When I was in 8th grade, I received quite a bit of money for my birthday. Since I was inspired to be in the world of business, I asked my parents to open up an account in a brokerage firm so I could invest in some stocks. My parents agreed and my account was set up. I bought my first shares and I felt that I had accomplished something great and on the next day my stock had gained and I made $150. Boyyyy did I think I was the creme de la creme that day. I was very happy and I thought I could make a lot of money every day now. I began to look at the "Best performing stocks" of the day and bought them. (What a BIG Mistake.) I always thought that this stock had to go up because it was doing good that day. From that moment my emotions began to take control of me and I began making stupid decisions. I bought shares of stocks that I thought would do good just because it was in a specific industry. When I started to loose money, I began to panic and I would sell. I kept on doing this till my mother asked me how I was doing with my stocks. I explained to her what I have been doing and we had a long talk together. She asked me what I had done wrong and she repeatedly said not have your emotions play with you. It took me over 2 years to begin to learn from my mistakes and actually understand how the market works. I began reading Bloomberg every morning, watching CNBC after school and reading financials of companies. Now, I still invest with stocks but with my mind clear of any thoughts or emotions. I research the stock and see if it is worth it. I am also beginning to learn the basics of options trading to expand my knowledge.
Sorry for the long write up but this little stock venture I began in 8th grade had taught me something great. I had learned that
A. Never let your emotions mess with your straight forward thinking
B. You learn greatly from mistakes and you can prevent yourself from making the same ones in the future.
C. Never be afraid to take risks, taking risks can create great wealth but also great learning opportunities.
I wish you all the best!
Lamboman
Sorry for the long write up but this little stock venture I began in 8th grade had taught me something great. I had learned that
A. Never let your emotions mess with your straight forward thinking
B. You learn greatly from mistakes and you can prevent yourself from making the same ones in the future.
C. Never be afraid to take risks, taking risks can create great wealth but also great learning opportunities.
I wish you all the best!
Lamboman
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