Emotion, emotion, emotion. Trade like a Tiger shark swimming through the water looking for an injured sea turtle, fish, or even the occasional swimmer/surfer. Eat what you need to grow without second thought; without emotion. Get greedy, or think you've got it all figured out, and the bigger sharks will eat you. Break a rule, just one rule, and the bigger sharks will smile as they eat you. There is no, "I think price might come back, so I'll move my stop." NO!!!! Cut your loss, considering it tuition towards survival in the wild, and go find another meal using the wisdom you gained from the temporary setback.
Makes you wonder what you were paying for at those expensive seminars to begin with. How did he justify the money you had spent at that very seminar where you were not even provided with a few basic guideposts on which to spend the next several years? You should have thanked him right then and there for exposing himself for the asshole that he is.
Quote from willnotlose: When I started out I went to quite a few expensive seminars... ...After one of these seminars I approached one of the speakers who has been making a living trading for decades... ...During the next recess this is what he told me: 1. If you are expecting that will teach you how I trade then I have to disappoint you because no matter what you think about this statement at this time you would be come my competitor and I would be an idiot creating more sophisticated competition for myself. 2. I am willing to spend one hour with you for $100,000 Dollars cash, no receipt and no guarantees given whatsoever. 3. In that one hour period I'll give you a solid understanding of 4-5 fundamental elements regarding the markets and trading.. Scam artist looking for a double dip.
+1 If you give a dude like that a hundred grand for an hour of his time with conditions like that, you deserve to be broke and penniless. Smart people have an obligation to take money from stupid people, because if they don't, someone else will just take the stupid person's money.
Gabfly1 In hindsight I understand that those seminars back then - and probably most if not all even today - were just a quick and easy way for the organizers to collect a small fortune from gullible idiots like myself. After my private conversation with this gentleman I was both angry and confused as I understood that I wasted my money on the seminar. My intention was to get started on a new venture with a low entry threshold, low risk and high potential. This dream was shattered in an instant right then and there. My initial reaction was similar to what a few posters wrote above, especially since back then 100K was worth twice or more than what it is worth today. Add to it that I had all the self confidence one can have and my decision was clear. I have also thought long and hard about why a seemingly nice and honest person would make presentations on these seminars knowing that he would not give the audience anything of value. Years later I've found out that he was getting 25% of the net seminar income because he was the "Name" that gave the seminars credibility. My quick estimate is that he's got 250K or more for 3 days, a few hours of talking. That is pretty hard to turn down I think. Trading is hard work, taking risks all day long. Speaking a few hours in front of a bunch of greedy folks looking for a cheap and easy way to make a fortune is a vacation from the trenches.
Or a vacation from losing money. Time after time, the same lesson re-asserts itself: the money in trading is from: (1) Commissions; (2) Training fees; (3) Selling newsletter and subscription services; and (4) Charging for seminars.
The trenches are more fun. For one thing you don't have to speak for hours. Plus, I outdid that guy! I made $260 in 20 seconds today