I was watching YouTube one day and I saw an interview with Teri Ijeoma, she was promoting here stock investing course, and I was instantly in awe, firstly because here was a woman who looked like me and she was making a lot of money. I was trying different side hustle and looking for additional source of income and I thought learning to trade was a great idea. I signed you for the Trade and Travel course in November 2021, it cost $5000.00 USD back then.
The Trade and Travel course taught us the basis of the stock market and how to use technical analysis to trade daily, weekly or monthly. Learning to trade was like learning a new language and a life-skill. This course opened my eyes and mind to how many billions of dollars are traded on the stock market and how anyone can use the stock market to become financially independent. I started to subscribe to CNBC business news and followed the earnings reports of companies like Apple, Tesla, Facebook, Walmart and so on. I was now able to have a conversation with my financial advisor and make financial decisions on how to invest my own money.
Day Trading
I opened my brokerage account in 2021 with $5000.00 because I lived in Canada I used Interactive broker. I jumped straight into trading my live account after 3 months of learning the technical skill of trading. When you are a new trader, you must learn to manage your emotions, Fear of Missing Out was the biggest one. I joined the Facebook group, and you would hear fellow traders talking about the money they made or which stock they were trading. If you didn’t have a trading plan and the discipline to follow your plan, you would jump into any trade at the wrong time and lose money or take a big risk to win a small amount. Risk management prevented me from losing all my initial investment.
Risk management was emphasized in the course but most times I never followed it 100% so my account never grew. Sometimes I would enter a trade and close it too early before it reached the target. Or I may close the trade early if the stock pulled back and my trade was losing money.
Stop Loss
This is the set belt of day trading. Never day trade without a stop loss. Trade and Travel course thought us how to calculate a stop loss and how to use it in our trading.
After going through the roller coaster of emotions, small wins and big losses in 2023 I lost interest I day trading. The course was getting too expensive, and I was not making any money to justify paying more money for a subscription service.
Studies show that 90% of day traders lose money. I realized that the people in the Trade and Travel group that worked and traded lost the most money. It was difficult to just use your technical analysis of the market and trade stocks, you also needed to know the fundamentals. The market is always changing, sometimes a news report comes out and the stock market rallies in the morning then there is a Fed speech in the afternoon, and everything goes down.
Review Trade and Travel lessons:
I do not regret learning about the stock market and learning how to trade.
The course is comprehensive and easy to follow.
It covers the basics of technical analysis, but it does not teach you about fundamental analysis.
The course teaches you how to swing trade, which may be easier to do if you are working your 9 to 5.
If you must hide in the washroom at work so that you can trade, day trading is not for you.
Do not mix strategy, Day trading has different rules from swing trading.
Quit while you are ahead, studies show that traders typically lose 100% of their money in 1 year.
It can take up to 3 years before you become successful in day trading if you stick to it.
Be disciplined. Do not trade every day. Wait for great opportunities or great set up.
Have a trading plan. If you fail to plan you plan to fail.
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