You taught him an edge but forgot the basics, that's some training!
ps don't confuse ego with confidence, there's a fine line but it does exist nevertheless.
mlm guru doug Allen thread closed. Why?
- Thread starter Sushi
- Start date
You taught him an edge but forgot the basics, that's some training!
ps don't confuse ego with confidence, there's a fine line but it does exist nevertheless.
Hey Billybob...
I never said anybody needs to sign up for coaching sessions. What I said was that anybody who I would hire to manage an account would have access to coaching from Patty.
I'm sure not everybody would want, or need, coaching from Patty. That said, there are a lot of traders who sometimes struggle with the psychological/emotional aspects of trading. I'm sure if you'd be honest, you would admit you've struggled at times with this too. We all have. It's part of being human.
So there is no bait and switch. Nothing has changed since my first post. There are just over 100 people who completed the sign-up form.
I've read all the responses so far and by far the #1 area people are saying they need help in is the psychological/emotional part of trading. Making and losing money is often an emotionally charged process. And anytime you need to make a decision, the emotional state you're in will affect the quality of your decision.
Do you really expect anybody to believe you never missed a trade because of fear? Or stayed in a trade too long because of greed?
As surf was saying, and edge is a must to be successful. And so is being able to work the edge even when doing so doesn't make you feel good.
Is that what this whole thing has been about, selling some training program?
It doesn't say a lot about the program if someone has to go to these kinds on lengths to find a few candidates!
No, I didn't forget the basics. HE forgot the basics. The training was as sound as could be. People are responsible for their own actions.
I'll tell you exactly what happened. He was long overnight on a weekend that some terrible news came out. The market tanked, and instead of getting out of the trade, he "KNEW" the market would bounce back up the next day. Well the market followed through and lost even more the next day, and the next... and the next. Each day he "KNEW" the market was going to bounce back, which it did in about the 4th or 5th day. By that time his account was wiped out. I think he even tried to average down along the way with his buying power, which of course compounded the losses.
So yes, he got wiped out because he couldn't admit he was wrong and made terrible decisions on top of terrible decisions.
But you're right. The training I gave him wasn't enough for him not to choke up when real money was on the line. Sometimes people only learn when they suffer enough pain. The challenge is sometimes people have an edge and they still feel pain when they make the right decision. If you're not controlling your own emotions, trading can become the ultimate form of variable response conditioning.
And yes, there is a fine line between ego and confidence. To me, confidence is knowing that in the short-term you can be wrong, but in the long-term you know you're going to be ok. Case in point... the Pittsburgh Steelers had confidence, Anquan Boldin had ego. Confidence is being focused on the big picture and your outcome; ego is being focused on yourself and short-term gratification. At least that's my impression.
Good morning, f9.
Hope you're having a great day.
I've been busy all morning looking up hair transplant doctors and finding a tanning salon near where I live.
respect...
Doug
"When you find yourself in a hole the first thing to do is stop digging!". Not my quote, I read it somewhere and propagate it whenever the opportunity arises!
It's a bit of a cop-out to say he was responsible for his own actions though, if the guy didn't know any better or wasn't prepared for such events by his trainer (mentor?) then it's not totally his fault.
If, in your opinion, you thought he was ready then doesn't that make you question how effectively you're going to handle the selection process when it comes to choosing traders to trade your clients (or someones clients) money?
Hi Sushi,
Have you ever been to a TR event?
If not, what data do you use to form your beliefs?
Do you really believe you have the market cornered on what is true and what's not, or do you just like to make yourself feel more certain by trying to convince yourself, and everybody else, that your view of the world is THE view of the world?
I don't know... maybe you're just young. How old are you? When I was younger I thought I knew everything too. Funny, but the older you get the more you come to realize how little you really know, and how much more there is to learn.
I'll be seeing TR in NY next week. I'll make you an offer. I'm not sure where you're from, but if you make it to NY I'll bring you to the TR event as my guest. Even though you do a thoroughly outstanding job at busting my balls every chance you get, I get the feeling that deep down you're a good guy.
PM me if you want to meet up in NY next week. My treat. I'll even get you a room.
Doug
Are you kidding me??? It's a bit of a cop out to say somebody is responsible for his or her own actions???
Of all the ridiculous things posted here, this statement might be the MOST ridiculous. Of course everybody is responsible for his or her own actions. Do you honestly believe otherwise???
This guy traded his account for 3 years before blowing it up. He took a small account from something like $150k to almost a million, then spent about $500k on stupid stuff to make himself feel like a bigshot, and then margined his account to the max before blowing up. I think he was trading around $500k, then margined it to $1 million, then took something like a $400k loss in about a week. His equity dropped back down to about $100k, at which point he took all the money out, bought a house, and paid off his car.
Somehow I'm missing the part about why I would be responsible for any of these actions???
Doug
doug,
You approached ET because you want something.
This how you are perceived and I imagine that this perception will remain until either you fade away or uncharacteristically lay your cards on the table.
Somebody has skillfully taught you to counter differing points of view with overly emotional responses.(mostly unsubstantiated and positive by nature)
This is not a characteristic of a seasoned Trader.
What your Teacher failed to tell you and what you have failed to absorb is that overly emotional responses are the hall mark of people who are endeavouring to deflect a conversation from it's true intent.
If you feel that this is unjust criticism then you have unwittingly fallen into your own trap.
Again this is not a characteristic of a seasoned Trader.
The sad thing is that in the reality you are who you introduce yourself to be, then you are further behind the eight ball than when you started.
In your opening post, you had one chance to set a scene that would draw your audience towards you, enabling you to follow through.
Instead you have blown off a good opportunity.
Why not try to remember, perception is everything.
All it needs is the backup of solid facts and you have a winner on your hands.
regards
f9
You approached ET because you want something.
This how you are perceived and I imagine that this perception will remain until either you fade away or uncharacteristically lay your cards on the table.
Somebody has skillfully taught you to counter differing points of view with overly emotional responses.(mostly unsubstantiated and positive by nature)
This is not a characteristic of a seasoned Trader.
What your Teacher failed to tell you and what you have failed to absorb is that overly emotional responses are the hall mark of people who are endeavouring to deflect a conversation from it's true intent.
If you feel that this is unjust criticism then you have unwittingly fallen into your own trap.
Again this is not a characteristic of a seasoned Trader.
The sad thing is that in the reality you are who you introduce yourself to be, then you are further behind the eight ball than when you started.
In your opening post, you had one chance to set a scene that would draw your audience towards you, enabling you to follow through.
Instead you have blown off a good opportunity.
Why not try to remember, perception is everything.
All it needs is the backup of solid facts and you have a winner on your hands.
regards
f9