Perhaps Michael Douglas’ portrait of greedy corporate raider Gordon Gekko in the iconic movie Wall Street comes to mind?
Or maybe you think of a math and computer science geek, glued to a screen and endlessly testing and refining evermore arcane and intricate formulae.
Then again, you may imagine a wealthy retiree, sipping martinis by the pool as he tops up his already handsome income with a few strategic and judicious market plays.
What you almost certainly don’t think of is a 62-year-old, out of work English teacher marooned in China by the COVID-19 pandemic.
But that’s how Total Alpha student, Tim Tuttle, describes himself.
And his story has some valuable lessons for anyone tempted by the lure of the markets.
“I’ve always been interested in the stock market and believed if others could make money, then I could, too,” explains Tim.
It’s a perfectly reasonable assumption.
Although he had gained some knowledge from internet research and trading newsletters, Tim’s problem was that his first forays into the markets coincided with the crash that followed the financial crisis of 2008.
“I decided I would never invest again or look at the stock market,” he recalls.
And his frustration was entirely understandable.
Thankfully, changed circumstances have brought about a change in his attitude.
62-year-old Canadian Tim Tuttle was working as an English teacher in China when the coronavirus pandemic struck in December 2019. Suddenly unable to work, he looked for alternative ways to make a living but was wary of the stock markets after being badly burned in the 2008 financial crash. Luckily, after watching one of Jeff Bishop’s videos, he was impressed by the simplicity of Jeff’s approach and decided to try again. Tim has already chalked up some encouraging wins to his delight and looks forward to trading his way towards financial freedom.
Guangzhou City, Guangdong, China
What Tim first needed to understand was the distinction between investing and trading.
While long-term value investors, like Warren Buffett, rely on patience and deep pockets to ride out crashes such as 2008, traders can and do make money in any market.
This distinction is particularly valuable for someone like Tim, who freely admits to having held dozens of jobs over the years, and now finds himself, through no fault of his own, unable to work at all.
“Working really does not give freedom,” he now says, “And that is what I value. You are always a slave to the paycheck. And if your paycheck stops coming in, your life stops, too.”
“My first experience was back in 2008. I invested in long term stocks. The crash came a short time later. I decided I would never invest again or look at the stock market, but working really does not give freedom, and that is what I value.”
Perhaps it was this love of freedom that gave Tim his sense of wanderlust?
At any rate, having already reached an age when many of his peers are retiring, he found himself teaching English in mainland China.
All was well until the coronavirus pandemic changed the world as we know it after it invaded the Wuhan region of China in December 2019.
Suddenly unable to work or leave the country, Tim was compelled to look for an alternative source of income and found himself attracted to the stock markets once again.
When he came across one of Jeff Bishop’sTotal Alphavideos on YouTube, he felt he had nothing to lose by giving trading a try.
“I’m relatively new to options trading,” explains Tim, “but was able to follow most of what Jeff talked about. Nice and simple yet very effective.”
The simplicity of Jeff’s approach to options trading is undoubtedly a powerful attraction for many.
But the more important point is that trading can provide you with additional income irrespective of whether you want to trade options, penny stocks, or higher value instruments.
Nor does it matter if you want to trade the intraday charts or hold swing trades for days or weeks.
Wherever you are in the world and whatever your preferred trading style, there’s a way to make the markets work for you. And they’ll be there for you every working day, 52 weeks of the year.
All you need is a positive mental attitude, a willingness to follow a good mentor’s advice, and a strong work ethic.
“After watching Jeff’s video, I decided the price was right. And what did I have to lose? He seemed like a pretty confident guy, who really believed in what he was saying.”
Tim has all of these qualities in abundance, and “what did I have to lose?” was the question he asked himself after watching one of Jeff’s suggested-trade videos.
“I decided the price was right, and he seemed like a pretty confident guy, who really believed in what he was saying.”
And that’s indeed one of the benefits of options. You can trade blue-chip stocks for income for a fraction of what it would cost to buy the underlying stock.
The trade in question, Tim’s first, was PYPL [PayPal Holdings], and he admits to a little nervousness as he watched the price on the first day.
On the second day, though, it surged strongly, and he was able to sell at $151.00 for a nice 208% profit!
“The trade was PYPL. I was a little nervous as this was my first trade, and that day the price only went to $149.00. The second day it bounced back up shortly after the opening bell, and I sold at $151.00.”
Multi-digit returns, not at all unusual even for beginning options traders, mean that Tim no longer has to worry about making a living while he’s stuck in China, for however long that may be.
More importantly, options trading has the potential to free him from the seemingly endless treadmill of insecure employment while giving him the chance to pursue the things that he really wants to do.
Like most traders, time freedom and autonomy are far more important to Tim than any amount of money.
“Being successful,” he says, “Means I will have more time to do some of those things I have always wanted, like spend some time in Africa, spend more time with my family, build a home in Canada, and help more people.”
Although the coronavirus pandemic has been a financial disaster for millions of people around the world, traders like Tim know that every calamity brings with it the seeds of new opportunities.
Raging Bull does NOT track or verify subscribers’ individual trading results and these individual experiences should NOT be understood as typical as or representative. Please see our Testimonials Disclaimer here: https://ragingbull.com/disclaimer.