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Now we come to the unsuccessful traders. I have found that their factor of failure is that they make and repeat the same mistakes over and over . . . because they never learn from them. |
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1. It's usually a discipline problem that encompasses small profits and big losses. |
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2. They tend to have little or no trading strategy. |
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3. They are undercapitalized. |
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4. They generally spend as little as possible on gathering market information. |
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5. They blame others for their losses. |
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Neal: Now that you are on the retail side of the business, how do you feel you can help your customers? |
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Mark: I believe that my job as a trading broker is to move them up the trading ladder, to show them what they're missing in terms of their trading skills, and to enhance their overall trading ability. I also try to outfit my customers. With almost fifteen years of experience, I have made every mistake in the book. I can relate to everything my customers are thinking and feeling because I was once in their shoes. I can tell a lot about someone in the first fifteen minutes of conversation. Different investors have different maturity levels, and very few are actually complete traders. |
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Neal: Tell me more about the different levels of trading maturity. |
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Mark: When new traders first start out, they want to try to buy low and sell high, thinking that picking tops and bottoms is the correct way to trade. There's no faster way to the poorhouse. The joke on the floor is, "Top pickers and bottom pickers become cotton pickers." |
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