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The Prodigy Delusion

First thing, if you are suffering from this delusion, does it make you a total idiot? Absolutely not. I would argue it makes you quite normal; however, that doesn’t mean you shouldn’t acknowledge it and take steps to correct it. I 100% suffered from this delusion when I first started to trade, so I can speak with extreme accuracy as to how it works.

A few real life examples of how The Prodigy Delusion ends… badly… CLICK HERE

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Transcript:

When you consider what a prodigy actually isthere sure are a lot of themrunning around the stock market.Let's kick things off by just definingwhat actually is a prodigy.And this isn't from Webster's dictionary or anything,it's kind of my definition of it.But basically a prodigy is a freak.And I mean that in every possible compliment of the word.They're just a freak of naturein terms of being really, really good at something and it's,usually you know they just start out so as a child.But just you know somebody starts out in somethingand then they are just way better thanthe vast, vast, vast majority of people.A prodigy.Usually when you hear a prodigyyou think of like a piano player for exampleor something of that nature.A chess player where you have some kid that just started offbut yet they're beating all theseadult professional chess players.That's kind of what comes in my mind when I hear a prodigy,pianos and chess but there's all sorts of...LeBron James I would argue is a prodigy,he was just, he's just gifted.And he, no, don't get me wrong,I'm not saying all those people don't work hardbut they're just gifted individuals.Michael Jordan I would say probably a prodigy.But they're just freaks,they're freaks in whatever they are trying to do.And when you consider that that being the fact that...Let me change the colors here.We have low.Low what?Low odds.Low odds meaning, odds are you are definitely not a prodigy.That's not me trying to, "Oh, that's not very encouraging."No, that's just called using statistics and mathematicsto back up a claim.Odds are you are not a prodigy.Odds are I am not a prodigy at anythingbecause prodigies are once again by definitionjust freaks of nature.They're definitely outliers in terms ofwhat's actually normal.Or not even above average or really above average.Prodigies are well, well, well, well above average.So low odds is that you're a freak which is a prodigy.Yeah, what I see all the time, all the time.And you've probably seen it too.Who knows maybe you're actually sufferingfrom the prodigy delusion.Is you havenew trader right here.I'm getting very unoriginal, not even naming these people,but just a new trader.And what do they do?They go, they put out some trades andthey make money.But you know what?Let's say that they actually make quite a bit of money.Let's say that their portfolio valueis increasing very nicely.And wow, I've made a certain amount of tradesand they've been winnersand now I look what I started with to what I have right now.It's like a lot more.I mean what is going...Okay, okay.And then people come along and what I'm trying to do hereis tell them to reconsider things like, no, no, no.And then they start to think,Wow, I think I was just made for this.Maybe this is like my lost calling.Maybe this is...I mean, maybe I'm some sort...Now in their mind I don't thinkthey're gonna sit there and say,I'm a prodigy, I am like a freak.But they're really thinking,"Wow, I'm like really, really good at this."And when people try to kind of offer up warnings,"Oh yeah, well how much have you made?"Oh yeah, well how much is your portfolio up?"Oh, oh, yeah, oh yeah, well mine is."and then they fill in a blankand they are pointing towards positive results.But in doing so like I said in their mind,and I should note, I speak from experience with this.In their mind what is going on is well,they do think that they're some sort of freak of nature.They do think that they just kind of have the magic touch.For me I was in college and I got so,I was so deluded.My delusion reached such peakswhere I was just contemplating,talking to my wife, my senior of college and saying,"Should I even finish my degree?"I mean, I'm like,basically I'm a prodigy as faras these penny stocks are concerned.The stock that I'm in it's gonna be,I'm already up but it's supposed to go up a whole lot more.And when it goes up to that areawe're gonna have so much moneyI'm probably not gonna even need to work,I'm just gonna be trading penny stocks.I'm just gonna be trading stocks becauseI just seem to have it.Again I wasn't sitting there telling my wife,"Look, I'm a prodigy."But basically what I was describing,what I was thinking implied that I'm a prodigybase somebody that's brand new, I made some moneyand then all of a suddenI might as well not even get my engineering degree.I got one year left but I'm essentially a prodigy.And you see this all the time.It's basically another form of fool's gold.I talked about fool's gold on this channel.But fool's gold is pretty much what the result.So this right here when they make money,that is where the fool's gold comes about.But the result of fool's gold is then this prodigy delusionwhere people think they are much betterof a trader than what they are.And as is the case in pretty much all,I'm gonna say in all cases.They get kicked in the teeth and they finally realize,"Oh, I guess there is more to it than when I thought."I guess I'm not as good as what I thought."And like I said, if you've been around for a while,I'm sure you've seen,especially if you kind of know how to tradeand you can recognize people that proclaim to be greatbut then they just say things and you're like,that really doesn't make any sense.Why would you do that and thiswhen you're not even factoring some other event.So okay, yeah, you've made money.So that's definitely some fool's goldand now you were thinkingyou're a lot better than what you are.So it just might be somethingthat you want to pause and reflect onis are you suffering from the prodigy delusion?There's no shame in it.I'm not saying you're an idiot for doing it,it's basic human psychology.Because if you do have success at something when you're new,then yeah, of course your rational thought is gonna be,"Whoa, maybe I'm made for it."But I assure you there is a lot morethan what is being led onat the very beginning as a new trader.So I'm not trying to discourage you,I'm just saying that as a new trader if you've had successand you've had some winning trades and such,just tap the brakes and realizethat maybe you're not as goodas what your mind is telling you you are.If you are out there trading alone currentlyand maybe are in the market looking for a community to join,to assist you in your tradingor to just help you give you another set of eyeballsthen I do have a private trading communitywhere you can trade alongside meand other experienced traders.So what you see popping up on the screen right nowis both an information link.So if you click on the inner circle onethat is going to take you to the pagewhere I explain all the detailsof what exactly come with the communityboth the chatroom and the newsletter.And then the other image that is popped upis a behind-the-scenes tourwhere you can see exactly what is going tobe contained within the community.I take you through like I saida behind-the-scenes tour of everythingand 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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