Has anybody taught a close relative how to trade?

Discussion in 'Psychology' started by ChocolateGirl, Aug 16, 2008.

  1. 2 questions:

    1. Have you ever taught one of your close relatives (siblings, parents or children) how to trade and how was the experience?

    2. If you taught non-relatives too, what was the difference?

  2. Can we talk about chocolate first?
  3. I have been told, not asked, by a few relatives and non-relatives.

    So I can just imagine what it would be like...

    Me: This is what you gotta do see, you do this and you do that, blah blah blah....

    Them: Ya talkin' ta me? Ya talkin' ta me? Nobody tells me what to do.... Why I gotta do that for? I'm gonna do this and that....Why you having me do some work for? You do it.
  4. It's like any business... never hire friends or family.
  5. I didn't mean hiring, but more like passing the torch. Let's say your son is just out of high school or college and he got interested in trading.

    Wouldn't you teach him if he asked you? If he is only 18-19 you could save the college tuition and let him blow a few thousand bucks before he gets it, it would still be cheaper and not to mention faster than 4-5 years of college.

    Or your dad retired but he still wants a little hobby/action on the side. Or your brother just got laid off. etc.etc.
  6. Brandonf

    Brandonf ET Sponsor

    I wouldnt help him unless he'd finished college.

  7. college is a poor investment these days if you ask me.

    I say teach him tenacity, discipline, and to think big. These will help succeed in trading and anything else he might encounter. Much better than the microwaveable education they sell at college these days IMHO
  8. Big AAPL

    Big AAPL

    With a child in college, I would have to agree with this statement. However, I came up with an interesting idea to spur my son's interest: Work a real time Sim with a limit of 1 contract per trade and I will pay him his net PNL at the end of the month. Now, if I can only get him off his ass and spend a few hours a day on the platform when he's not in school...
  9. Brandonf

    Brandonf ET Sponsor

    I agree with most of that. Discipline, tenacity and the ability and think and believe big will take you very far in life, even without the benefit of a degree. I myself dropped out and have done well, so I know its possible. However, there is no reason to make things harder on him than they need to be, so I do hope he gets a degree. I will also do whatever I can do discourage him from becoming a trader, but in my own sons case its more because I dont think it fits his personality very well, if I thought it did I might (or might not) have a different opinion on the matter.
  10. I agree with Brandonf on this one. Yes, those of us who actually turn a profit in trading know that college is a poor investment of time, attention, money, blah blah blah when they could be learning the ropes and blowing out their papertrading accounts a few times while you teach them what it's all about... But rich kids have no perspective of what non-traders do to make a living, and when kids are endowed by their parents with the ability to make wealth without going to college and working a job FIRST, there is less appreciation for what they've got in trading.

    Personally, I didn't get much out of my Master's Degree other than a way to chain myself to a desk for life...

    I'm just saying that I've seen rich kids from birth and I've seen kids who were taught how to get rich by their parents and it is far better to learn how the others live before dumping money, or the means to earn wealth, onto them as youths. If part of the legacy you want to leave your kids is how to live, not just how to make money, then you must let them learn by living as others do before you bless them with the gift (at least the best opportunity) of wealth. Otherwise, you have a snotty, snobbish posterity that won't even want you around when you get old. Not my idea of legacy.
    #10     Aug 16, 2008