A little history about myself. I have studied and follow many different teachers over the years, and even tried to start an app that would give away courses to people for free. Then comes along Philakone one of the only people on the internet really teaching exactly what you and I need.
I started trading stocks back in 2007 when I got my first job out of college at Cbeyond which was a publicly traded company where I had a good handle on how to trade this stock since I worked at the company. I made great money to the point where I quit my job to trade full time. What a ride, lets just say I had days where I made 20k and lost 30k all in one day. I was way over my head trading on margin with almost $400k. In these days trading fees added up, in one year I spent 60k on fees. After all the dust settled I was down to $0 and had lost over $145,000 in less then two years 2007-2009. After I lost all this money you would think I would feel really bad, but it was the exact opposite I actually felt free. I quickly realized their was more to life then how much money I had saved and being completely broke would make me stronger in the end. It was an eye opening experience to say the least.
After trading stocks for over 11 years and digital currencies for over a year, I have learned a few lessons. I'm not going to list all my lessons here, but I will give you a couple.
Lessons:
- Study Study Study Philakone lesson number 1.
- Never give up.
- Put in the work it will pay off.
- Stay within your limits.
- Emotional trading will kill your account, trade the fundamentals.
- go on youtube, steemit, and Twitter and follow Philakone.
I can go on and on, but the number one reason I wrote this post was to inspire other traders that no matter how much you have lost you can always learn more to make it back. Just think of your losses as an expensive education.
I lost $140,000 during the crash of 2007 my first year trading. Which was my entire savings. Don't listen to anyone and do your own research. If you do listen to someone make sure you cost average into the trade you plan on making.
Fear is your worst enemy. Be like a computer make calculated choices not emotional.
The more you study and understand about your investment and what problem it solves the better your chances of making money. You will not feel fear when it drops 50% in a day if you understand the value and problem it solves.
I missed out on buying LEH at 3.00 for the dead cat bounce because I listened to my dad and a friend. Don't ever listen to anyone that hasn't studied more then you. FYI the next day LEH went to $12 then $15. My order was set for 36,000 shares, but I cancelled it and missed out on over $400,000 gain. Always go with your own feelings on ideas when you have done your homework.
I bought 250 shares of ETH at $11.21 in Aug. 2016 and 50 shares at $6.36 on Dec. 16th 2016 and sold early at $20 or so. Be patient with these coins if they meet a demand and solve a problem hold them. It takes time for massive gains be patient and only buy coins you understand and believe will solve a problem.
Why do we listen to traders without any proof of success? The key to success is finding your own trades and