Teaching your children how to trade

[i am nobody]

How was I controlling? I let her choose her path 100%. She never asked to learn trading so I never tried to teach her.

But has she any idea what trading is? Probably not because she never asked and you never told.
So maybe in 20 years she might tell you: why didn't you tell me what trading was? I would have had a much better life.
Maybe she made a choice without even really knowing what the choices were that she had, as she did not know all options.

Informing children about live and how to make choices is maybe the most important job for the future happiness of your children. Children will not ask about all this because they have no clue about real life. That's why parents should give education.
Show them as much options as possible about every aspect of life. But never force them into something.

 

[TrendTrader Jim]

As a teenage, I did not guide her at all. As she approached college, it was time to take a path. She switched on her own from science to business. Once she choose business, I help guide her toward success. I don't look at the time at a University as just a good education, but also putting a person on a path toward a career. I let her evaluate the different sides of business through internships. But the choice was her's. The "kids" that have no guidance or don't think about the end game, often go many years before the end up with a career vs just a job.

I'm proud of what I did and she is happier because of it. You can call it controlling, I call it guidance and being a good parent. If it were 12 years ago, I would ask her if she was interested in learning programming. If she was not, I would not push it.

I would definitely agree that as described by you this is not "controlling" but a parent taking an active interest in helping a child make good decisions. The only way it would be controlling is if the parent forced the subject on the child after it was apparent the child had a dislike for the subject.

 

[rmorse]

But has she any idea what trading is? Probably not because she never asked and you never told.
So maybe in 20 years she might tell you: why didn't you tell me what trading was? I would have had a much better life.
Maybe she made a choice without even really knowing what the choices were that she had, as she did not know all options.

Informing children about live and how to make choices is maybe the most important job for the future happiness of your children. Children will not ask about all this because they have no clue about real life. That's why parents should give education.
Show them as much options as possible about every aspect of life. But never force them into something.

Yes, she knew what I did for a living and I brought her down to the American Stock Exchange floor a number of times. I also knew it did not fit her personality. To me, a career in trading requires a personality that thrives in chaos and uncertainty. She prefers structure and other challenges. I asked her if she wanted to learn more about what I did and she choose not to. I was happy with that.

 

[i am nobody]

Yes, she knew what I did for a living and I brought her down to the American Stock Exchange floor a number of times. I also knew it did not fit her personality. To me, a career in trading requires a personality that thrives in chaos and uncertainty. She prefers structure and other challenges. I asked her if she wanted to learn more about what I did and she choose not to. I was happy with that.

Then I agree with you. She received enough information to judge and was not pushed.
2 of my children are not interested at all in trading. 2 others will give it a try. No garantee they will really trade for a living. But then they will at least know why.

 

[benwm]

This is such a big topic with so many facets to it...

My initial thoughts are that you have to consciously separate the role of being a father with the role of teacher. You have to be prepared to accept that the child will never "get it" and still be a great father to them. Whatever happens, your never lower your standards as a father even if they blow up and do something stupid with your money. In some sense, letting them have a mini blow up by themselves (which you still have some control over), and then maintaining your role as great father during adversity, such as taking them for a meal, golf, etc. will have long term benefits. They will remember that.

So I really think you kind of have to "embrace" a P&L hit that was caused by THEM breaking basic rules, e.g. not taking a stop. If they only make money from the beginning, how will they cope later on when they do have a setback? It has to really HURT to lose money as a result of breaking rules, but not because the father says so. If they feel shameful and disappointed in themselves (and it is not you doing the yelling), that is a good sign...then they might have the motivation and determination to succeed and put in the sacrifices that you did. At that point, they want to prove themselves and be willing to run through a brick wall. But I really think the fire has to come from within the person.

If one or both of them walks away for a year or two and does something else, that doesn't mean they won't be interested again at a later date. So although that might be frustrating at the time, you should be ready to re-start again with their education when they are ready.

Play the long game, I would suggest.

 

[romik]

One thing is trading for living, another is being a part-time trader. A friend of mine buys dips in tech stocks that he likes, although that's not his main income, he does very well from it without having to constantly watch ebb & flow.

 

[Q3D]

This is such a big topic with so many facets to it...

You have to be prepared to accept that the child will never "get it" and still be a great father to them. .

I disagree, this is not like becoming a brain surgeon or rocket scientist. A parent who day trades for a living and has high emotional intelligence, motivation, and communication skills could mold a profitable day trader out of a mentally challenged or mentally ill son or daughter.

 

[i am nobody]

I disagree, this is not like becoming a brain surgeon or rocket scientist. A parent who day trades for a living and has high emotional intelligence, motivation, and communication skills could mold a profitable day trader out of a mentally challenged or mentally ill son or daughter.

Yes, it is very easy and brains are not necessary.... That's why 90% never succeed. LOL.

 

[pauk]

I'm looking to make enough from the market so that they never have to need to worry about any kind of 'work' or learning to trade themselves etc.
I want their life to be one of uninterrupted fun. Never any stress or depression that 'work' brings. Just non-stop holidays, fun, complete freedom and relaxation.

 

[smallStops]

...
I want their life to be one of uninterrupted fun. Never any stress or depression that 'work' brings. Just non-stop holidays, fun and relaxation.

Is your own life non-stop holidaying, fun and relaxation?
If so since when, can you tell about how you did to get that?
Don't you get bored sometimes?