i still have not seen this guy trade yet:
http://en.wikipedia.org/wiki/Robert_Kiyosaki
yet, he charges a lot. his teaching is no different than taking a college course investment/finance 101.
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Why do people believe day trading will get them rich quick?
- Thread starter emg
- Start date
i still have not seen this guy trade yet:
http://en.wikipedia.org/wiki/Robert_Kiyosaki
yet, he charges a lot. his teaching is no different than taking a college course investment/finance 101.
Quote from HowardCohodas:
I'm not a noob.
I am an author (soon to be published).
I am working on my training materials and plan to be a vendor soon.
So, here goes.
Like running a business, trading requires will, focus, discipline and money management. I've owned several businesses over the years including three at the moment, so I think I can speak from some authority.
The thing is, to be successful at anything you need will, focus, discipline and money management.
Before deciding what is required to be successful for yourself, talk to a bunch of successful people and see what skills they exhibit.
Are you planning on being a vendor of business materials, or a vendor of trading materials?
The very successful traders are not available to newbies to answer questions on how to be successful.
Aside from the (should be) obvious generalities required for success, those who know do not teach. Vendors are not successful traders. Those who are willing to share do so with others personally known to them only.
As for your speaking with authority - unless you've had several years of success as an independent trader (not an institutional employee or rebate trader in a firm benefiting from a certain cost structure) - you have no authority whatsoever. If you're a newbie, we shouldn't beat you up for this, but if you are trying to sell "trading education" when you cannot do it yourself....tsk tsk.
That's because he's a scam:Quote from emg:
i still have not seen this guy trade yet:
http://en.wikipedia.org/wiki/Robert_Kiyosaki
yet, he charges a lot. his teaching is no different than taking a college course investment/finance 101.
http://www.johntreed.com/Kiyosaki.html
Trading is not a business. It's an IQ test.
I've taught many things in a business environment including project planning, presentation skills for engineers and structured decision making.Quote from Blotto:Are you planning on being a vendor of business materials, or a vendor of trading materials?
I am preparing an ETC (Education - Training - Coaching) program to teach my trading methods. We will see if my ETC skills and my current level of success will attract students.
I'm sorry to put it to you so bluntly, but this statement displays an incredible level of ignorance on your part.Quote from Blotto:The very successful traders are not available to newbies to answer questions on how to be successful.
DittoQuote from Blotto:Aside from the (should be) obvious generalities required for success, those who know do not teach. Vendors are not successful traders. Those who are willing to share do so with others personally known to them only.
I do trade for myself pretty handily, thank you very much. Training, for me, is not necessary for my success. I do it for reasons that I doubt from your comments, you could possibly understand.Quote from Blotto:As for your speaking with authority - unless you've had several years of success as an independent trader (not an institutional employee or rebate trader in a firm benefiting from a certain cost structure) - you have no authority whatsoever. If you're a newbie, we shouldn't beat you up for this, but if you are trying to sell "trading education" when you cannot do it yourself....tsk tsk.
It actually can get you rich quick. When I first started trading futures I generated a return of just over 1000%. I had money coming out of my ears. Then came the day when I lost 1/3rd of my account in one day. I made it all back and then the exact same thing happened again, almost to the exact dollar. That was when I realized trading was a marathon, not a sprint. Now I shoot for double digit returns each year, hopefully beating the market.
Over the past 5 years I've beat the market 4x with the exception being 2009. I misspoke the other day when I said I didn't beat the market this year. My returns are well beyond the market return but nowhere near 1000%.
Anyone who tries to get rich quick will either blow up or have a heart attack from the stress and the real way to make money in the markets is to manage other people's money.
Over the past 5 years I've beat the market 4x with the exception being 2009. I misspoke the other day when I said I didn't beat the market this year. My returns are well beyond the market return but nowhere near 1000%.
Anyone who tries to get rich quick will either blow up or have a heart attack from the stress and the real way to make money in the markets is to manage other people's money.
Quote from jinxu:
HowardCohodas,
Can you post some p/l statements to verify your trading success??? Preferably consecutive ones so it doesn't seem like you're cherry picking, can be either monthly or yearly.
I post a blog-like journal on another forum that contains my trading plan for the trading day before the markets open and the trading results after the markets close for the day. It also contains some pretty dynamic challenges to me and my understanding of my methods. These dialogs have taught me a lot about what I do and has provided additional training material and better prepared me to answer questions.
If it is permissible by forum rules, I'll publicly show the link. If not, anyone can PM or email me and I will share it with them.
When I decided to teach my methods I opened an auditable account to contain all the trades I make and from which I report on the aforementioned journal. I will NOT publicly make my account statements available as it is not the amount in my account but the percentages that I report that are to be disclosed. I will make my account available to any certified auditor acceptable to both of us. The auditing fee is yours to bear.
Some statistics that the journal documents include month on month returns of 7.5% to 15%.
I trade index options credit spreads and form Iron Condors when possible. I have closed 55 spreads so far. 51 were profitable. 3 had small losses. 1 hit my loss limit.
3 business, profitable trader and just wrote a book, oh wait a minute you still have a journal also.
You're a joke.
Your 3 business will look probably like shit, because you can't put the dedication and efforts in it so they would have any added value.
Your book is your only hope on income, your trading is so so, maybe you had days you made money but not enough to become wealthy from it. I wouldn't be surprised if most of your posted trades are just traded on your 'simmy account'
Your journal is just some marketing tool to get your book rolling.
Sad story, you're just like 95% of the writers/teachers out there, they are not good enough to do it, so they start teaching it/selling it.
You're a joke.
Your 3 business will look probably like shit, because you can't put the dedication and efforts in it so they would have any added value.
Your book is your only hope on income, your trading is so so, maybe you had days you made money but not enough to become wealthy from it. I wouldn't be surprised if most of your posted trades are just traded on your 'simmy account'
Your journal is just some marketing tool to get your book rolling.
Sad story, you're just like 95% of the writers/teachers out there, they are not good enough to do it, so they start teaching it/selling it.
Quote from TradeMetal:
3 business, profitable trader and just wrote a book, oh wait a minute you still have a journal also.
You're a joke.
Your 3 business will look probably like shit, because you can't put the dedication and efforts in it so they would have any added value.
Your book is your only hope on income, your trading is so so, maybe you had days you made money but not enough to become wealthy from it.
Your journal is just some marketing tool to get your book rolling.
Sad story, you're just like 95% of the writers/teachers out there, they are not good enough to do it, so they start teaching it/selling it.
I presume you are quite happy in your ignorance.
I make my livelihood from just one of my business. It gets the most attention.
I was asked to do the journal. It was not my idea. If it serves as a marketing tool, well good on me.
That's more than you deserve in reply to such an ignorant post.
I'll give you a chance to redeem yourself. You hire the auditor for my account under the terms I discussed. If things are not as I have stated, I'll foot the bill.
Well sorry to spoil your perfect life dream, mister hot shot 25.000 copies trading book writer.
What I write is what I think about you. Go live with it.
Meanwhile, I'll take your money away from you and your students, and I'll thank you for it.
What I write is what I think about you. Go live with it.
Meanwhile, I'll take your money away from you and your students, and I'll thank you for it.