Saturday, September 12, 2020

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Confessions of a wannabe professional stock trader

 

Confessions of a wannabe professional stock trader

 

I started with CSCO and JDSU and some tech ETF my broker talked me into. I was new to the market. I think it was around 1996. Back then, it was coming up on the end of a boom in the market. 911 made sure of that. I don’t know when I first wanted to be a wannabe professional stock trader, I just knew I did. Being a professional stock trader looked pretty cool. I knew I had a lot to learn, so I had no time to waste. And I knew all professional stock traders know what the market is going to do.

 

I had researched it on the Internet. From all the photos I saw, the one thing in common was a lot of computer monitors. Ok easy enough. I made room on my desk and set up 3 - 24 inch screens and my laptop next to them. I also hung a 36 inch LED television on my wall. Nice!

 

Over the years, I subscribed to multiple social stock news feeds, multiple trading e-newsletters with hot stock tips every day or so they promised and joined or subscribed to several chat rooms. Having my ear on the pulse of the market was a sure way to know exactly what the market was going to do.

 

I had all my screens buzzing with charts and social feeds and chat rooms. Some days I wished I had 7 more screens. Maybe if I got bigger ones I could hang them on the wall and I could see them.  This certainly was going to help me become a professional wannabe and know what the market was going to do.

 

There were some really big wannabe professional traders on these chats too. I mean they were on all the major news networks all the time. How come every time I blindly followed them into a trade, I lost? Oh well, maybe they were having bad day.

 

Over the years I have traded stocks, every type of option known to man, bonds. Futures, forex and more. If it was legal. I have traded it. I had learned about a zillion different indicators too. I just never could figure out which was best. But knowing how to use them was what counted. Right? Yep. I had arrived. All of these indicators would surely show me what the market was going to do.

 

In the chat rooms and watching the gurus on the television, every day was a new challenge for all of us. We worked as a team, stirring up fear of a market crash and we better get out of everything or on other days the market was going to rally and we better buy, buy, and buy. Most days it did the opposite of what everyone was screaming, and we would lose or break even, but we were all wannabe’s and that’s what counted. We knew what the market was going to do. Right?

 

The problem was I never really got a head. With all my bells and whistles I thought I knew what the market was going to do along with everyone else that wants to be a wannabe.

 

A few years ago I remembered this. Buy low, sell high. Buy at support, take profit when you got it. Where did that come from? No professional would keep it that simple.

 

When my father traded in the markets. He made millions. I remember him sitting in his room with one screen. Before computers there was a television and a phone and he would call a broker and before that for him there was the morning and evening paper. He made his millions. But why? He wasn't a professional and he did not have enough information flow to know what the markets were going to do.

 

Over time we have filled our screens with so many indicators, we can't even see the price action. We look for that one trade that will be our pot of gold while we think we know what the market will do. 

 

Recently I turned everything off. On one screen I have a webcam of a beautiful beach I want to move too. On the other screen I have streaming music. On my last screen, I have charts just in case an alert I have set goes off telling me buy above, sell below or close the trade. And I place the trades from my smart phone and don't pay commission. It’s really simple.

 

I gave up trying to know what the market was going to do a few years ago and they have been my best trading years ever. It really is amazing what you can do, when you don’t know or try to know, or care what the market is going to do!

 

Does that mean I'm not a professional wannabe anymore? I really don't care. I am having some of the happiest trading ever. Me, my phone and my one screen. 

 

And my biggest accomplishment was I discovered a really easy way to trade earnings with a very high success rate. It’s amazing what you can do, when you turn everything off and get quiet.

 

Trade Happy my friends and have fun, not stress doing it. You will be a success.


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