Quote from freealways:
So, if this isn't Nkhoi's story then we don't have to pussyfoot and we can say exactly what we think bout the story.
Yes, the guy was an idiot for having let things go that far.
But ..............., hey I too have to admit that I dived into the water
without really knowing how to swim.
The point is that in real life no-one in his right mind would set up as a surgeon, an electrician or whatever without sufficient training.A friend of mine couldn't find employment and approached me for help as he wanted to take up share trading.
Yet, that point seems to be conveniently overlooked by so many people where trading shares is concerned.
The question as to how we can bring home the message to someone else to be careful (as otherwise they will be eaten alive) I just haven't got any idea how to go about that.
For example, the following story illustrades the point.
I provided my system as well as ample examples and a list of essential books to read. I certainly made it clear that he knew to use weekly charts to get a signal and to use the daily chart to finetune his entree point.
I also made it very clear that the next 6 to 12 months wasn't a time to make money so much as a time to learn.
I therefore suggested to him to split up his money into ten lots and to commit only a small amount of money to anyone position (say US$ 250 to $ 500) and I emphasized again that, even though, because of brokerage it would be hard to make money, that that was the best way to go about learning this business.
My last suggestion was to initially to trade no more than one or two positions at a time.
Within three days he had ten positions, all much larger (ten times the suggested size) than I had suggested and eight of them were not even selections. (The price for those was trending down instead of up).
Now, after all that advice he still managed to stuff things up for himself.
His total loss wasn't unsubstantial for his financial position.
Now you tell me, how can one get a message across to an idiot ?
freealways
