TikTok Trader Errol Coleman Talks Day Trading, Discipline And Making Mistakes

During the COVID-19 pandemic, investing has taken a grip on the internet. New, young investors and traders have even turned to Reddit, YouTube and TikTok to get their trading ideas.

With almost a billion active users and 42% of those being age 18-24, TikTok has been one of the best places to get quick finance content. We recently talked with Errol Coleman to learn more about his success as a trader and TikTok creator.

Benzinga: How do you continue the flow of high-quality content?

Coleman: Nothing is really new, you just have to keep beating in your head the same rules. For trading, the rules and discipline haven’t changed. I can create different types of content even though they have the same message. A lot of people learn different ways -- it's all about reinforcing the same rules.

See Also: TikTok Has Taken Over And Here Are The Big Money Players Behind The App

Do you think TikTok will change the way people view trading and investing?

I like to keep it real on social media. A lot of the younger generation see the money and wants to get into trading. I like to talk about the good and bad things about trading.

Nothing really changed, but more of the youth have learned a lot about trading. I do see new traders making mistakes but, I think that is okay. Everyone is going to make mistakes. I just want them to understand the risks and use capital that is okay to lose. This also opens up a lot of people’s eyes to self-education and learning that isn’t possible in school.

What would you tell someone who is skeptical of day trading?

I know a lot of people have a bad taste in their mouth about day trading but, most people have never even tried. I would say if you are skeptical try and learn as much about trading and try paper trading. When I first started trading, I thought it was a hidden world. I would say do your research.

How did you learn to trade? How would you help someone help avoid mistakes?

I honestly don’t think there is any way around the mistakes. The best thing you can do is apply risk management and try and learn from your mistakes.