Anyone can learn?

This is a discussion on Anyone can learn? within the General Trading Chat forums, part of the Reception category; Originally Posted by new_trader 1) What would your opinion on this be if the title of the thread was, "Can ...

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Old Apr 9, 2008, 8:12pm   #41
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Originally Posted by new_trader View Post
1) What would your opinion on this be if the title of the thread was, "Can anyone teach trading?"

2) Who would you want as a teacher? (In terms of wad making) Someone who IS making a wad or someone barely scraping by?

Hi New_Trader,

Interesting questions, especially for someone like me who does get involved in the coaching side of things as well as trading itself.

1) From my experience, I would say that trading CAN be taught, but what can't be controlled is maintaining the student's desire to continue with trading once the theory has been taught. Many people quit trading when they realise that it has to be treated as a serious business venture, which involves a great deal of planning and commitment.

2) As regards who you would prefer to employ as your teacher/mentor, people will (and should) check out the credentials of anyone that they are considering working with - I think that this applies to all walks of life, whether it be traders, driving instructors or personal trainers.

You would want to be assured of a teacher's success before handing over any money, and one of the only ways to assess that level of success is to see if they portray a successful image, which comes down again to the house they live in, the car they drive, the clothes they wear, etc.

I suppose in this case, material things can actually hold some importance.


Thanks

Damian
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Old Apr 9, 2008, 9:50pm   #42
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Damian,

"fulfilled with the life they have."

Unfortunately, there is an implicit assumption in some quarters on T2W (and elsewhere, especially Elite Trader) that if one isn't trading and also making a wad, this is tantamount to failure.

Grant.
You forgot to add........

If someone isn't doing it the same way the person judging them is doing it that is also tantamount to failure.

It's no good making a wad of money from mechanical system trading, that isn't really trading and you aren't really successful if you do it that way.

Cheers,
PKFFW
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Old Apr 9, 2008, 10:41pm   #43
 
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Originally Posted by Paul71 View Post
So why aren't people learning and doing it?

Hyperthetical bit....

Minimum wage couple, bought a house 10 years ago, some equity in it. Both in jobs that suck.

You can see where i'm going with this, right?
Let me ask you a couple of questions:

How does the outside world look at 'traders'? Are they doing 'a real job' or are they just 'gamblers'?

What is the reaction of society when someone says "oh, instead of going to college, I'll go tour the world, see some cities across the globe, enjoy some new experiences, and after 2 years I'll come back and find myself a job and a wife and some kids..."?

How do family & friends look upon you when you would say "hey, I'm quitting my job, I'm going to try something new, I don't know if it's going to work, and I might lose a lot of money, but it's worth the try".

(here comes that word environment again )
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Old Apr 9, 2008, 10:51pm   #44
 
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Originally Posted by trader_dante View Post
Some people are simply risk averse and/or not entrepreneurial or interested in really striving to increase their financial status. I know several people who could be very wealthy by now. People that had the right skills at the right time to make it big but that lacked the drive.
That's a good point.

One could also ask - for example - why do so many people prefer to work in a pay job instead of being self-employed or starting their own business?

Is it because you need the right genes for starting your own business? Or is it because you need some starting capital and have to put in a lot of time and effort before there's a chance of succeeding? (dzjee this sounds awfully much like trading).
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Old Apr 9, 2008, 10:59pm   #45
 
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or do genes play a role after all?

Women appear to be better investors than men... (less ego):

Women's portfolios often to do better than men's - Business First of Louisville:
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Old Apr 10, 2008, 6:31am   #46
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That's a good point.

One could also ask - for example - why do so many people prefer to work in a pay job instead of being self-employed or starting their own business?

Is it because you need the right genes for starting your own business? Or is it because you need some starting capital and have to put in a lot of time and effort before there's a chance of succeeding? (dzjee this sounds awfully much like trading).

Hi Firewalker,

I think most people see a full-time job as the safest and most secure way of generating an income. They see things like trading or starting a business as risky and insecure.

Personally, I see it from another angle. I think that if your only income is dependent upon an employer providing you with a monthly salary, then that is very risky.

I prefer to have more control over where and how my income is generated.

Each to their own of course....


Thanks

Damian
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Old Apr 10, 2008, 8:05am   #47
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FW, Damian,

If one has a wife, children, mortgage, etc and an insignificant amount of capital (less than 1 year's total living costs, excluding trading capital), the question arises whether speculative trading is a responsible course, ie what are costs (excluding monetary) to others? In the final analysis perhaps the question is, can you afford to fail?

Grant.
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Old Apr 10, 2008, 8:35am   #48
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Good point

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Originally Posted by grantx View Post
FW, Damian,

If one has a wife, children, mortgage, etc and an insignificant amount of capital (less than 1 year's total living costs, excluding trading capital), the question arises whether speculative trading is a responsible course, ie what are costs (excluding monetary) to others? In the final analysis perhaps the question is, can you afford to fail?

Grant.
Hi Grant

That is imho the fall down for many imo, its not if they can trade in the money its

Can I make enough to feed myself and family, can I trade at size when it does matter

Am I being selfish ? answer is Yes

Am I being realistic answer is unknown, you have crunched past figs but they are past figs

At the end of the day the cost of start up and the risk of ruin is just to great for many

The cost of doing nothing while you develope and learn or not as the case may be adds up and is where the real loss in trading is made, not at the market. That pressure is not for many.

I used to have a small 3 employee business ~ Closed down, life choice did not go bust :-) just moved on to other things in life, was young..............er :-)

The daily weekly pressure to find work in slack times can be draining, in the early days it can be 24/7 which for many is totally out and just not possible even if they wanted to do it
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