When I initially started trading I had no clue what I was doing. My strategy was basically to buy a stock and sell it within the next day. Sometimes this would mean I would sell the stock within 24 hours and other times I would hold the stock for three or four days to get it above my initial entry price.
After all making a few extra bucks per month was not bad considering it was grocery/food money.
However little did I know that we were in a bullish market. The risk was minimal. In the end, everyone is a genius in a bull market.
Eventually, those things catch up to you and my strategy in my system stopped working. As things started to turn around, I incurred more losses and major mental setbacks because I’ve never experienced difficult market conditions.
See the thing is when we start something we often have this concept of beginners luck. Sometimes it happens by chance because of timing. The time that I was trading when I started were the good times….
But true experience, true professionalism, and a true success is when you can overcome the difficult bumps in the road. It comes from when you know what to trade, how to trade, in favorable conditions, and terrible conditions.
Remember that anyone can be a genius in a bull market. But learning what to do when you get in trouble will keep you in this business for the long-haul.