One of the great things about the internet is that novice traders do not have to go it alone. There are plenty of websites, communities and chat rooms to flesh out ideas and strategies (with iBC and The PPT obviously being at the very top of that hierarchy). In some of the lower tier sites and platforms, of course, along with those marketplaces of ideas comes plenty of insecure, toxic personalities who feel the need to put other traders down, in order to bring themselves up.
In particular, many crusty veteran traders often talk about their decades of experience in “the business.” While extensive experience can indeed be extremely beneficial, many of these washed up types believe that they are entitled to make far more profits than you–the up and comer–could ever dream of making. Through their condescending and patronizing remarks, they just know, in their heart of hearts, that they deserve to make money in the stock market because of their years working in said industry. If the has-been is a trader who looks at charts, for example, you will often hear him refer to himself as being a “true technician,” unlike the other supposed dunces on the internet. The reality for many of them, of course, is that they are tired of working hard (if they ever did) and just want the market to give them a handout for all of their years of service. They are looking for shortcuts, if you will. As you know, Mr. Market does not give a shit about how many years that you have been working in “the biz.” He will Adebisi your ass the moment you think you have got this whole stock market timing thing down cold.
What I am here to tell you is that most of these “industry veterans” are likely less than two years away from being a bunch of losers sitting around a bar, saying “Oh yeah, I used to be a trader. It’s a tough racket,” just before they gulp down some loser microbrewery. Believe me, I have seen the same phenomenon, without fault, in the poker world. Whether it is in Las Vegas, Atlantic City or southern California, there are always grumpy players who claim that the newbies have all the luck, while they have to scrap for every penny and never get to “play their rush.”
While it is most certainly true that there are plenty of experienced traders to admire, you should be extremely selective in whose advice you choose to heed. Making trading decisions because Art Cashin expects a certain unique gravitational pull from the Moon, or because he’s feeling lucky in general due to the fact that his server gave him an extra side of cabbage with his corned beef, is not a good idea. Whether it be trading or poker, many of these old losers will try to use every gimmick in the book to look for an edge, as a substitute for hard (and smart) work. Just as with the traders sitting around the bar, most of those dilapidated poker players inevitably wind up drifting away into the Las Vegas night, living off of government checks or trying to find a job driving a cab, never to be seen with money inside a poker room again.
My point is this, and read this carefully: I do not care whether you are in high school, your 20’s, 30’s, 40’s, or whether you are a retired grandparent who just started trading. If you are consistently putting in hard work and performing unbiased analysis on the markets, and then following through with proper execution on your trades with a respect for risk, you will do well as a trader. What these decrepit scumbags fail to remember is that hubris and pride come before the fall. Do not, by any means, EVER let them get inside your head. If you are working intelligently and are making money as a trader, you have earned every last penny. You did not get lucky. Rather, it is the old loser who has been lucky to still be working in the industry (likely because of some personal guilt trip they laid on a former employer or fellow employee). TUNE OUT THE BULLSHIT.
Make no mistake, however, that you should definitely be using the internet to supplement and extrapolate your trading ideas and strategies. That is where iBC and The PPT enter into the picture. As an example, why do you think Danny is posting his nightly breadth readings as well as his “rip or explodes” list? I assure you it is not because he has deemed it a necessary part of some prescribed “treu champagne lifestyle.” Rather, he is posting that work to help YOU, the up and comer. So use it! The same holds true with every other blog on this site, as well as the invaluable tools and community inside The PPT.
Now, seeing as it is a Saturday, you’ll excuse me before I lose my temper.
Back to weekend festivities…
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