🎙TRUE STORY: A Wall Street Story From A Friday Night...

🎙Listen for FREE

Goodmorning Traders!

🎙This is a FREE TO READ article. Make sure to download the Substack App so you can LISTEN TO THE AUDIO VERSION for an enhanced experience!

I want to share a true story that might help you develop a good trading approach and stay humble. Many new readers have joined my publication, and I'm glad to have you on board. I work and worked on Wall Street in New York City's financial district, which is a unique place and frankly there is no other place like Wall Street. I love it.

At lunchtime, you'd see familiar faces from television, and in the mornings, you’d see news personalities enter the NYSE building. Our office was quite large, taking up half of the floor.

I often worked late nights, especially on Fridays. Having a strong work ethic was essential for my success.

One Friday night, I noticed an older man in a 3-piece suit working on the same floor. He stood out because of his age and his classic three-piece suit, a style from the 90s when he used to work as a stockbroker.

It was around 8:30 PM, just him and me in the office. I approached him and said, "Mr. Dapper himself! Can you tell me why you're here working?"

He explained that he had been a stockbroker for many years but had returned to work to earn big commission checks. He needed that money to trade options, something he claimed to be really good at.

Despite being nearly 60 years old, he was working late on a Friday night on Wall Street to earn money for his options trading.

This story teaches us an important lesson.

In the financial markets, it's important to think about the long term, even if you're a short-term trader.

You need to establish principles that will keep you around in this business for decades and not just 3 to 5 years.

The current culture of social media and services can give you the wrong idea. It often lacks humility. Some traders think they can't lose everything after trading for just five years. There is not such thing as a “I made it moment” in trading.

A 20-year trading veteran can blow up just as a new trader can blow up.

We must always and I mean always maintain humility.

The gentleman in my story lost money trading options but still called himself a "good options trader." To succeed, you need humility and the understanding that you're never smarter than the markets. Danger comes when you start believing you know everything.

Seeing other people's profits on social media can lead to a "reward first mindset." In trading, you must always prioritize a "risk first mindset."

Recently, I spoke with two wealthy traders about investing in a struggling NASDAQ company. We had direct contact with the CEO, and the deal looked promising. During our conversation, these traders didn't focus on potential rewards. They were concerned about protecting themselves if things went wrong.

The best traders are always careful with their money. They play defense. They have guiding principles. They're not like the older man in my story who wanted a big payday to recover from his trading losses.

If you're trading as a hobby, that's perfectly fine.

But if you're serious about trading, it's time to set yourself apart.

Develop principles that you follow consistently.

Approach every trade defensively.

Having principles and discipline in following them requires more effort. Finding trades that meet your criteria takes time and work, but remember, nothing worthwhile comes easily.

A Message To Free Readers

Consider joining our reports for a year. Our annual plan is affordable, and through our publication, Telegram channel, and spreadsheet, you can learn about our approach to the markets. You'll see when I become aggressive and when I adopt a more cautious approach.

I hope to hear from you soon!

Authors Note: If you read this entire story then you are serious about trading. You are committed to trading success and you are the type of person I want reading my reports.

That is why I am giving you 20% off for life right now to get you to come on board!

DISCLAIMER: Lusso’s News LLC offers no guarantees and provides forward-looking statements with the sole purpose of offering personal enjoyment and entertainment to its readers and viewers. If you choose to purchase any securities mentioned in our articles, posts, newsletters, or comments, you agree to hold Lussosnews.Com, Powerhouse.substack.com, Lusso’s News, LLC and all of the authors free and harmless from any liability. Investing in financial markets is risky, and you may lose your entire investment at any time. Lusso’s News, LLC never guarantees or offers recommendations, and the company will not be responsible for any loss or damage that occurs.

We want to emphasize that we have a strict refund policy, and we do not offer personalized investment advice. Our products and services are for educational and informational purposes only and should not be construed as a securities-related offer or solicitation. We highly recommend that you consult a licensed or registered professional before making any investment decision. Please be aware that Lusso’s News, LLC and its owners or employees are not registered as a securities broker-dealer, broker, investment advisor (IA), or IA representative with any regulatory authority. We do not give out advice, and our publication is solely for information and education.

We want to make it clear that our information is subject to our terms and conditions and disclaimer. Our report is for informational purposes only and is not a buy or sell investment or trade advice. No specific outcome or profit is guaranteed, and the full risk of losing money on a trade applies. Please understand that our writers and traders are not licensed or financial advisors.