Don.. nice post. I've quit my job and now am a full-time trader but...for trading there is only a present no future. You are only as good as what is in your bank account today, for tomorrow you may be annihilated. About the courses you mentioned: that's the only way to become really rich in this profession. It's the brokers, the 'canons' that teach you Level II for $250 and how to be a daytrader for $2,500, a SOES trader for $3,000 and Pristine...you know who.. who charges $150 a month for 5 picks, 3 of which are usually worthless, or "Ground Floor something or other.. that professes to get you into a new IPO just BEFORE it makes its 400% leap (for a $495 a year fee), the Jeff Coopers of this world who probably make more from their books than in daytrading.. or the software writers with 'proven models' for 100% profit in equity options.. I've left my own 2 discount brokers the equivalent of 'executive secretary' salaries in commissions and quotes, news, etc. etc.
I've come to the conclusion that my strong point is stock picking. When the market crashed for us in October, I had a very formidable portfolio of stock options that went kaput. What does a relatively decent stock picker do in these times? ...join the Murphy's, Navelliers' and Cabot's.. Well I for one am going to charge for my picks. Of course it will be a very nominal fee, not unlike the fees you so readily pay on Stocksmart, Briefing.com, etc. This way I can give people something they want that I have, and get something for myself, for those times when the Asian flu does its dirty work and/or whatever new catastrophe might be lurking just around the corner.
Yes, now I align myself on the side of the people I've often criticized for capitalizing on man's innate passion for wealth. They charge exorbitant fees because of the laws of supply and demand.. There is a demand and people will pay. So we'll see.. Maybe one day you'll see my picture on the corner of some newsletter, website. Perhaps, I'll even be a guest host on CNBC's Squawk Box. Whatever happens, I'll still trade but I'll have a taste of what it's like to be on the other side of the trading desk.. |
