Recap – Stock Market Journey (Seminars and Courses in the Noughties)
Last time I briefly mentioned the fact that I had attended numerous seminars and courses, and that I had bought online books, etc, etc. Like I said, spending money on your trading education is important and necessary, but flitting from one thing to the next isn’t going to help you in the long run. I needed to get serious and treat stock trading like a business.
The last few years – thinking of stock trading like a business
The past few years of my trading journey have been the most exciting. Things really got serious. Instead of flitting in and out of the market like I have been for decades, I committed to treating my stock trading like a business. So, I had to be “on top of it” every day. I still paid for my education, but saw it as such, with the intention of sticking with it without giving up after a few losing trades. I opened an account with two different brokers in the US as I wanted to trade US markets. Why two? Because one can be used as a backup if something should happen to the other one. The US was my preference because it is a much more liquid market and the selection of trading instruments is much larger than anywhere else in the world. I wanted to do this “proper”… no more messing around.
I have also been part of a coaching programme. This helped me stay focused while I learned new things and tested new strategies. It’s nice to just be able to ask someone a question or check in. It’s also good to realise that other real people trade, and they ALSO makes losses along with their profits. How you react to the loss or the profit is what is important. The aim is really to have more profits than losses at the end of the day. This should also be part of your plan when you start out.
I have moved on from trading shares and CFDs to trading options with various options strategies. WOW! The world of trading options is a big place with so many different ways to lose your money… and to settle in on a strategy that makes money. A few years ago I would have stepped out of a conversation involving options. They seemed too complicated. I was happy to just be able to buy something or sell something. For me, trading options adds a really different dimension with a whole lot of versatility.
I have still spent money on different subscriptions and courses, but these have become more focused and significantly more limited. I stick to my trading methods more strictly and don’t fall into the traps I used to fall into – in other words, I avoid chasing the next big thing. That doesn’t mean I don’t tweak my strategy, or explore new ones, but that’s all within my trading plan.
Want to know about a particular course or subscription, trading software or broker? I can certainly give my view on that… just my view, but I am sure it would be helpful.
So tell me, what do you want to know more about?
My Lessons:
- Trading is not for everyone.
- Treat your stock trading like a business, no matter if you trade short term, medium term or long term strategies.
- Trading is ACTIVE. There is no one size fits all strategy. You need to move with the changes in the market.
- Continually check your strategy, making it your own! Tweak and improve through an appropriate feedback mechanism.