The business of money management is one that few people ever truly master. Having full command over the markets is also transient. It can take years to learn and what can seem like days to lose control of. I have been both on top of the world and drinking cheap scotch on the dirty linoleum floor. (to borrow an old Cramer saying)
The good news is, from being around this business for a long time, and failing at it for a portion of that time, I can tell you there is hope. I talk to people every day that are brand new to trading. I talk to people everyday that have had success but lost their way. I have fallen under both categories.
The most important thing you can do is ask questions. Any one legit will tell you we have all been there. The most important thing to avoid is going and trading emotionally on your own, or throwing your hard earned money into chasing someone else’s trades via an alert service. Doing that will result in you likely losing money, and what’s worse not learning anything from it.
I think what has separated me from many others is I learned very early that ego has no place in this business. Are you a know it all? This is going to be too difficult for you. You’ll make excuses and call the game “rigged.” Then you’ll try and do things your know it all way because you are “smarter” and lose your money anyway. If you take nothing else from this post, remember that last line.
Here is what to do instead: Be open and honest with someone about your goals, and get to know a trader or money manager willing to have an hour conversation with you. Maybe you have heard about this new Cryptocurrency thing and want to throw a couple thousand dollars at it. Maybe you got a book about futures trading for Christmas you just finished and want to put on your first futures trade. Maybe you watched Options Action on CNBC and are interested in the world of options trading but not confident enough yet to fund an account and put your money to work. Maybe you traded on the floor of the CME for years and made a million dollars a week but lost your way when everything moved to the screens.
All these scenarios are just fine, and all are real life examples of people I have talked to recently. I can tell you that those who aren’t afraid to ask for help will be leaps and bounds ahead of the know it all who wants to do it his own way.
I am not an expert on everything. There is no way that is possible. But my extensive time in this business has afforded me a network of contacts that I can put you in touch with if you want to ask them for help. I don’t get any kickbacks for sending you to these folks, I just like to see people get started on the right track rather than ripped off.
Don’t be afraid to email or message me if you have a question. I can get you in touch with the best brokers, educators, trading platforms, mentors, etc if you want to take your trading to the next level, or are just beginning. It will save you time and money, this I promise you.
Teddy Duchamp: “Okay, you guys can go around if you want. I’m crossing here. And while you guys are dragging your candy asses half way across the state and back, I’ll be waiting on the other side, relaxing with my thoughts.”
OC