How I Learned to Stop Worrying and Love the Market Part 3: Snake Oil

By LucciStaff love_the_market, Uncategorized

By LucciStaff

If you missed part 2, read it here!

I wasted 2.5 years not knowing what to do; wasting hours and hours…and hours (!!!) It’s a little embarrassing, when I look back. I would turn up at parties, and have to explain why two years ago I mentioned I was striving to learn how to make money in the markets, only to admit that I wasn’t there yet. Inside, I did feel like a failure, both to myself and to my wife. She had suffered a lot without really having a say. My relationship was “on the ropes” more than once – here’s a nod to you my dear, we may well have gotten to the other side….But yes, I felt like I was an idiot – what the hell was the reason why I cannot seem to get this? Maybe I should look at one of these trading educational services? I could have done five at least by now with the lost money…

I won’t bore you with the gore, but I spent time doing courses from early 2012 until this year. One course I took was so complicated that the trader/mentor had to keep us all with him months after it had officially ended, because nobody could get it. For me still, nothing was going in. I had, however, become an expert in false promises and paths, and a failure at trading. I started one course off explaining to the proprietor that I couldn’t sell anything -my employer disallows it- that I couldn’t sell options, and that I wasn’t looking for a course on selling Iron Condors. He told me that there was no selling, and that a lot of it was full of material I definitely wouldn’t have seen before. Beguiled and foolish, I paid up and joined the course. It felt good initially, like I was getting on track. But the material was drip-fed to the students painfully over weeks, until the main material began – selling Iron Condors. I petitioned the proprietor about it, and mentioned our initial conversation before I paid up, and he transformed from the friendly balded internet purveyor of options education into an animal. I feared what retribution would come my way when I stopped my credit card…but what the heck? People all across the internet exist to simply rob us. Some of their material may be good, there may be a few nuggets, but most are not legitimate.

There were many more courses after that, and my experience spending thousands of dollars on trading courses and programs ultimately came to nothing. Nada. And I never once saw a PnL statement from any of these trading gurus. All I would see were trades drawn on a chart; trades taken to the pip or tick before price turned, and they were all perfect. Every guru was a master at catching the falling knife. That falling knife actually can be caught -that I SEE now- but it must be done with nothing these people share, because they have no idea. Their money comes from punters, not trading profits. Even the few people I met who might try to trade legitimately traded super small size – size one couldn’t live on. Why size-up when you make thousands a month from people in your trading rooms and courses?

Stay tuned for part 4 tomorrow.

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(Image Crefit: Jeremy Weate)

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