Today we talk with Adam who goes by EwokAvenger in the community. While he is still a student, his college education is focusing on business and finance to ultimately become a financial planner.
  • Even though Adam has formal training regarding general market principles, he wanted to turn trading into an additional income stream. This type of education will also have value in the field he ultimately wants to work in.
  • He decided to dip his toe in the trading education waters by trying some low cost courses. Adam decided if trading still appealed to him after that he would invest in the University program. Just as planned, he learned some basics but wanted to take it to the next level and enrolled in the program here.
  • Adam set an arbitrary timeline for when he wanted to start trading live. We speak a lot about how some goals are very risky. The reason he set this target date was to ensure that he didn’t get caught in a permanent education loop where he would never put on a live trade.
  • One of the keys to success is determining your end goal and designed a plan to help get you there. While there is always twists and turns, being as best prepared as you can will give you the best odds for success. Adam is well on the path for multiple aspects of his life. Don’t be afraid to fail.

Quotes:

  • I have a very good online BS detector. I remember seeing some gurus’ and realizing they were just selling something.
  • Clay talks about the education aspect of trading, not the lifestyle aspect. That makes more sense to me.
  • If you’re day trading, not refining your skills, and your trades are not getting better, it’s time to step back and look at the bigger picture.
  • Get good at the basics. That’s my style. Once I see its working I can then add to it or expand and develop.
  • I have a literal checklist. I’m an Excel fan.

Thanks for Listening!

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