Steve Misic first got into stock market investing in the early 1990s, but like many other traders he became more active as the tech-stock bubble expanded into 2000. Misic would often call in buy-and-hold trades from his cell phone while driving a bakery sales route. There wasn’t much to it, he remembers.
“I was trading from my truck,” he says. “It was one-way — you just bought it and it went up.”
As everyone knows, however, the ride didn’t last forever. When the bubble burst, Misic, like many others, rode most his holdings down. After that, he decided to learn how to trade.
“After I lost money in the bubble, I wanted to learn a way to make sure that never happened again,” he says.
He attended seminars and studied technical analysis. In early 2004, Misic decided to trade full-time. For many years he had worked nights, and even after he quit his job his body clock was still set to awaken in the early hours of the morning. Trading around 2 a.m in the forex market was a good fit for him. He relied on traditional technical analysis, basing his short-term trading on support and resistance concepts.
Most important lesson learned
“Trading makes a person humble. I’ll never get it all taken away from me again because I learned from the last bubble. Right now, momentum trading is all the rage again, but eventually there will be a sell-off. I’ve learned how to trade technically.”
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