Just need to post this and get it off my chest! only because a particular work colleague has noticed that I trade stocks during the day whenever I get the chance in between listing and selling Real Estate. He came up all excited like a little puppy dog tail wagging and said I want to do what you're doing make money on the side trading stocks! He doesn't own a house lives with his parents, doesn't own his car (leased) care free no kids not married just wants to make shiteloads of cash! (the good old days LOL!)
1st thing I said to him was ok Ill show you what I know what Ive learnt and what Ive been taught but please don't think I'm some kind of Guru with all the answers because at some stage you're going to fail and fail big time and please don't blame me! I'm still learning everyday, sometimes I win and most times I loose!! Its what you do when you fail will determine you're future as a trader!
One quote from another poster on HC that I will never forget goes along the lines of - Forget about the get rich quick buying into stocks expecting to double , triple your money over night , days, weeks! this happens but Good luck chasing them more often than not you're left holding the crumbs after many before you that have got in early and have cleaned up! You need to think of yourself like a Pidgeon cleaning up all the scraps, small wins across the board all add up and somewhere in all those small wins one day you'll get lucky and hit the jackpot but don't chase it because usually the jackpot come when lease expected! When I mentioned in my first year I lost $15k his tail stopped wagging and he went quiet! This goes to all new traders I'm no where near a Gun trader as are some on this thread, my advice to my work mate was to initially paper trade get a feel for it before he looses his hard earned cash, and honestly I'm a big believer that once you have taken a big hit only then do you realise this game aint that easy and experience wins in the end! Suffice to say I gave him my watch list and holdings and said Good luck, but don't come crying to me when you see RED
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