Mooers' Stories| Lessons from a decade of experience and Canada paper trading competition @Yugi
"I got started in 2013..."
"You can make more money on the next one..."
"Community. I like to see people's ideas as a fun refresher..."
"...you could follow people and then check to start a conversation..."
Hi, mooers. Welcome back to Mooers' Stories, where we present mooers' insights and experiences. Today, we are excited to have @Yugi, who ranked in the Top 5 of the Canada Moomoo Paper Trading competition, to share his trading stories with us. Moreover, with moomoo now officially launched in Canada, you may be interested in discovering how Canadian traders came across moomoo and their trading journeys. Let's start by hearing what @Yugi has to say.
Notes: All information comes from the interviewee and is published with the interviewee's consent. The testimonial provided herein may not represent other customers' experience, and does not guarantee future performance or success.
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📝 Trading Story: You can do better on the next one. Press that sell button and just never look at it again. Take it off my watchlist and never look at it again for a while.
🏆 Starting Point
🔍What inspired you to start trading, and when did you begin?
I got started in 2013 when I turned 19. But then, I didn't get into active trading until someone introduced me to investing in general. And then it just took me like 2 years, to save up some money, and join the world of trading.
The reason for my start was quite simple. The manager at Home Depot talked about penny stocks a lot, which sounded interesting, and I thought, "yo, I want to be this guy."
🔍What categories do you typically invest in or trade?
Stocks and crypto, with a 50-50 split between them. But I'm crazy about crypto. I have invested in stocks for around 10 years and BTC for 6 years.
🔍What major challenge have you encountered, and how did you manage it?
One of the most significant challenges I faced was handling large losses. "How did you get into this mess? Why don't you have a stop loss? Should I keep holding?" You start thinking like these thoughts, and you don't know what to do. And you almost forget your original plan.
The solution is to get out of that trade. You can make more money on the next one. Press that sell button and just never look at it again. Take it off my watchlist and never look at it again for a while.
🏆 First Impression
🔍How did you get to know moomoo?
I saw an ad (maybe on Twitter) about trading competition. And I had heard about moomoo before as moomoo sponsored YouTubers and it's commission-free in the state.
🔍What motivated you to join moomoo?
Moomoo might be the first American company to enter Canada. Canadians never get those types of apps like American companies coming over here. And then, when I saw the moomoo app for trading competition for Canadians in Ontario, I was like: "What?! no way!" So I really knew about it. So then I just signed up, and then I was like, this is real. And then I realize you guys are coming to Canada." And then I played with it, and then I was like: this app is kind of crazy. You can look at crypto stocks, like all that stuff. Everything is in one.
🏆 Preferred Features
🔍Can you describe some of your favorite features on moomoo?
· Heat Map. The heat map area, with all that information in it, is just a summary of each industry or index. It is super valuable because if I could see visually everything that's going on. I know I should be trading in this industry.
· Notifications. I'm getting notifications all the time, and it's good to keep up to date with that. So then, you can make your trading move in real time. It's pretty amazing on just the detail on the features."
· Community. I like to see people's ideas as a fun refresher.
· Chat. In Canada, at least for anything trading and chatting, it's unheard of. There are separate apps for that.
· PaperTrade. With this feature, I could tell those newcomers, "Hey, like you don't need to put cash and see what you can do with them. You guys have million-dollar accounts, but you can go down to low, like 10K or whatever, see what you can do, and then they can go on from there."
🏆 Community Insights
🔍How can one engage in the moomoo community?
A good way is to earn rewards. I found you can earn rewards when you join a community, follow a post, read a post, or just do those little things. I just like, oh, do you guys have a chat? Oh, there are real people on this. Let's see what they're thinking. And then I realize, oh, you could follow people, and then you can check start a conversation.
Notes: Cash rewards represent the value of a potential credit to your brokerage account and can only be redeemed on the moomoo app and be used to buy equities (like stocks, ETFs, etc.).
📈 Make your choice
See you next time!
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