Hey there! I’m about to spill the beans on my thrilling journey into the world of option trading. It’s been quite a wild ride, and I’m thrilled to share my story with you.
How It All Began?
Picture it, the year is 1980 and I’m getting my first taste of the stock market. A pal of mine, who used to work at a brokerage firm in New York, invited me to visit the Pacific Stock Exchange in San Francisco. I was buzzing with excitement! After that, I was hooked and ready to conquer the financial world.
I didn’t know the first thing about trading, but I was young, eager, and ready to dive headfirst. My friend suggested I start small, so I bought 100 shares of a penny stock for a whopping $45. The stock skyrocketed to $1.25, then plummeted to $.20. I held on, hopeful it would rise again. It didn’t. I kept the stock certificate as a reminder of my rocky start in this world of trading.
Back then, I never saw trading as a full-time gig. I was just a guy trying to save up for the future, stashing my money in a savings account and letting it slowly accumulate interest.
My Encounter With a Financial Adviser
Fast forward a few years, and my savings had grown substantially. I met a financial adviser, who promised me the moon and the stars. But as I scrutinized my monthly statements, I realized the real increase in my account was from my contributions, not so much from capital gains. Despite this, I ended up with a decent amount when I retired, thanks to my consistent savings. So, I guess there is some truth to the saying, “All’s well that ends well.”
Learning to Trust Myself
The reason I’m sharing my journey is because it’s probably not too different from yours. We’re all sold this idea that we need someone else to manage our money. But the truth is, you can learn to invest yourself. It’s not rocket science. It just takes some dedication, knowledge, and hard work.
Where I Stand Today
When I retired, I knew I wanted to continue managing my own money. I loved the thrill of investigating opportunities and making decisions about where to invest. To avoid unnecessary risks, I only traded what I was comfortable losing. I started small, but as I traded more, I got better. There were losses, but the wins were bigger and more frequent.
Options trading had always intrigued me. After finding a fantastic resource in the form of a book by Lawrence G. McMillan – “Options as a Strategic Investment,” I decided to dive in.
My Lightbulb Moment
“Strategic investment” – yes, that’s what I needed! I didn’t just want to make random trades. I wanted a strategy, a plan. I wanted to set and achieve goals with my trading. I felt like I was on the right track. This was only the beginning, though. As I delved deeper, a whole new world opened up.
Embracing the Journey
So, here I am today, a seasoned trader with a wealth of experience under my belt. I’ve had my fair share of victories and defeats, but through it all, I’ve learned that the key to success in trading lies not in avoiding losses, but in embracing them as opportunities to learn and grow. With every trade, I gain a deeper understanding of the market and refine my strategy. Looking back, I realize that my journey into options trading has been about so much more than just making money. It has been a journey of self-discovery, resilience, and continuous learning.
In Summary
So, if you’re standing on the precipice, unsure whether to take the leap into the world of trading, I say go for it! Embrace the roller-coaster ride, and remember, every dip is a chance to climb higher. Here’s to the thrill of the trade, the joy of the journey, and the endless opportunities that lie ahead. Happy trading!
