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STR 206: Backing Off to Not Burnout

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STR 206: Backing Off to Not Burnout

Wanting to learn how to profit from the financial markets is a tricky situation. On one hand, you need to have an extreme passion in order to ensure you have the willpower and desire to push through the tough times. On the other hand, you don’t want to allow the passion to create a situation where you are burning yourself out. There is a fine line but it’s a critical line that must be located for your personal situation. Our guest, Justin (his chatroom alias, ‘ChunkyMonkey’) talks about this aspect of his journey amongst much else. He has quite a bit of experience with other “services” in the industry and sheds quite a bit of light on some of the shadiness that exists out there. While he is still in “planning and learning” mode, given all the numerous things he’s already been through on his journey there is something for everyone to take away. Let’s get to it!

Show Notes:

  • Today we speak with community member Justin who goes by ‘chunkymonkey’ in the chat. His introduction to the market was at a relatively young age. As he got older Justin had a mentor who actively traded in the stock market so he had a slight insight into what trading entailed.
  • While this person mainly used fundamental analysis, he did get a glimpse into technical analysis. His risk profile would be defined as very conservative and he even fears paper trading strictly for the fact that it may not reflect accurately his gains in a live environment.
  • Justin enjoys owning a business and working but his long term goal is to be able to travel the world while making money simultaneously. This overarching idea is what led him to take a closer look at trading.
  • He took a look at a lot of different services offered by other people in the trading industry and while he sampled a few, he didn’t enjoy the degenerate gambler feel of some of the communities along with some very surface level information that Justin already knew. What he enjoyed about Inner Circle was the fact that the alert rooms had no fluff or biased opinions, just technical setups.
  • Justin has slowed down regarding going through the courses in an effort to digest the material more fully. While he has only completed the first course he has planned out the rest of his educational journey including when he will start paper trading seriously followed by going live.
  • Since he’s learned about many indicators, he absolutely realizes that he needs to pick the ones that help him the most (versus having 10+ on his charts). Justin knows that the search for the Holy Grail is one that cannot be solved but it’s more about finding what tools aid in decision making.

Quotes:

  • He would show me support and resistance and fibs but it was so overhead at that time for me.”
  • I’m very risk averse even when paper trading. I take it very personally, probably more the being wrong part.”
  • Part of the thing I love about Inner Circle is that some rooms are just for alerts. In the other chat rooms I had to filter through lots of chit chat.”
  • I had to back myself off a little bit because every waking moment I would think about trading. If I overdue it I will burn myself out so I backed off a little bit.
  • It’s not efficient to ride a motorcycle with 6 wheels. But just add a few training wheels like moving averages and MACD. Just trying to figure out what works.

Thanks for Listening!

Thanks so much for joining us again this week. Have some feedback you’d like to share? Leave a note in the comment section below!

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