A Success Story: Escaping the Valley of Despair
Please note that the market is closed on Monday, February 15, in observance of George Washington’s birthday (the Presidents’ Day federal holiday). George Washington, a founding father of the United States, is certainly one of my favorite and most respected historical individuals. His vision for democracy and separation of powers in the newly found republic has been an inspiration for so very many.
Success in any endeavor comes from being resilient and surviving the learning curve. The learning curve for day trading is among the most brutal ones, as it takes you through many, and I mean many, ups and downs. There is no question about it, learning how to day trade is an emotional roller coaster ride. You should expect to have a few early losses, and to make mistakes that you know you should not do, but you will do anyway, such as averaging down on losing positions and not respecting stop losses.
As Mike and I referenced in our recently published book, success eventually comes to those who are persistent and stay in the game. Thor and I received an email earlier this weekend from someone who joined the BBT community in December 2020 as a lifetime member. This person also shared his profit and loss statement with us. As you can see below, the power of community and mentorship was the significant factor in his results. Before joining the community, he was trading without much of an edge, and now he’s getting better and better.
Let’s read his email:
Please have a look at my P&L statement. You can see it is exactly similar to the Dunning-Kruger effect. I was really in the Valley of Despair in the middle of Dec 2020 and at that time I decided to join BBT as a lifetime member. I started working on Day Trading in Aug 2020 as I had slow movement in my consulting work. I was lucky and generated a lot of profit without any strategy. And this was my Peak of Mount Stupid. And then I lost a lot of money.
BBT is so supportive. I really follow you, Jarad, Peter, Andrew and Brian on a daily basis. And you can see the result below. I am still on the Slope of Enlightenment. I have decided not to give any time frame when I will have [the] Plateau of Sustainability. I am enjoying the Slope of Enlightenment and I will be able to get good at becoming a good day trader. It may take one more month or one more year. But I know this will happen.
Really want to thank you for bringing [together] such a nice community and I am really enjoying it. I know Covid will be over soon and I look forward to meeting you and everyone.
We are humbled and honored to receive emails such as this one from our members, and we are looking forward in 2021 to building an even stronger community support for all aspiring traders.
The market is definitely getting more volatile every day. And I doubt this volatility is going away anytime soon. A few years ago, we were lucky to find just a few Stocks in Play, but now every day we have countless stocks gapping up and countless stocks gapping down, and all with volume and volatility. It can be hard to choose from among them! At the same time, many sectors are now volatile, and many new traders are joining us in this brutal game.
As we always say, this is a serious business. Don’t become “gamified”! Looking forward to seeing you all on Tuesday!
To your success,
PS: Please check out my newest book, Stock Market Explained, where Ardi and I review the basics of investing and trading in our modern stock market. A link can be found here: https://amzn.to/3ndAJkL As always, I appreciate your honest reviews and feedback.
PS 2: We are offering 40% off of our Elite – Annual membership for Valentine’s Day. Use discount code LOVE40 at checkout, or simply click here to be brought to checkout.