It's an interesting topic as to whether trading can be taught. Take the famous story of the Turtles. Some of the best performers on the Turtle program (http://www.investopedia.com/articles/trading/08/turtle-trading.asp) were no longer trading even a few years later and had to resort to writing books about the experience, as opposed to actually trading once the program finished. On the other hand, some are still managing money on behalf of others (I think). If the rules are well defined and you have a sustainable edge (which it sounds like IAN has), it is quite probable that an intelligent and motivated person could take those rules and have initial success. The problems come if and when the market changes to the extent that the system doesn't work so well anymore. How does the person who inherited the rules adapt to the situation? Do they know enough to tweak the system to maintain an edge? Can they handle the losses that were never seen before for that system? Does the style of trading sit comfortably with the individual's personality or is there some internal conflict trading someone else's system? I think the success of the teacher is only known a long time down the road... IAN's situation is much harder than the one faced by Richard Dennis and William Eckhardt because there is also a parent-child relationship involved. True success would be if the child is able to teach their own child many years later, most likely when the parent is long gone! Ultimately, I think the steps to be taken depend on the precise goals. One goal of the father might simply be to develop a closer bond with the child. I think that's why my father took up golf, not because he enjoyed golf so much, but because he wanted to start something that he could share with me and maintain the father-son relationship once I had left the family nest. If the goal for the father is for the child to improve on the father and become an even better trader then the plan has to be something else. It would be fun for both parties if the child was eventually showing the father new tricks, developing a trading style that is quite different and reflected the child's different personality. As they say, "there is more than one way to skin a cat". Perhaps the goal is somewhere in between. You just want to help give the child the ability to earn a living from trading that beats a regular 9-to-5 job. That is a worthwhile goal and perhaps most realistic. Accept that anything else is a bonus. There's a saying, "The easiest way to take an account balance to a million dollars is to start with ten million dollars!" Finally, it is probably worth the father involving the child in the discussion when setting the goals...easy to forget this one...
How many views per vid does he get on average, and how many subscribers does he have out of interest? There's 3 'youtubers' who are all apparently millionaires who live close to me, I find it all very interesting. Keep thinking about doing it myself!
English is only the third language I speak. I read your posting a few times and think I do not understand correctly what you are trying to say. So I cannot answer to it the way you would like probably. I clearly said that I only am starting this plan. I know what is important for me to know if they should continue or stop. They should decide what they want to do. I only give them maximum information and help them to make a realistic decision. It is not because they would dream to become good traders that it will happen. I will always think objectively and only wish the best for them. So become a trader or not is not important. They only should make their decision based on enough information to be able to make a correct decision.
You have no clue what daytrading is and you were a loser as daytrader. So there is nothing you can teach your children. If my children achieve to daytrade like I do, they will earn in 1 year more than average Joe in his whole life. But if they only do it for the money it would be a wrong decision. Yeah, Marketsurfer is a superstar in trading, his wife is a famous economy genius and even the children are genius. I wouldn't expect anything else from the smartest family in the world. And as you were a loser as daytrader you project now your horrible performance on all other daytraders who, by definition, are losers too. You clearly have psychological problems with your daytrading experience.
This reminded me of the one time my son expressed interest in trading. One of his co-workers traded Forex and one evening when he came over he helped my son set up a practice account with Oanda. So there we were looking at a chart and a short time prior there had been a huge upside breakout and price had been consolidating in a narrow range for several minutes. I asked my son whether he thought it was a good time to buy or sell and he said he thought he should sell because it had just shot up so high and he took a short position. I looked at his friend and we agreed that it looked like a perfect bull flag ready for another continuation break and just a few minutes later came the measured move up. My son never did investigate trading beyond that one time, but he did start asking me for advice more often after that.
To understand why 8 hours a day I should explain my system, but.... I posted in another thread:"I trained my brain for many months from opening till close of the market in realtime, but without executing the trades, till I had the feeling that the new knowledge was the first reaction in any circumstances." The first step is to understand the system that is traded, to reprogram part of their brain, and they will receive continuously information from me about what is happening. It is 8 hours of teaching. They need to make hours of training. Once they master the system they can reduce the screentime drastically. Of course if you trade on ma's you don't need much before you can start to trade. But results will be mediocre too.
IAN is a daytrader. He's teaching his kids to daytrade. He's not a moron. Ian has no vested interested in directing others toward studying the concepts you mentioned and away from daytrading. His income doesn't depend on steering others away from daytrading. He's not an investment fund salesman who has said $35 million of the captial he's raised has come directly from his ET persona. If you were able to tastefully fluff up your income generating ET persona by name dropping or whatever other method you prefer such as this snippet from today then I would simply put you on ignore and forget about you. But you're unable to do that without bad mounting daytraders in the same breath. You want peace? You will have peace the moment you stop disparaging the TA bighog used to earn his living as a daytrader. If you stop I won't go forward with a plan to present evidence sufficient to convince Baron you must register as a vendor and pay to post. Evidence supported by your own posts bragging about how the 2% aum fee is a dinosaur which leaves ... *** ONLY *** the 10 to 20% fee on profits generated. You've raised $100m. Assuming 10% annual growth = $10m. 15% of $10m is $1.5m per year. Do you want peace or do you want me to proceed to make this case? That you're bashing TA because you're a salesman who profits from bashing TA and at the v least you should have to pay a sponsor fee to post and even then it should be permissible to rip you every time you bash us and disrespect the memory of bighog.