This discussion certainly got my blood boiling. As someone who is in the coaching/teaching/mentoring business, it truly drives me insane when I see others creating a bad name for everyone. We have a shining example of this thanks to our guest today John (‘FatherOfBear’ in the chatroom) and his experience with another “coach” in the business. Even if you never spend a penny on my site, please just realize and be aware of some of the glaring red flags that many of these “I want to see you succeed” people out there display. To give John fully credit though, after the rough start due to the bad experience in attempting to learn, he didn’t give up and he continued to grind onwards and upwards. Like many of us, John has taken several bumps and bruises along the way, but the great thing for us as listeners, we can learn from them and save ourselves some money in the process. I had a great time chatting with John and I’m sure you will too.
Notes:
Today we interview community member John who goes by FatherOfBear in the chat rooms. John was intrigued by those who traded in the market and spent some time looking around the internet in an effort to get educated. He came to the realization that if he wanted to do this successfully, he would need to seek out quality training.
Unfortunately, he decided to get training via someone who put a time limit on their program and John learns best by a high amount of repetition. A 3 month time limit is not realistic to go from knowing nothing about the markets to a proficient trader.
Even without a proven track record on paper, John funded an account and started trading live. After finding some initial success, he eventually dwindled that account down to scraps. John does not like to lose and in most aspects of life, it’s a fantastic attribute. But in trading, it can be detrimental.
After finding out the material in University was available for LIFE, John dove right into the program to rebuild his notion of trading. He is currently working through the foundational courses before he beings trading again.
Quotes:
I watched YouTube videos of people explaining what candlestick means. I would watch hours of videos. It was generic at best.
I didn’t grasp how dangerous it was to trick myself paper trading. I was trading with large size since there was no risk.
I get my first big win. I was thinking, I’m not over trading… I’m doing what my teacher is doing. I must be a prodigy.
I started learning all about margin calls. It really hurt my account being stubborn and holding. Reinforcing those bad habit muscles.
Honestly, I’m not sure I would re-do anything. I’ve eaten a lot of humble pie. Education is paramount and is worth paying for.
