I will be the first to admit, hearing anything about "needing to take a break" can be extremely annoying... especially when it pertains to something as fun and intriguing as the market. At times, the most annoying stuff is the most beneficial for you. Chat room member "Moppy" discusses his journey with us, in which a huge factor of how his now consistent success is due to stepping back and taking a break. Notes: Moppy's grandfather made his money from buying and holding stocks. As Moppy aged he realized that there might be a better way. After going through a college textbook on trading, Moppy decided to use options to leverage his small amount of capital to hopefully make some large percent returns on what little he had. A few years later Moppy heard about the marijuana boom that was happening in penny stocks. While he missed this particular 'boom' he wanted to have an account funded for the next hot sector. Moppy blew up a few small accounts trading penny stocks and he eventually stumbled across ClayTrader. It was after this that he decided to take a break for 6 months and focus on education while he saved up to fund a new account. Quotes: "I jumped into options because I didn't have a lot of money. I had a young family and not much money." tweet this quote "I didn't know how to plan my own trades so in essence, I was gambling." tweet this quote "I just got my platform... flashy lights, pretty buttons. Had some money and thought this is it. I'm going to work it." tweet this quote "It was either put money toward education or put money into the slot machine and I felt the education was a better value." tweet this quote "I reduced my position size a bunch. I thought I was playing Texas Hold Em and go all-in and hope for the best." tweet this quote

Ask this episode

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

Transcript

Related