The Secret to Wealth versus Poverty
I remember sitting across from my mentor's desk many, many years ago. He had been very successful and I felt fortunate to be under his mentorship. As we sat there, he said, " you know Wes, if I lost everything I owned and had zero to my name, I could make it all back due to my knowledge and experience."
He was right. Throughout his many years, he began to understand his trade, life in general, which became his knowledge base. As he continued to apply that knowledge, his experiences proved what worked and what didn't work. This, then turned into wisdom. With this wisdom, he could continue down the path of success, and all the benefits that success offered. Even if he lost everything, due to some unfortunate event, he was confident he could rebound because of the understanding, knowledge and wisdom he had accrued over his years.
In all our getting in life, let us all continue to strive towards understanding, which turns into wisdom, which when applied consistently and successfully becomes wisdom.
I got started by just researching stocks, i love the activity by itself, I would and do it for free haha, until i bought my first stock around 3 years ago. Normally I research industries, read everything all over the place. and at some point an idea comes to mind, then search if there is a company that can solve this long term problem I have thought about, before the media even starts reporting about the issue.
The last two and half years i fully commited to forex trade, (also I worked as a sales in of them, which got me started) I must admit, the first year was a very painful experience (there was good early profit, but then the profit I made I blew with bad trading psychology and horrible money management within the porftolio, I got cocky once i Started winning) , But what i learned from trading forex, is trading psychology, money management and tech analysis and I got the hang of it slowly over time now its going well without emotional temptation :D
And now since 3 months, im fully researching the crypto field (i was researching AI stocks and found singularitynet instead, thinking what is this stuff??) spending as much free time that I have on trying to understand this field as well. Its still a long way to go for me here, but I love every step.
I love all 3 fields, stocks, forex and crypto, but each field is so different and need different approaches in some sort, that you cant just jump in start everywhere, all at once.
Even though trading isnt my job, I hope that in the not so distant future, I can make it my main source of income. Spending every day on it, since this is the real passion I have found in my life
Rene,
Just out of curiousity, have you ever looked into behavioral finance? It is so intriguing and helpful in learning why we make the financial decisions that we choose.
Thanks for sharing your story. Personally, because crypto is so "new" and unknown to the masses, that it is probably the most exciting in many ways. Whatever you do, may you be blessed with wisdom and guidance in whatever your income producing career leads you.
Behavorial finance, Benjamin Franklin comes to mind for me as a book that’s probably correlated with his herd descripton on the markets, but I didn’t study the field itself thouroghly, would you have a book you can recommend on the field, or author?
I like that, start early and take all the experience, every set back is a lesson, not a reason to give up :)