How did I get into day trading? Furthermore, why did I decide to start a day trading business during the terrible markets around 2008? Watch the video below to learn more about my day trading roots.
The way that I got introduced to trading was when we began our trading company, which was actually back in 2008. In probably the most unlikely circumstance and unlikely market. Most people remember that 2008 was one of those times that the market crashed. In addition, most people are scared of the market. Therefore, not interested in starting to trade.
I was in the cellphone industry at that time with Kevin Jones, my business partner. I met his dad, who was a longtime day trader. And my first reaction was like day trading doesn’t work.
You know, it’s 2008. No one would ever want to be in the markets right now. I was hearing from his dad these profits, coming in and showing these statements and these, like, you know, I’m trying to run a cell phone business. And so I ignored him for a while. Then when we got to a point where we were exiting that business, his dad kept showing up… Kevin senior. Kevin was already doing this with him, so I finally sat down was like, ‘Okay, show me what you got.’
My belief around day trading started to shift with education on how the markets worked. How you could actually make profit in an up market, but also in a down market. When we got started, I finally had this awakening, like, Oh my gosh, you can make money and this thing’s going down. I started sharing with people like, Oh, yeah, we’re gonna be starting the day trading business. You know, I’ve left the cellphone industry. We’re now kind of start creating like tools and coaching around trading. My family and friends were worried for me. In fact, I would get approached by them all the time, like ‘Are you doing okay? Like ‘Is everything all right?’ thinking that our success was somehow tied to what they saw on the news, with the crash that happened in 2008 tied to the real estate market.
And so it is kind of an exciting new shift and beliefs around how you can make money day trading that really gets this thing started. And I saw that as an opportunity for people who didn’t know that. Traditional investors and I would say most of America is in this idea of the way you make money in the market is you put it in, you sit on it, and you wait for it to go up. And that’s the way most people do that, they give their money to a broker, and they count on them to do that for them.
It’s like, what happens when there’s a crash? What happens the next time this happens? Are you going to be a victim to the next downside turning market. And the truth is we empower our traders to not be that’s really shift that we’re empowering our traders with.
What role does emotion play in day trading?
Day Trading is an emotional thing because we’re not robots. Furthermore, there’s always a psychological factor. In fact, the market itself is a reflection of the combined general consensus of what we believe something is worth. So you could say that what the price is of the market today is actually a psychological reaction of the general population. To make money in it, or to be successful in it requires you to almost be able to remove yourself from that emotional response. And so there, there’s there’s probably more books about the psychology of trading than there are skills and strategies, because it’s that thing that’s going to kill you. It’s that thing that’s going to have you do what everyone else is doing and you should be doing the opposite.
Watch the video above to learn more about Matthew Poll day trading!
Matthew Poll, AKA Matt Poll, is an entrepreneur, investor and life coach based out of Silicon Slopes in Lehi, Utah. Furthermore, he is the CEO of GTF, a company which he helped co-found in September of 2008.
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