I join Andrew Stotz on the Worst Mistake I’ve Ever Made Podcast. Here you can learn directly from the mistakes I have made and perhaps avoid the same pitfalls I fell into. In a nutshell – find out what you’re passionate about, invest in what you’re familiar with, start small, test things out, do your homework, and then go big.
This is how I went from a rookie trader/investor to running a successful financial newsletter and coining the term ‘Asset Revesting’. With our strategies, we help our members protect their money and grow their accounts by deploying risk and position management tools.
The topics we discuss throughout the podcast are as follows:
Asset Revesting – It’s not active trading. It’s not passive investing. Learn what it is, why it’s important, and how it will make you a wee bit uncomfortable until you realize its power.
The bio of how I learned the value of rules – Before I could drive a car, I could fly a plane. To get there I had to learn from professionals about how being rule-based, following systems, and checking boxes on the list will save your life while in the air. If you do all of that, then skies the limit on how much fun you can have.
Choose a variety of indicators – Using a bunch of indicators all based on price, for example, is not the best plan of attack. Doing so can actually fool you into thinking that you have a broader understanding of the stock market than you do. The key is to find a range of indicators that look at different sets of data to give you a more fleshed-out picture of the market.
My Worst Investment Mistake – Certifications – not knowing the proper Canadian importing rules and regulations was the downfall of the joint venture my Dad and I pursued. Not double-checking the electrical standards before importing physical products was a huge rookie mistake. Every one of the infrared saunas in two giant shipping containers had to be taken to the dump. We had to actually had to pay to get rid of the darn things. At the end of the day though, it was one of the best lessons and learning curves I could have gone through. I learned so much about myself and was reminded of why tempering enthusiasm and being diligent in your research is so important.
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Disclaimer: None of this material is meant to be construed as investment advice. It is for education and entertainment purposes only. The video is accurate as of the interview date but may not be accurate in the future.