Page 67 - THE MARKET WHISPERER

THE MARKET WHISPERER 65

education when it comes to our own funds. This must be one of the oddest
phenomena in human behavior. Stock trading is a profession like any
other. It is also one of the few professions that can bring you sweet, swift
financial success. But when it comes to your own money, you shouldn’t be
thinking about the opportunities, but rather the risks! Remember, every
time you buy a stock, someone else is selling it to you. Sometimes I’m the
seller. Are inexperienced buyers on the other side of the transaction so
certain they can beat me and take my money and that of other pros like
me? Professional traders like me have all paid seriously with our time and
money for this education and experience. I have news for you: we have no
intention of letting anyone beat us!

Have you heard the claim that ninety percent of traders lose? It’s one
hundred percent correct! In fact, I’m sure the number is even higher. The
greater majority of those losing traders are people who think they can
trade without learning the trade! There’s no need for a license or diploma
to become a day trader. The conditions for joining the profession are
simple, and anyone without the slightest previous experience can learn to
uphold them: open a trading account, deposit funds, buy, and sell. Anyone
filling these criteria can be defined as a “day trader.” Is it any wonder, then,
that the probability of success is so low? I was there too, and made the
same mistake. I faced failure any number of times. It would have placed
me squarely in the sad statistic of losers. I survived, but no more than ten
percent of new traders will be stubborn enough to survive. The ones that
do, accruing experience and knowledge, are the ones that will profit from
the funds of those who don’t invest in knowledge. My job is to ensure that
you learn, and that you join the winners. The more you learn, the greater
your chances of success.

You can acquire theory from books, but you need more than that. You
need to take a course. Courses cost money, but they save you more than
you spend. Sometimes, a tip from an experienced instructor is worth far
more than the cost of the course. Even if you feel that you already have
that basic knowledge and fairly broad experience in the capital markets,
the additional information you will learn in a course is worth the effort of
joining one. Without an optimal education, you’ll be forced to rely on your
good luck. And if that’s the case, you might as well forget trading and just
take a joy ride to Las Vegas. There, at least, you’ll lose with a smile as you
sip drinks on the house.