How to Be a Successful Trader
Money For the Rest of Us
J. David Stein
4.5 • 1.4K Ratings
🗓️ 6 February 2019
⏱️ 30 minutes
🧾️ Download transcript
Summary
#239 Why successful trading of commodities futures, foreign currencies and options depends on exploiting novice traders. Thanks to Molekule and Sleep Number for sponsoring this episode.
For show notes and more information on this episode click here.
- [0:20] Learning how to trade.
- [4:52] David takes a look at a trading school for himself.
- [9:15] Red flags in the trade school learning process.
- [10:32] Common mistakes in managing wealth according to the trade school.
- [16:29] Is the solution found in only trading and shunning the stock market?
- [19:48] The patented approach to trading success is based upon taking advantage of inexperienced traders.
- [25:09] Trading is a zero-sum game.
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Transcript
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| 0:00.0 | Welcome to Money for the rest of us. This is a personal finance show on Money, how it works, how to invest it and how to live without worrying about it. |
| 0:11.0 | I'm your host David Stein today's episode 239. It's titled |
| 0:15.8 | How to be a successful traitor. |
| 0:20.3 | The Pearl and I recently were at a furniture store. We met a sales rep there who was way |
| 0:26.5 | more excited about trading than he was about furniture. He talked of supply and demand, candlestick charts, NASDAQ, and the Australian dollar. |
| 0:42.2 | He said he's still struggling to understand how shorting works. |
| 0:45.2 | That's where you borrow shares of a security and then sell them in order to profit |
| 0:49.6 | when the security falls in price. |
| 0:53.0 | He mentioned that he gets all goofy feeling when he gets a trade right when the trade works. |
| 1:01.0 | He is 65. He's worked at this furniture store for 14 years, but has never participated in his employer's 401k plan. |
| 1:12.0 | This is a defined contribution plan where he could have collected a match, |
| 1:19.6 | free money from the company if he put up, I'm not sure what the match percentage was but he |
| 1:25.0 | acknowledged that there was a match that the company would match dollar per |
| 1:29.9 | dollar up to some level. He said he hadn't participated because the stock market is |
| 1:37.5 | risky. You could lose money in the stock market. |
| 1:43.0 | His wife works as a nurse, and the couple's financial planner says they can hopefully |
| 1:49.9 | retire at the age of 70. I asked him more about this trading school he had been attending. |
| 1:58.0 | He has attended online classes and in person. He has lifetime access to these classes. |
| 2:05.0 | How much did you pay? I asked. |
| 2:07.0 | 23,000 dollars. |
| 2:10.0 | But he pointed out that if he had wanted to join the mastermind community associated with this trading school, |
| 2:17.9 | it would be $50,000. He said he got the money for this trading school from his mother who passed away. |
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