It's such a strange fact that the only people who are capable of hearing true, accurate advice concerning trading as a career are the ones who have already made it through the massive learning curves and the depths of soul searching, etc - aka: the ones who don't need the advice. The people who need it most just can't hear it .... That guy's retirement money is a goner unless he wakes up ....
Tell'em to give you a call when they're down 20%. Maybe then they'll be much more willing to listen to reason. JJ
Hey, if Japanese housewives can make millions [in dollar terms] from trading forex in their spare time... http://www.elitetrader.com/vb/showthread.php?s=&threadid=92057
Some of the best traders I know don't watch CNBC, nor do they "need" it at all... except for the financial news clips. CNBC is for the masses, the typical sheep who think it's instant access to wall street. I've actually heard a poor naive joe sixpack say he's on a level playing field with the pros cause he has internet access and CNBC turned on all day. I felt like crying.
Eventhough I don't watch CNBC, I know many great traders that do watch CNBC, or has there eyes on it with the volume turned down. Then there are those losers who think they are better than others, because they don't watch CNBC. To be able to interact with the trading masses, I noticed that I need to dumb-down. Maybe that was the case there, someone trying to start a trading convesation with another sixpack. But, aside from that, if you are a good trader.. all you need is a good internet connection and the CNBC would only be a bonus.
Television only came about within the last ~50yrs. Some of the greatest traders/operators who ever lived never needed something like CNBC. I will never be convinced that one needs CNBC to trade well, not one minute of it.
Tell them to make a business plan which includes an exit strategy. Since they might not follow that plan when an exit is called for (as they might be addicted to trading at that point) - then at least they will be aware of it.
Question: Do you plan on remaining in contact with these guys? (it didn't seem like it was too close of a relationship) If so, would you be willing to provide some guidance (understandable if you say hell no), or do you want to do the wise thing and just totally wash your hands of this disaster in the making? JJ