B The Trader Interview With The Stock Snipers - Learning How They Made It
Mike, Nick, and Alex started day trading about 6 years ago. Having worked as busboys and waiters, they knew the value of a dollar and were looking for something to make them more money.
They pulled money together and started an account with $1000. On his first trade, Mike scored big with Rite Aid stocks, effectively doubling their account within one year. At first, they traded big caps and well-known names. However, those stocks didn’t move as much, so eventually, they moved on to OTC which provided more opportunities.
In 2014, weed got legalized in several states, so there was a lot happening in the cannabis niche of the stock market. The Stock Snipers had multiple big wins, but they also experienced multiple big losses once the market started to calm down. Their trading journey includes many stories of high profits and heavy losses, but one thing that they learned to do is how to move on no matter what and stick together.
They’ve been trading together for years, and now they educate other traders and pass the knowledge and experience that they’ve accumulated over time. Their journey taught them to cut losses on time, stick to the plan, and learn how to be OK with occasional missed opportunities.
This is their advice for beginner traders:
- It takes between 50-100 traders to start getting a feel for trading, be patient and prepare for “survival mode”
- L is for learning, not loosing
What was your takeaway from this interview? And would you start a trading account with your buddies?