The world of day trading stocks is a scary place when you think you know what you are doing! Add to this, day trading stock options and you have entered a minefield. It's true, plain and simple. How do I know? From personal experience. Do not get me wrong, I love Day Trading Options but there was a time a few years ago that I lost $ 15,000, my whole trading account. I was not wiped out overnight but slowly over a period of about three months. So do not let this chance to learn from my mistakes pass you by.
Like most people, I was drawn to trading options by the hype and the headlines of vendors promoting their systems. You know the ones I mean; "Less risk! Guaranteed profits! Financial freedom!" They make it look like everyone's a winner and who does not want to be a winner? Would you spend your hard earned money on a system if it Promotes "Guaranteed losses"? Yes, I can hear you now; "Do not be stupid, of course not"! Well it may come as a surprise but that's what many of us do, unintentionally of course.
Many years ago I purchased what I believed to be a good system trading stock options. It sounded great and it had plenty of testimonials right there on the sales page and the price was a mere $ 3,000. The course comprised of audio CD's and a bound manual, arrived in the mail and I immediately started devouring it, hungry to learn and eager to begin my path to financial freedom. For weeks I listened to the audios while driving during the day and night I studied the charts, indicators and rules. Truly amazing to think that anyone can make so much money within such a short time, maximum of 3 weeks. Okay, this is it, I completed all the paperwork to open the trading accounts and I hit the ground running, I started paper trading with a virtual account (pretent money) of $ 100,000.
This is great, I was doing really well and as 2 weeks passed my virtual bank had grown to $ 111,800 so I began trading live with my own money. Oh how that changes everything! Because it was my money at stake now, I started second guessing and making stupid mistakes, causing losses. I realized what I was doing, instead of letting my winners run, I was letting the losers run thinking they would turn around, of course they did not. So I immediately changed my trading psychology. Within a matter of a few weeks, the behavior of the market started changing and I found that I was losing large amounts and the lessons did not have the strategies to deal with this and no was anyone available to guide me. Occasionally I lost my $ 15,000 trading money but instead of being bitter, I looked upon it as a learning curve, an expensive one, but a lesson well learnt. After all, we have to invest in our own education if we want to grow.
I was determined not to give up because because I did prove to myself that it was possible to replace your income without changing your JOB (Just Over Broke). I began researching day trading again but this time I made an informed decision. A decision which now helps me pay down my debts, take fabulous holidays (in May we traveled through China and Vietnam and in October we are off to Singapore) and allows me time with my family. I deserve this and so do you.