Lately for some reason (I have my theories) I've gotten a lot of "can I get rich quick" emails from clients, or former clients, or wannabe clients, or who knows.
Trading to me is a legitimate business opportunity. My response is always - I don't know how. I know how to make money over the long haul, this is a job (fun often) not a lottery ticket. For people who want to, I believe, to create for themselves, be your own boss and create your own wealth, but there are always risks and not everyone makes money obviously...some lose, like any other business.
When I was on CNBC I guess a while ago they asked me about it, saying something like - isn't it true many people lose trading - I don't recall the quote, my memory since the car accident last year isn't what it used to be. Having said that, that will suffice. And, basically my retort was that it's similar to opening a pizza parlor. Some people open up a pizza joint and do very well and become famous (in NYC we have places like John's pizza, which is my favorite; Rays, which is a tourist spot, though most tourists never find the REAL Rays in Little Italy; or Patsys/Grimaldes) and some earn a living and some break even and some go out of business. I've found over the years that that's about what happens in trading.
More later, I'm beat, I'm going to post link to the Thursday 7 pm EST FREE classes and also more on this topic. It's very frustrating to me, today I got an email that literally (well, I'm paraphrasing but its pretty dead on) said "I've lost $600,000 and have $40,000 left and I have a debt that is due in July for $150,000, can you tell me how I can triple my money?")
The only "good" thing about the email is that I had Ilene check our databases and he's not a client as far as we can tell. So, he didn't lose the $600,000 as our client. I still feel badly if that's a true story, I don't like to hear about anyone losing, but its troubling that someone would lose basically 90+% of their money and still be trying to hit home runs! Still be looking to gamble and get lucky.
Trading in my opinion is a real business opportunity, if you want to go to Las Vegas, hey, go head. I've been there and when I gamble I usually lose as do most gamblers. And, as I've discussed many times here and in classes, when I've made stupid mistakes and taken "shots" which basically means I gambled, then yes, even I lose as well.
Be smart with your trading, its a marathon, not a sprint and if anyone tells you otherwise then tell them you are looking for something stable, not for a bookie.
Unless of course, you would like to turn $600,000 into $40,000 as well.
This is a tough economy, people are desperate, the winners maintain their composure. It's hard sometimes to do that, trust me, we all struggle at times with this, but ultimately to succeed we have to bull, or bear, through it.
See ya manana on the other side
Michael "Waxie" Parness