For some people, they need to grow up fast and get the ax to the grindstone right away. Our guest from the chat room, Ricky, fits that description perfectly. Due to some rough patches in his personal life when he was young, he was forced to grow up and become "the man of the house" very early in life. This personality dynamic has given a very interesting outlook on not only trading, but life in general. It was very refreshing to sit back and listen to someone who has been through a lot, but never made excuses for themselves. There is a lot to be learned from this experience. Notes: Like many of our guests, Ricky was introduced to the market via his economics class with a paper portfolio.' Ricky was forced to be the man of the house at a very early age and this led him to find the drive to take his education and finances into his own hands and push forward into what interested him. While trying to accumulate education related to trading, Ricky realized very quickly that there is so much information spread out erratically across the internet. After frequenting lots of message boards and seeing the 'poison' of opinion, Ricky decided to invest in his education with his hard earned dollars. Ricky recognized that he is much better at taking logical trades on a higher timeframe. This gives the brain much longer to process and form plans that prevent you from taking a trade 'on a whim' or because you need the 'action.' With a set of criteria, Ricky is able to identify stocks that are aligned on multiple time frames and have momentum indicators showing an increase. He developed this system himself and the important part is that it works for him! Trading techniques certainly have an element of personal touch and what works for him may not works for others. Quotes: "I figured nobody is going to take care of my money the way I will." tweet this quote "In life, it's all about the process. It's not about being right. It's about doing it right." tweet this quote "I need to see things move up and down and that's why day trading for me isn't my strong suit." tweet this quote "Charts definitely can't see the future. You can see the indecision, the strength at support or at resistance with good chart vision." tweet this quote

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.

Transcript

Related