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JEFF: Do you have any warnings or caveats for anyone who might want to follow the same investment strategy you did? For example, are there any strategies you might recommend to lower the risk involved in what clearly must have been a very aggressive trading approach?
KYLE: I would not recommend people start the way I did; putting all of my savings on the line immediately. I lost half of it and almost quit. I would suggest people paper trade, which doesn’t use real money. It will help to begin to understand how the market works and to work out some of those dumb mistakes without seeing it reflect negatively in the bank account. Also, listen to your body. If you’re starting to sweat putting too much money on the line, then you’ve gone too far. You should focus on growing bigger over time, rather than looking for a stock that goes from $2 to $5 with your whole account in it.
JEFF: Can you briefly describe the psychological and emotional mindsets you believe are necessary for the kind of investment success you’ve enjoyed?
KYLE: One of the biggest things that you need to do as a trader is admit that you’re wrong. Even at my level, I take a loss almost every day. For some, that loss is hard to swallow. You must be able to put aside the ego and admit when and where you were wrong before it leads to more losses. Trading isn’t like going to the casino – this is a business. You must be driven and have a desire for knowledge, because you have to know what’s happening in the world that will affect your trades.
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