Teaching your children how to trade

[luisHK]

What happens if you die early and they are 30yo? You think you have prepared them for becoming broke? Teaching them "fun", they will rip through all the money you left them.

Indeed if you leave kids a bunch of money but no respect for work, it looks like a good way for them to end broke. If you look past the next generation it's probably better for the kids to not only think trust fund and surf (except perhaps if it is a very deep trust fund). Marrying in another well off family is a safe bet as well.
We push the girl at school and in sports but when I look back home at women our age in similar social situation it seems at least half of them claim to be artist or jewelry designer, while the money come from the husband and parents. Which is not necessarily bad either btw.

 

[MoreLeverage]

In school, I used to play those video games that were complex resource optimization problems. Now I play I similar game for real money. Kids could learn some of this stuff if they spent half the time they put into Minecraft.

 

[Q3D]

And you missed mine.
I started this thread from my point of view and my way of trading. You have no clue how I trade so you don't know what is needed to trade like me.

What you tell can work for your trading, but is no general rule. Mine isn't either.
Some systems can be very simple, other can bevery complex. That defines the required qualifications.
To me analytical skills are the most important part. The problem is finding non random behavior in the market. For that you have to analyze. Without analyzing you cannot solve the problem. A good analysis is the basis of all the rest.

Why didn't you mention times when your children deviate from your analysis-based plan as being a red flag when you need to direct them better or an indication that they don't "get it"?

However you did mention as times when they deviate from rule-based heuristics as a red flag.

Why wouldn't you mention deviation from analysis-based trading as a primary red flag if that was your criterion for deviation?

 

[Q3D]

LOL, really? This is much harder than being a brain surgeon, there are rules and examples of what the normal and abnormal brain should look like, memorize all of them and be able to do so and yet I have met thirty year losers in trading and they will never get it.

I have a stepson who has ADHD, I taught him day trading when he was 15yo and he did well but after couple months didn't like it and quit, he didn't know it but I kept trading that account through the years. He is one of the smartest people I know in terms of IQ but dumber than sack of rocks when it comes to life. I can't teach people life, you can offer direction but you can't force people to "mold" them into anything they don't want to do.

Son now 37yo and getting married next year, he is going to get his account back before he gets married so he can buy house of his dreams, I will be at his side when looking for houses and get deal done. It funny, week ago he asked me if he could learn now as he has reasons to make a better life.

What is high emotional intelligence? Two opposite values.



What happens if you die early and they are 30yo? You think you have prepared them for becoming broke? Teaching them "fun", they will rip through all the money you left them.

I am happiest when I work, but then I have businesses I started and don't see it as work at all, perhaps a way to interact with people, cause that is very limited in trading. I love my life and have fought to keep going, I don't see failures as losing, they are opportunities to do something a different way.

Have a fun weekend all.

https://en.wikipedia.org/wiki/Emotional_intelligence

 

[Handle123]

https://en.wikipedia.org/wiki/Emotional_intelligence

Ok, good idea as I have journals filled in early trading of how I feel is 95% wrong in what I see the price doing and found it best to get out when extremely happy then to cancel limit orders thinking it will go much higher and staying in trades when I have had every ounce of my being yelling to get out, often times these are best trades to stay in.

But to guess what other peoples emotions are one thing as that is why price is doing and intelligence in markets never made sense to me. If Spock was day trader, he would lose twice as much as nothing is logical and human side of him would agree. You have to be smart enough to know what doesn't work but not to smart too thinking you can beat the market. You have to be like a surfer, ride along the waves dude.

 

[Autodidact]

I would hate it if my children became traders.

Boring profession, extremely sedentary, you do absolutely no good except being a liquidity provider and few understand what you do.

Screw that, mine will become whatever makes them happy while hopefully making a difference to society; aside from ocassional charity contributions traders make no difference in this world, no service, no product, etc.

Liquidity providers, big freaking deal!

 

[Redneck]

Great thread IAN

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My kids..., (my lovely sweet bundles of joy:eek: )

Have repeatedly expressed interest in learning to trade - I've told them repeatedly..., and flat out - I wouldn't..., yet

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Going back it time..., they've been raised learning how to think..., we've never told them what to think (figure it out on your own / for yourself)

They were also raised by the philosophy: you want something - go out and work for it - we are not going to just give it to you


As HS graduation approached - both showed renewed interest in learning to trade

Again I said..., not yet - you must work for it

Get a job..., get a degree..., join the military - whatever - but you must figure out what it like to work..., to set goals..., to achieve..., and..., to fail

Also..., you must save up at least 30K

=============================

Presently..., one is in the military..., one is working a full time job


====================

Now - so as not to make it sound as if it were all peaches and cream


All along this - they have bitched..., screamed..., cussed..., fought back..., pushed back..., hated my guts

Can't figure out why they are not entitled..., why they couldn't have the stuff their friends had..., why I won't simply hand them a loaded gun with absolutely no clue haw to handle it

"Shit dad you make money so easily- why won't you show us..., give us money"

One even attempted trading - failed..., then threw a tizzy fit when I would't cover his losses

==========================

My stance through it all; tough shit - I had to work for it - and so do / will you

================

As to their EQ - it also needs developed / significantly matured

I'm trusting time..., and life's experiences - will

===============

One day I will teach them to trade - but..., that one day has not yet arrived

RN

 

[lawrence-lugar]

In school, I used to play those video games that were complex resource optimization problems. Now I play I similar game for real money. Kids could learn some of this stuff if they spent half the time they put into Minecraft.

I have played a ton of computer games too in my youth, and I still play some but not as much.
I enjoy racing games, and shooting games. -- and a few multiplayer online stuff.

I agree, that there are quite a few parallels between video game playing and trading. :eek:

(...so maybe it's not just a bunch of brain dead activity as so many people perceive it to be. lol)

 

[destriero]

Teach your kid an edge. Simply looking at the screen for eight hours is fruitless. Wtf are you kids doing that they have eight hours to sit there and watch you interrupt YouTube with 20 minutes of actual order entry?

 

[marketsurfer]

Teaching about money/economics/investing makes sense.

Teaching your kids how to daytrade is beyond moronic.

In school, I used to play those video games that were complex resource optimization problems. Now I play I similar game for real money. Kids could learn some of this stuff if they spent half the time they put into Minecraft.

Lol, my 13 year old is earning 500- 1000 plus per month from playing minecraft and posting about it--- Likely more than many under capitalized day traders on a consistent basis.

Not to mention theres some cat on there name pew2pie or something bringing in millions as a teen