Growing your Account through Options

I got to meet with Charles Oglesby and Michelle Welch of The Millionaire Talk Show with Todd and Michelle to talk about my experience growing my financial accounts.

Being able to connect with other millionaires in the industry and "talk shop" is always something I enjoy doing. Sharing my journey from growing up poor in Detroit to how I slowly built my accounts up over time... and also how I lost money over time.

After I found my first success in the market by making $100 on Sprint PCS stock back in the day, I knew I had more to learn. That ignited my passion into learning more about how to read charts and to find out more about how stocks trended.  At that time, I grew my account to $120,000. 

When I was 25, I risked $250,000 to make $500,000 and I lost it all. I thought life was over. I thought I knew how the market worked, but then I started thinking maybe I was just lucky and I didn't actually know how it worked. 

This inspired the start of my YouTube channel so I could document my journey to make the money back. I also grew passionate about teaching others how to learn the market too. 

So many people do not realize they option trade in their regular every day to day life. 

Think about buying a house. Many people don't pay in all cash for a house purchase, they need to take out a mortgage. When you take out that loan, you're only paying some of it up front (the deposit) and then the rest you pay over time. 

Say you purchase a house worth $200,000 after putting down a deposit of $2,000. A few years, your house is now worth $250,000. You can sell the house and earn the profit, even though you may not have paid off the entire mortgage.

Your auto insurance policy can also be another example. You may only pay a few hundred dollars a month to protect your vehicle, but in case of an accident, your insurance will pay you out whatever your policy is worth. 

Finding trades that will work best for a option trade doesn't have to be difficult. The most important thing to learn how to do is read the charts. 

The stock chart will tell you everything you need to know, especially if it's in a good position to take the trade.

I also suggest giving yourself more time once you've figured out the pattern the stock is currently in. If it looks like it's taking a week, then give yourself two weeks in case something happens. 

If you're in a trade and it starts to turn around, get out and take the profit. It's better to lose small and win big, rather than lose it all. 

Check out the rest of the episode for more insight on options trading on Spotify or Apple Podcasts,

If you're interested in learning more about options trading, check out my Options Explained course at Power Trades University.