how strong the internal forces of fear and greed are in most humans.
Certainly these forces exist in my friend's trading experience
I am an active consistently profitable fulltime trader in stock options for the past 15 years. My friend's experience...3 months with miserable results.
He asked for my help and guidance. Against my wife's objections, I agreed to help him. BIG MISTAKE!
I started this reclamation project by demanding that he dump everything he was using and start with a clean slate. I also told him that what I teach him is the result of years of painful lessons, dead-end methods and utter agony at times to corral your emotions. He promised to be a model student. He acknowleged my experience and trading expertise and said he needed to be humble and learn. He lied.
Again, against my wife's advise...I taught him my methodology as well as traded it live for him for several months...with consistent profits. He was very impressed and excited that finally he found something he could use to consistently make money trading stock options and stocks. He was extremely thankful.
Now, before letting him go on his own, I preached to him the dangers of deviating from the trading plan I wrote out for him. If followed it laid out a practical and achievable plan to consistently make money in the markets just as I have done. Therefore, I insisted that he meet with me at the end of each week for a couple months to monitor his progress.
He even had the written trading plan laminated and placed on his desk next to his monitor.
He agreed profusely to follow the plan regardless of external forces.
After eight weeks of being on his own and monitoring his progress...he seemed to be getting it. His equity was growing and his trades followed the plan laid out for him.
After a month of not hearing from him, I was nervous. I wondered if something had happened to him (though I already knew).
Finally, I learned what...from my wife...who happened to run into his wife...who was furious at me for causing her husband, my friend for over 15 years...to lose their entire savings.
Shortly thereafter my friend called me to apologize for making me his scapegoat. He said he had to come up with something to save his marriage and blaming me for his losses seemed the best way to go. Thanks!
I asked him what happened. He told me that he followed the trading plan for several weeks after being on his own. He was successful doing so but wanted to tweak it a bit to allow for more profit. In other words the old "I want to give it more room so I potentially I can (and will) lose my ass" explanation.
You know the rest...he blew out his entire account.
But he had more to tell me. He said that although the market knowledge I provided him was exceptional he found it to be too mundane and "unexciting". He needed more action. He therefore decided to change a trading plan that I have traded for consistent profits for 15 years!
But what he told me next said it all. He told me that there was one thing that I could never teach him...HOW TO SAVE HIM FROM HIMSELF!.
Trade smart.
Certainly these forces exist in my friend's trading experience
I am an active consistently profitable fulltime trader in stock options for the past 15 years. My friend's experience...3 months with miserable results.
He asked for my help and guidance. Against my wife's objections, I agreed to help him. BIG MISTAKE!
I started this reclamation project by demanding that he dump everything he was using and start with a clean slate. I also told him that what I teach him is the result of years of painful lessons, dead-end methods and utter agony at times to corral your emotions. He promised to be a model student. He acknowleged my experience and trading expertise and said he needed to be humble and learn. He lied.
Again, against my wife's advise...I taught him my methodology as well as traded it live for him for several months...with consistent profits. He was very impressed and excited that finally he found something he could use to consistently make money trading stock options and stocks. He was extremely thankful.
Now, before letting him go on his own, I preached to him the dangers of deviating from the trading plan I wrote out for him. If followed it laid out a practical and achievable plan to consistently make money in the markets just as I have done. Therefore, I insisted that he meet with me at the end of each week for a couple months to monitor his progress.
He even had the written trading plan laminated and placed on his desk next to his monitor.
He agreed profusely to follow the plan regardless of external forces.
After eight weeks of being on his own and monitoring his progress...he seemed to be getting it. His equity was growing and his trades followed the plan laid out for him.
After a month of not hearing from him, I was nervous. I wondered if something had happened to him (though I already knew).
Finally, I learned what...from my wife...who happened to run into his wife...who was furious at me for causing her husband, my friend for over 15 years...to lose their entire savings.
Shortly thereafter my friend called me to apologize for making me his scapegoat. He said he had to come up with something to save his marriage and blaming me for his losses seemed the best way to go. Thanks!
I asked him what happened. He told me that he followed the trading plan for several weeks after being on his own. He was successful doing so but wanted to tweak it a bit to allow for more profit. In other words the old "I want to give it more room so I potentially I can (and will) lose my ass" explanation.
You know the rest...he blew out his entire account.
But he had more to tell me. He said that although the market knowledge I provided him was exceptional he found it to be too mundane and "unexciting". He needed more action. He therefore decided to change a trading plan that I have traded for consistent profits for 15 years!
But what he told me next said it all. He told me that there was one thing that I could never teach him...HOW TO SAVE HIM FROM HIMSELF!.
Trade smart.
