I Have Been Scared Trading Penny Stocks
Ever since I started the Tim Syke’s Millionaire Challenge I have been dealing with being scared trading penny stocks. Scared like watching a scary movie scared. Scared like someone was hiding behind the door and screamed BOO scared. Scared like I was getting results back from the doctor scared. Catch my drift? I thought so.
Now, let me make a point about fear and let’s forget about all the money I have blatantly wasted in my life. Forget about the drinking, partying, shopping, gambling dinning impressing and everything else because let’s face it EVERYONE has wasted money at one time or another.
That being said, if I think about all the fear provoking things I have done in my life I ABSOLUTELY MUST QUESTION MY THOUGHT PROCESS THOROUGHLY.
Let me share a few of the things I have done in my many years on this planet to help you understand what I mean.
- I performed on some of the biggest stages in the world as a salsa dancer. (Example)
- I commentated for ESPN for 3 years. (Example)
- I act. (Example)
- I got married.
- I became a dad.
- I became a dad again.
- Did I mention I got married?
Yes we all have to deal with fear. Yes we all experience it on certain levels. And yes I have persevered time and time again but this trading thing is scary. The point is that I have been scared trading penny stocks ever since I started the Tim Syke’s Millionaire Challenge. Don’t get me wrong I have traded a total of 5 times since January 27th 2014 and I am currently up $306.75 but it’s been challenging.
For example I let 3 no brainer stocks pass me by. YOD, EKSO & ISR were all great short term plays based off of great news. YOD was said to be the next Netflix of China and had a deal with Disney. EKSO was featured on CNN after helping wheelchair bound people walk. ISR announced the world’s first pediatric treatment for metastatic tumors. Yes hind-sight is 20/20 but there was very little downside risk at the time Tim Syke’s alerted them.
Instead I tried playing the “BOUNCE” on BIOF which is one of the riskiest (stupidest) plays in the stock market game for newbies. Luckily for me I timed it perfectly and got out with a $14 gain but man was I scared (and stupid) for 20 minutes.
What the F am I playing a bounce for? I just started trading with the Tim Sykes strategy. None of his videos nor DVD’s promote playing the bounce unless you have experience in the game.
The plan is I need to focus on smarter setups. I need to try to cut my losses quickly if the price action doesn’t go my way and I need to STOP BEING SO SCARED TRADING PENNY STOCKS.
Wait a minute… after reflecting on this post maybe I should consider renaming it
“I Have Been Stupid Trading Penny Stocks”.
Time to get back to studying.