How to deflect friends interest in your money/trading

cmaxb said:
How to deflect friends interest in your money/trading
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Teach them everything you know and let them watch you trade, so they know what you've taught them really works. Provide starting capital if they require it.

Then... watch them fail.
 
dozu888 said:
need to blend in.. I drive $3000 car and ride $2000 motorcycles.. and my house is definitely not the prettiest on the block and my blacktop driveway is crumbling into gravel driveway lol.

this attracts less attention, and makes you more approachable for your neighbors colleagues friends... 'cause the medium income is only so much.. have to be careful not to reveal the net worth... too many things can happen, and usually not good things lol.... even if it's not jealousy, relationships can still change... like I'd not mind sluming it on a motorcycle trip with friends with far smaller bank accounts, but they might think differently if they see mine lol.

but that doesn't prevent you from giving, because those are so scattered and can be anonymous - musical schools, education foundations, arts programs, animal shelters, volunteers for sick children, beggars on the street... btw I don't give to conventional charities, those are mostly scams - on average only 10 cents on the dollar reach the needy.

when your relationship with money changes, god really does put more gift in your hands.

- your customers and vendors will sense that you are not a nickle and dime kinda guy and they will open up more business and better terms for you;
- your investment style will be more relaxed and more relaxed risk taking usually means more profit;
- your children will pick that up as well, they will feel the plentifulness, they will be more relaxed (a huge benefit in today's environment... you know if you are a parent), and they will want to experience the joy of giving as well.

so back to OP - I'd say if you already told your friends, then might as well share the wealth lol... but going forward perhaps a bit careful about this stuff.
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that is one of the advantages of trading...only your broker knows how rich you are....you may be worth more than the top 10 in the Forbes list but no one will knowe
 
cmaxb said:
what do you tell people close to you who might make less money and,

1) want a few of your profitable trade signals for free or a split of the profits
2) give you some of their money to get a better return for them

spent years studying the markets and from their standpoint it seems rude to not to throw a "few crumbs" (when it's essentially zero cost to share signals) their way or help them out financially

am i being rude ?

it's not that i dont want to help out in other ways (eg charity), but why should i dedicate years of my life to discovering the location of a gold treasure, and then have friends at the last minute offer to lift it out

is it like lottery winner's friends who believe they deserve a cut for being a friend ?
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Friends will only do that if you've been bragging, talking about how much money you have been making, making extravagent purchases and then consistently discussing such with them and so on.

Another possibility, you're with someone (spouse) that's been doing the above while you're more reserve.

Seriously, if you have a friend that specifically uses the phrase "...want a few of your profitable trade signals..."...somebody has been talking to much to that friend or making grandiose statements.

Regardless, now that the cat is out of the bag...

Just start telling them you've been lucky so far and don't know what you're doing. If they continue to persist for trade signals...just tell them every person you've helped have lost the shirt on their back and more.

They keep bothering you, tell them your trading has been poor for the past year or so, you're losing money and mention that some creditors have been sending you notices...luckily you have a savings to live on for awhile. Next, borrow some money from that friend. Also, go to the store with your friend and buy some lotto tickets.

They will stop bothering you for trade advice.

P.S. Donate anonymously to local charities that touch your heart...helping those locally in your community instead of far away. Only person that should know you're doing such is when you file your government taxes.

wrbtrader
 
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cmaxb said:
what do you tell people close to you who might make less money and,

1) want a few of your profitable trade signals for free or a split of the profits
2) give you some of their money to get a better return for them

spent years studying the markets and from their standpoint it seems rude to not to throw a "few crumbs" (when it's essentially zero cost to share signals) their way or help them out financially

am i being rude ?

it's not that i dont want to help out in other ways (eg charity), but why should i dedicate years of my life to discovering the location of a gold treasure, and then have friends at the last minute offer to lift it out

is it like lottery winner's friends who believe they deserve a cut for being a friend ?
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Prosperity not shared with family and true friends is empty and hollow. It’s pale in comparison to true prosperity. True prosperity is elevating to everyone within your circle of influence.

Most likely what you are perceiving in others are a reflection of that within yourself that you do not appreciate.

Making an offer of teaching how to fish rather than giving out fishes allows for self-selection and self-screening.

Paying it forward provides an experience of a durable fulfillment beyond the simple accumulation of money and material possessions can offer.
 
cmaxb said:
...is it like lottery winner's friends who believe they deserve a cut for being a friend ?
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Look at this situation you've gotten yoursefl into as a learning lesson...

If one day you do win the lottery, if your state allows you to remain anonymous and receive your winnings thru a trust fund...take that path.

Regardless, you need to look at the quality of your friends and you know darn well you can help a friend in need without giving them "trade signals" and you know you do not need to teach them how you're trading to be able to help them. :rolleyes:

wrbtrader
 
dozu888 said:
I will give a more philosophical answer...

when you open your hands to give, God will put more gift in your hands.

be generous and give as much as you can.... this changes your relationship with money and will help tremendously to investment/trading psychie.

why is this even such a big deal, unless you trade micro caps there is plenty to go around.

help out whoever need help.. good karma usually comes around.
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%% Depends on what you give them;
, 200 dma could help. BUT a loan, or many specific signals can be counterproductive.Of course if one is a value investors, that so seldom works, giving some of those signals may not hurt a trading system like that LOL.
Giving all you can seems to work with Bill/Melinda Gates; not giving much MSFT away, LOL , but medical missions
 
Keep your trading to yourself, make up a job you do, with fixed hours where they can't contact you between, unless emergency, cause you'll end up, giving them money, trying to teach them how to trade and as your home odd jobs, lifts, bla bla bla!!

I need a cheap office, with good internet for peace and quite soon I think :)
 
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