Bad trading habits
- Thread starter Samson77
- Start date
Samson77, if you are profitable then I would say that your dad is more lucky than the average new trader.
I mean many of us have struggled for months/years and would have probably benefited from recommendations of a family member who has been down that road.
Also, there is no problem in giving recommendations. If my Dad is a tennis master and I want to learn how to play tennis, I'll expect and will appreciate his advice and experience.
Now I think knowing you dad's real motivations are crucial too. I stopped giving advice to people who only seek emotions and adrenaline from "trading on the wall street markets". The reason is simple they just don't want to be advised and warned on money management. All they wanna know is "what should I buy today that will make me be the casino superstar tomorrow".
But if you're dad wants to put time and work then he needs to understand that his best interest is in listening to you. Has he ever seated with you during a trading day with you commenting your actions and then the other way around ? It will be a really interesting experience to him if you haven't done it yet.
I'm sure there are plenty of mentoring tips like Grob's checkbook tip above. Just make sure he's not putting to much size though, you don't wanna go busted as well.
All the best to your and your dad's trading.
Ludovic
Take a weekend. Write up his "system" or whatever signals he's using to enter a trade. Draw up a data collection grid. Get a free replay charting (eg Ensign is 30 days free) package. Test the system on a few days of replay. Then help him analyze the data.
For him to realize his mistakes, something has to "click" inside his brain. Having the data and then letting him compute the profitability of his system will most certainly give him the confidence to change his habits.
Wow ... and people say ET is a cold heartless place thanks for all the great advise and concern everyone!
Grob109
That's an excellent ideal and I'm sure it would work but the problem is, that I do not have the time to train him properly.
It took me almost 1 full year to understand and trade with my methods after I learned the skills and that was after a 2 year losing streak and not to mention that there still is an element of subjectivity in the way I'm currently trading which I think he will ultimately struggle with and I don't think he will put the effort into 6 months of study and 6 more of screen time.
It's great that you have responded to this post because I have recently been following spyders journal and I am seriously going to try and sit down and learn your method correctly because I think that your methods would be perfect for him and a lot easier to APPLY then mine.
The hard part is trusting something new and taking the time to testing it out, I don't want him to go from the pot to the fire.
You are absolutely right though, I should cut a check for the 40k he is down first.
As far as my other friends are concerned I don't think I will be cutting them checks though ... I'm not that wealthy .....
Grob109
That's an excellent ideal and I'm sure it would work but the problem is, that I do not have the time to train him properly.
It took me almost 1 full year to understand and trade with my methods after I learned the skills and that was after a 2 year losing streak and not to mention that there still is an element of subjectivity in the way I'm currently trading which I think he will ultimately struggle with and I don't think he will put the effort into 6 months of study and 6 more of screen time.
It's great that you have responded to this post because I have recently been following spyders journal and I am seriously going to try and sit down and learn your method correctly because I think that your methods would be perfect for him and a lot easier to APPLY then mine.
The hard part is trusting something new and taking the time to testing it out, I don't want him to go from the pot to the fire.
You are absolutely right though, I should cut a check for the 40k he is down first.
As far as my other friends are concerned I don't think I will be cutting them checks though ... I'm not that wealthy .....
Quote from Samson77:
Wow ... and people say ET is a cold heartless place thanks for all the great advise and concern everyone!
Grob109
That's an excellent ideal and I'm sure it would work but the problem is, that I do not have the time to train him properly.
It took me almost 1 full year to understand and trade with my methods after I learned the skills and that was after a 2 year losing streak and not to mention that there still is an element of subjectivity in the way I'm currently trading which I think he will ultimately struggle with and I don't think he will put the effort into 6 months of study and 6 more of screen time.
It's great that you have responded to this post because I have recently been following spyders journal and I am seriously going to try and sit down and learn your method correctly because I think that your methods would be perfect for him and a lot easier to APPLY then mine.
The hard part is trusting something new and taking the time to testing it out, I don't want him to go from the pot to the fire.
You are absolutely right though, I should cut a check for the 40k he is down first.
As far as my other friends are concerned I don't think I will be cutting them checks though ... I'm not that wealthy .....
I would keep it informal as you suggest.
Your contact time with him in the setting of paying him with your profits to cover a mistake you no longer make just lets him really get to focus on getting inputs from you on other aspects where he is weak.
To add another facet, when you do have contact and are chatting about trading topics, you get the greatest benefit because it gives you a chance to review and clarify too.
RE; topics and teaching..... I really have a conviction that a person teaching a subject of any sort, really learns that subject deeply as a consequence of teaching it. the first time out on a new cutting edge grad course is a lulu sometimes. But after a few passes you can really groove.
Obviously your dad is not a first time out for you, but it will be great since you have established your authority with the bottom line. .... paying him with profits that you made by not making the mistake he is making.
It can get contagious once he is vaccinated by the "authority" you truly have.
Grob,
I find this to be true for me. That's why I post Journals here.
I hope all is well....
Michael B.
I really have a conviction that a person teaching a subject of any sort, really learns that subject deeply as a consequence of teaching it.
I find this to be true for me. That's why I post Journals here.
I hope all is well....
Michael B.
I really have a conviction that a person teaching a subject of any sort, really learns that subject deeply as a consequence of teaching it.
BSAM - It might be prudent for one to paper trade and save the real losses!!!