Growing up I was a big hockey card collector and became fascinated by the monthly fluctuations in the value of each card. One day at age 10 after browsing through my new issue of Beckett Hockey Monthly I became extremely curious about the up and down arrows next to many of the cards. I asked my mother, “What is the stock market?”. She quickly snapped back, “Please don’t ask that again, the stock market is dangerous!”. Later I’d find out that a family friend had every penny he owned in Bre-X, when the scandal hit he nearly lost everything. Needless to say that was the first and last time I would hear about the stock market growing up.
Fast forward to 2004, my graduating year, where I attended Confederation College in Thunder Bay, Ontario with a focus in electrical engineering. It wasn’t until then I learned of eBay and the resurgence in the hockey card market, I couldn’t open an eBay account fast enough. I successfully started a hobby business buying and selling hockey cards as if they were stocks.
During this same time period it just so happened that each day I would hear the midday stock report on CBC radio where they would give stock quotes of companies such as Bell Canada, Bombardier and Nortel. After hearing these report numerous times, it fired me up so much that I decided to finally learn the stock market and opened my first self-directed brokerage account.
Right off the bat I learned of a raging bull market in uranium where penny stocks were doubling and tripling overnight. Although, at this time I didn’t have much capital to my name, I couldn’t resist. I took $10,000 off my visa and line of credit and went all in on what I thought was the cheapest uranium stock, a $0.10 company with the name AntOro Resources. I was going to be rich!
To my surprise I woke up a few weeks later to see that the company had a cease trade order put against it by the TSX. The company was a fraud and eventually got delisted, I ended up losing every penny. An inviting welcome to the stock market I must say.
After a few months of continuing to learn on my own I still didn’t know what to do, and I still didn’t have a penny to my name. So I sacrificed my brand new ATV that I purchased just before the AntOro debacle, and sold it for $5000 so I could have money to trade. It wasn’t long after that, three months actually, I was able to turn that $5000 into $50,000 by continuing to invest in highly risky penny stocks. I thought it was skill but I’d soon find out I had a huge lesson coming to me in the form of risk management, because basically with the next two trades I blew that account up as well.
Despite losing all that money my fascination with the stock market continued to grow. In 2009 I enrolled back into college with a focus in business and got a job at CIBC as a financial services representative. This was also the year I became a member of Dan Fitzpatrick’s stockmarketmentor.com, where I began to learn about technical analysis, how to manage risk, and basically built the foundation of what I do here today.
Please feel free to subscribe below to receive future updates from SetYourStop.com.
Full Disclosure: Nothing on this site should ever be considered to be advice, research or an invitation to buy or sell any securities, please see my Terms & Conditions page for a full disclaimer.