This is the situation : a month from now, i shall meet a friend, whom i haven't seen for 2 years. I know that he failled with forex, because of the rush, without practicing with demos/sims, fomos, ravange trading & the rest of psychological demons, (hes unawere of that) made him to join, the infamous - 90/90/90 club. Im sure, that main topic is going to be, trading & investing. My idea is, instead of revealing, everything that i learned in almost 2 years, right away ( maybe it's a worthless info, ,,how can i know - that im right" R.D ,) in exchange of my time, to give him a test, e.g ,, in the next 6 months, you will have to : * make x ammount of trades per/day * have x ammount of screen time per/day * watch x ammount of videos about markets * read x ammount of books * to start a journal " What would you suggest, as the best way to help him ? ( to see his willingness, to put in the effort) Thank You. P.s One side of my personality, is like, hey, hes your buddy, cut the crap & make it short for him, while the other half, let him to travel for a while, through the desert of ishibuku clouds and rainbows.
Do not show him directly your way of trading to make money Give him the tools and time as you suggested to learn his own way. Let him go study and practice. He may see his own style of trading. This way in a year, you both can share money making ideas with each other. His trading experience can benefit you and your trading experience can benefit him. Then both of you can help each other in the future.
don't even talk about this stuff... complete waste of time. get a job.. buy some rental houses and stuff.
Tell him quitting was the smartest thing and that you're barely profitable and living through hell. That is, if you really care about him.
‘Follow your passion’ is probably one of the worst advices young people receive. Compound return means that the opportunity cost is the highest when you are YOUNG! the idea that you can waste away your early years of career is why so many people get stuck in dead end jobs when they get older and have no other ways out. The correct way is actually the opposite. When you are young you should play the game with the highest probability for success. Which means positive sum games. Hence get a job. Build a portfolio when time is on your side. Let compound return do the magic. Then later you can fool around with whatever.
dozu888, Stop the bullshitting around. It's common sense for an adult to get a job and invest their money as early as possible. Everyone should be doing this already. Everyone knows to find a job. Stop the Bullshit man This forum is about trading and making ALOT of money taking abnormal risk sitting on our ass with no damn boss.
This is very noble and dear, and your friend is very lucky to have you. Your plan is perfect. While your second voice is also true, so perhaps following your intuition more during the meeting will be best? Money management and practice are two pillars. But I think that just to meet you, who became profitable in this time, will give him nice help. From other side I believe that you can not damage him with giving too much - as we all know, one thing is to speak about stop losses, entries/exits, following your system, and absolutely another is to do it. He will have to, in any scenario, to go through his personal transformation.
Yes & afterwards, i am sure, there will be lots of internal debate, with myself,. All i know for now is, that, not only he, but few of his friends, failled as well. All of them, started and finished at the same year. 3 years ago. And noone ( including him), made, a comeback, in those 3 years. Intuition indicates red flag & reminds me of a story, where Wright Brothers, went on and on, not because of financial success, but because of love for their craft and vision, that one day, we shall rule the skies. Wheres opposition, did it for money, by giving up, the same moment, when Wrights prevailed. Simply put, if this is going to be a story, of quick buck/get rich quick, and no true interest is being shown, then, my support shall be limited. Thanks for advice CSE & everyone else as well. Even you @dozu888 !
Talking about trading, even if you yourself is not profitable, is how best friends grow resentful and make relationships difficult. Especially if you're going to be this diffuse about it. Not about your friend's relationship with you, but your friend's relationship with money.