The financial services industry. One that has more than likely touched all of us in one way or another. For many people, the “touch” comes from the fact they sit down with a “financial adviser” for advise them on how to grow their money. But is their advice really in your best interest? We talk with chat room member, Danny, who has experience in this industry… and yeah, I’ll just say he holds nothing back from how it all ‘actually’ works. We definitely talk trading too (and his journey is just as interesting as what he shares about financial advisers), but I think this interview will be a big warning to many.
Notes:
Danny is actually a financial planner by trade so it is safe to assume he has had an interest in the market for quite a long time. After working his way through the ranks of the bank, he eventually came to the realization that he could achieve better returns than many of these mutual funds or other products from the bank that all came with attached fees.
Danny had befriended someone while traveling who apparently followed someone elses stock picks and was using his profits to travel the world. Instead of following in his friend’s footsteps, he decided he wanted to learn how to trade himself so that he could be fully self reliant. Danny also knew that he would need to invest in his education if he wanted to really learn.
After going through training elsewhere, Danny did not like how the teachers pushed one strategy on the students. He knew that there had to be multiple ways to view and trade the market. However, Danny now knew just enough of the basics to be dangerous so he jumped in headfirst with his 14k account. After some fast losses, that is when he found Claytrader.
Danny learned how to read charts and manage risk and then took his training into the Forex market. He liked that he could trade at different hours of the day and that the market is 24 hours, so it has no closing and opening gaps. He is now paper trading and solidifying his strategy and risk management. He plans on practicing for a full year before re-entering the market with his hard earned money.
Quotes:
“When you work in the bank, you understand how much advisors do not know anything about the market.”
“I didn’t want to be a follower. I’m the kind of guy that when I do something, I want to know everything about it.”
“I got the basics. I know how to trade. I said, ‘lets go!’ I didn’t know anything about risk vs. reward.”
“I’m into forex because it’s a 24 hour market. I can get home from work and still trade. I know there will be no gaps.”
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