hi, does your son have a natural interest in the markets ?? OR does he just want to be like dad ?? this is a critical distinction. best to you, surfer
OffShore, I understand what you are saying, and my wife (PhD Psychology) had some similar concerns, but I don't think there's any danger here. He'll take it easy and learn something about himself and his environment from a safe perspective. I remember a few years ago, when I took my then 6 year old daughter to start her Tae Kwon Do lessons (my son had already gotten a green belt at the time.) Several friends advised us against it, stating that fighting will scare her, make her aggressive, etc. Instead, she took to it like a duck to water, because she never saw eastern martial arts as aggressive, but as an honest way of living - coupling respect to others and self discipline. Now she has a black belt and is working on the second degree of that rank (which my son already has.) What's more, she does not perceive TKD as fighting or even aggressive. It is very natural to her, like Greek dancing and ballet (which she also practices.) What I'm trying to say is that perhaps the negative emotions that many adults face when they start to trade may be due in part to the fact that they have not had the chance to see the market as a paradigm of life, as a means to self-improvement, how one can live honestly by taking responsibility of each of their actions, how one can deal with it in an impartial and healthy and open way. Make sense?
Thanks MS, Yes, he does. He actually led the team that got first prize in the investment game that their social studies teacher put together this past year. He's read a couple of market books, like "Investing for teenagers" and the famous O'Neil book (although I can't think of its title right now ) where he introduces his CANSLIM method. He appears genuinely interested, but of course, the dad aspect is playing a bg role too.
jack, your posts are fascinating. you have a wealth of knowledge and i appreciate you sharing it. thanks ! surfer
Good observation. Most of these nay sayers should read Rich Dad, Poor Dad to get an adult orientation to replace their Poor Dad childhoods. Let your wife comment on their posts for laughs.
Yannis, Do not pay attention to the posters that are saying you are insane. I was exposed to trading/investing at the age of 12. Bought my first stock at the age of 13 (before HS) and by the time I had graduated I turned my measly stake into a more than decent sum (with the help of a rich uncle and a raging bull in 95 -- born on 3rd base and thought I hit a tripple) and was able to do this for a living coming straight out of highschool... I think now is the perfect time for your son to learn the game, his 'cup is not too full' and has probably not yet been tainted. His mind is like an indiscriminate 'sponge' at this age... He will learn discipline, patience, loss, humility, etc. ahhh no better arena to shape a young man IMO... I don't know if I would start him off learning to trade in and out during the day, but maybe the swing side (days to weeks)... Good luck to you and your son! PEACE
that is fantastic ! i wish i had someone teach me when i showed an interest at 14. best wishes to him on his journey ! surfer
If the father or mother believes they truly know what the adverse affects of trading can be, and can guide their child through those emotions, they yes, go for it. But consider that less than 10% of all people make money. That in essence means, 10% know how to deal with the market psychologically. Unless you show a profit, unless you have a multitude of experience in the market, then show the kid how to trade, teach him the emotions of trading. But, the last thing a kid needs to learn at age 14 is how to make money through the market. Self discipline, respect, honesty, integrity, stamina, and other qualities can be learned elsewhere where there is not as much negative affect on their lives. What happens if this kid makes money? What happens if this kid makes a ton of money by age 18. He loses all respect for the value of money, the value of HARD WORK. You can't possibly tell me this kid will know what HARD WORK is. He will treat it as a hobby and if he does delve into the market as a passion, then he singles himself out of the rest of his peer group. He will then spend more time alone analyzing markets, reading books, much like traders do. And this brings problems in and of itself. Many "wizards" state they picked up trading at a young age. They were drawn to it, but if the kid shows no magnetism to trading, I really say, let him deal with it a later age, when he is more emotionally mature. We musnt forget that trading is 90% psychological after methodology is learned. No way a 14 year old has the thought process or emotional stability to handle the adversity of trading. SImply, the person teaching their child has to make an HONEST, VERY HONEST ASSESMENT OF THEMSELVES. Do they understand the market pscyhologically? Do they understand the ramifications of making money by clicking buttons? Do they make money? If they believe they can teach a child the market when themself does not make money, oh my. It's like teaching a kid how to swing a golf club when your a 30 handicap. Good luck.
Jack, Thanks for your suggestions - I have a similar viewpoint. My dream is that he get to understand a very good field, rich in interesting concepts and clearly influential in his life. Also, that he get a peek into the issue of the fear/greed demons we all have to struggle against. With some luck, if he sticks with it, he may also acquire a valuable skill that could help him a lot in his life, whatever his chosen career may turn out to be.