I still remembered like it was only yesterday.
At 23, I opened my first trading account with ten grand.
Excited was an understatement. I was THRILLED with the idea of becoming a millionaire by dabbling in stocks.
Maybe I read too many tabloids. Or drama sitcoms about overnight rag-to-rich sensations.
I’m smiling in disbelief right now. I was naïve.
Someone should have whipped my a** then. And wake me to face reality.
After learning how to use the platform, I felt ready to roll my money like a gambler.
So, every night I would stare at the screen. Preying for the next big thing.
While I was listening to the financial news on TV, I’d dissect their recommendations like a surgeon.
Then, I‘d buy them if I liked the companies that I studied.
You have no clue how proud I was after each buy.
“This is the one! It’s going to break the bank in few days time. It’ll be in the news.”
Once the dust settled down, I jumped straight into the trading.
I’d be watching at how my stocks moved every hour.
Ok, I lied..it was every fifteen minutes.
I’d be celebrating each time the ticker turns green. And I cursed at anything when it's in the red. I thought I was a badass.
Let’s move to about six months later.
Can you guess how I was doing?
TIRED. My shoulders and neck were always in pain from the eye strains. I felt lost from the many significant losses. And little gains.
I was close to throwing the towel. Who wouldn’t?
I followed every letter in the trading manuals. But I wasn’t making positive returns.
That wasn’t the problem. It was something else.
I took a step back and reflected on the whole process. I engaged a paid mentor.
Let’s call him ‘Tim.’
He looked at me in the eye. And Tim told me that I was lucky that I met him early. Else, I’d be out of the game sooner.
Tim explained that I was focusing on the wrong kinds of stuff.
Instead of monitoring the price movements, I should have improved my trading system.
At that time, there were many flaws in it. For example:
And he was only scratching the surface.
I gave a loud sigh. Shoulders dropped. It was a huge blow to my already bruised ego.
My mentor offered to help me. But he instructed me to throw away whatever I’ve learned.
The next twelve months were hard for me. Emotionally challenging.
But it was a good experience. I became battle-hardened.
Fast forward to the present time. Boy, I’m glad that I did the right thing. Now, I’m more disciplined. My trading system has positive expectancy aka profitable.
If everything goes as planned, I’ll be hitting my first seven figures in less than a decade.
So what have you learned from this?
I understand how it feels to start your trading journey. I can empathize that it’s not easy like any other new attempts.
Take one step at a time. If you fall, get up and acknowledge that you’ve made a mistake. And avoid repeating it. Try.
Keep learning from your losses, mistakes and read as many books, if possible. Knowledge has no boundary.
Of course, you can trade or invest. But start small first. When you gain confidence, you can scale your position size gradually.
I hope you learn something here.
Before signing out, tell me what sort of blunders you’ve made when you first opened a trading account. Leave your comments below.
Share heartily. We’re here to learn together.