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Being Lucky is Fine?

The mental trap of fool’s gold has struck once again. This is nothing new from a trading psychology point of view, but it simply gives me more data on just how disruptive a bit of false success can be.

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Transcript:

I've done several videos on fool's goldand what it does, what it looks likeand we have just another example of thecontradictions it can create.(short swoosh)Full disclosure, this is nothing that hasn'talready been covered but as I say quite often.I like these Claytrader mail videos because it's like mestock piling data points of human psychologyand just so when people says 'Oh come on Clay,that's a needle in a haystack example'.I can say well actually, check out this, that and the otherand I can start to, kind of avalanche people with proofand data of these claims that I've made in other videos.And in this one, again, just more proof of fool's goldand how it really causes, I mean, how powerful it is,where people admit one thing and then go on, in this case,the same sentence to just literally contradict themselveswhere you're like, what a second, how can that be the caseif that and it just, nothing makes any sensebut that's fool's gold for ya.Where it totally tricks ya and really the only way forsome people that they're ever going to get out of this,just this distorted state, is to get punchedin the face with a big old loss.But let's get to this YouTube comment to and set it up.Basically this person was talking in a waywhere I just let him know, hey it seems pretty random.It seems like there's no rhyme or reasonto the way you're trading.Maybe you should reassess things, kind of,run a self audit on yourself because yeah,things are very, very random it appears,by the way you're talking and they reply back with this."Lol. I'm sorry bro. I wasn't trying to come off that way!I agree with you, I am getting lucky!But I had Tandem first, now SSC.Doing pretty well sir."So you're doing pretty well, getting lucky?But if you're getting lucky, that admits it doesn'ttake any skill, so how can you be doing pretty wellat something that does...I mean, it's pretty self apparent right.They admit, they're agreeing with me,that they are basically getting lucky based on randomness.But because they've had some winners,they're doing pretty well.Well yes, I realize you are doing wellbecause you've had some winnersbut if the source of doing well with those two winners,Tandem, I think ticker TNDM and then SSC.Just because you did well with those,what was the source of doing well?And the source is what you were admitting,is just total luck.So if the source is total luck, then sure you're doing wellwithin getting lucky and within those ticker symbolsthemselves but long term wise,getting lucky is not a viable long term scenario.But here is just somebody, where they're,yeah I'm getting lucky, you know...The classic word right? B-U-T.I can't remember the exact saying but there's somethingwhere it's, you know, everything before the word 'but',doesn't really count and many senses that's true.And in this case, it's totally true.Yeah I do agree, I'm getting lucky but!List some winners, so I'm doing pretty well,I'm gettin' it figured out.And unfortunately, like I said, this person apparentlyis gonna need to just get stomped onby the market to make them realize.Sure you did pretty well, sure you were doing pretty wellas far as your account maybe is concerned but as far asthe strategy, the systems that were growing the account.Luck can take you only so far and as you saw this is not meassuming or implying that they're getting lucky.I mean, they flat out agreed that they were getting luckyand they stated but literally still.So I mean, think about it, put themselves...They're sitting there typing, saying yesI agree I'm getting lucky but.And they went on still to saythat they're doing pretty well.So that's fool's gold at it's best, total contradictionsand it just really distorts the human mind because you know,And I do understand, why would you think that you don'thave things figured out but actually that doesn't makeany sense because this person says and admitsthat they don't have things figured out, so yeah,this one is just really bizarre but hey,welcome to the world of fool's gold.If you're out there trading alone currentlyand maybe are in the market looking for a community to join,to assist you in your trading or to just help you,you know, give you another set of eyeballs.Then I do have a private trading community whereyou can trade along side me and other experienced traders.So what you see popping up on the screen right now,is both, an information link so if youclick on the inner circle one.That is gonna take you to the page where I explainall the details of what exactly come with the community.Both the chat room and the newsletter and then the otherimage that just popped up is behind the scenes tourwhere you can see exactly what is going tobe contained within the community.I take you through, like I said, a behind the scenes tourof everything and that way you'll know preciselywhat you are getting when you join.So definitely check that stuff out if you are interestedand thinking about wanting to join a communityand let me know if you have any questions.

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