Podcasts Business Investing The Stock Trading Reality Podcast STR 045: “Get Rich Quick” – Does it Work?

STR 045: “Get Rich Quick” – Does it Work?

Published: Jan. 25, 2016, 5 p.m.

The marketing out there is crazy. Fancy cars, mansions, beautiful women, exotic vacations… all intended to fill your mind with how the stock market can give you a life of pure perfectness. This is all twisted to imply that with the right strategy or system, it all “happens quick”. So, how does the get-rich-quick hidden promise play out in reality? That’s what we discuss with chat room member Exploerer76 (“E76” for short). He started out with this mindset and has since ended up with a much different view. Let’s connect all the dots in between….

Notes:

  • Explorer76 didn’t get involved in trading until some of his coworkers told him that they were day trading during the work day (when it was slow).
  • One of the members of Mike’s band was heavily involved in the financial market and he looked to him for advice. His advice was to put his money into no load mutual funds since he could self direct his retirement account.
  • After some big changes in his life (both work and personally), that retirement account had to be purged so now Explorer had to start fresh and was looking for a way to get rich quick. After investigating many traders who promised ‘quick riches,’ he came to the realization that when it seems too good to be true it usually is.
  • In 2015, some old accounts that were locked came back into Explorer’s possession and this would soon turn into his trading account (to which he was ready to apply his new found trading education).
  • Instead of shooting for home runs, Mike is now trading advanced options and going for base hits over and over again with a high probability of success.

Quotes:

  • “Wow these day traders are so edgy! They’re taking chances and that was so cool. I wish I could do that but never did.” tweet this quote
  • “I tried shorting the market but I couldn’t figure it out with the mutual funds. Ultimately, I just held what I originally had.” tweet this quote
  • “I’m thankful I was smart enough to realize there are no shortcuts to learning how to trade stocks.” tweet this quote
  • “What’s that saying? You’ll never plow a field if you only turn it over in your mind. I wanted to get in there with real money.” tweet this quote
  • “Honestly, I look at the chart more than anything. I draw lines all over my charts and that’s how I start making decisions.” tweet this quote

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