I’m going to write this week about what undoubtedly is most important to a trader’s chance of sustained success. Sure, it’s helpful to have some insights into what’s going on in the trading pits and what levels are support and resistance etc. But those tools are useless to someone incapable of (or unwilling to) use them.
In the past month, I had two traders contact me; one was interested in the trading room and the other in one of my trading systems.
Many of you have heard me talk about Sev - who was a client of mine many years ago and now is a trader and systems developer who TBF Inc works very closely with. In meeting over the past few years with Sev he’s directed me back to the retail (nonprofessional) trading community; he’s always stressed the amount of inept trading services up and down the internet that seem to be flooded by traders.
So I re-embarked down that path with Sev’s assurance that he would handle all inquiries etc.
The first trader mentioned above asked if there were any discounts for my trading room and newsletter. Sev and he exchanged a few emails and Sev felt this fellow’s situation justified a reduced rate – which he slashed by more than 50%.
The trader was rarely – if ever - in the trading room from 6:45-7:00 a.m. when so much crucial information is discussed. When he would log in he never stayed the entire day; he’d leave and come back an hour or 2 later and do that 2 or 3 times a day. When Sev realized this pattern was developing he contacted the trader to ask see how he was doing, was he learning?…etc. The trader answered that he was learning.
That was about 2 weeks ago and it’s also about the last time the trader logged in. When Sev contacted him late last week he said he was “fine”.
I don’t get involved in this part of my business but my feeling is the trader expected some type of holy grail by using the trading room – and when he saw that trading is a process that builds over an entire day (week…month) he either 1) lacked the necessary focus 2) got bored or 3) was simply overwhelmed from the get-go.
Of course, maybe he DID learn a few of the setups or other skills we use and is simply using them on his own; I admit that’s a possibility. But if we assume that is not what happened, why isn’t he discussing his experience with Sev? Why didn’t he ever type a question in the trading room message board?
To the new traders out there: we can’t help you if you don’t ask.
The second trader asked if he could make payments for one of my trading systems. When Sev contacted him he learned the trader works for a prop house and needs to make $1500 a month. Sev felt the trader wanted to simply have the system make that money and told him the system doesn’t guarantee a trade every day. He suggested instead that the trader use the trading room and newsletter and he would give him the system.
The conversation basically fell apart.
My take? I initially thought he was simply on a tight budget – but the prop house angle confused that thought. Was he looking to make his own trades but also run the system in the background and see if it could kick out a few more ticks every week - kinda take a little pressure off his day-to-day grind? Or was he looking to learn what the trade was and then just add it to his arsenal? At any rate, Sev felt it wasn’t in my best interest to work with him.
As Sev related these situations to me during the past week I was frustrated…and I think more so because of something Sev said.
He made the comment to me “I wish I would have had this much help when I first started trading.”
It gave me pause. Sev is part of a team that has generated a 70-some percent return over the past couple of years; he works heavily with options and of course, oversees the development of automated trading systems. I only met him personally a couple of years ago and find him to be very intelligent – but it’s mainly his drive that has gotten him to where he is today.
At least one of those traits is missing in those two traders who recently contacted me.
Hope this helps with the decisions you make about your trading career. Thanks for
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