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Are the "well off" really that greedy?
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Are the "well off" really that greedy?

  #1 (permalink)
Every Day I'm a n00b
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Are the "well off" really that greedy?

I run into this often, when talking about trading "systems", or indicators, mirror-trading services and the like.

Here's what I hear: "If they really had a system figured out, why would they be selling it? They would just trade it and make money and never offer it to anyone else."

A few things come to mind:

Argumentum ad populum, which is comments like "fifty million fans can't be wrong" and the like. Pro-401k advocates come to mind.

Appeal to Poverty, which is a moral fallacy, that wealthy people are greedy, and poor people are humble, therefore being wealthy makes you a greedy and bad person.

This kills me, the thinking that "if there are a few bad eggs, then all of them must be bad."

I personally work with philanthropists, and other extremely wealthy people, and they tell me that they are often turned down for giving away free money, because the recipient can't shake the feeling that it's somehow a scam.

Here's Alibaba's Jack Ma on the subject:

Quoting 
“The worst people to serve are the Poor people. Give them free, they think it’s a trap. Tell them it’s a small investment, they’ll say can’t earn much. Tell them to come in big, they’ll say no money. Tell them try new things, they’ll say no experience. Tell them it’s traditional business, they’ll say hard to do. Tell them it’s a new business model, they’ll say it’s MLM. Tell them to run a shop, they’ll say no freedom. Tell them run new business, they’ll say no expertise. They do have somethings in common: They love to ask google, listen to friends who are as hopeless as them, they think more than an university professor and do less than a blind man.

Just ask them, what can they do. They won’t be able to answer you. My conclusion: Instead of your heart beats faster, why not you just act faster a bit; instead of just thinking about it, why not do something about it. Poor people fail because on one common behaviour: Their Whole Life is About Waiting.”

How do you guys stay objective to this, and not falling victim to our natural fallible thinking?

-Jimmy
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  #2 (permalink)
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  #3 (permalink)
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FABRICATORX View Post
I run into this often, when talking about trading "systems", or indicators, mirror-trading services and the like.

Here's what I hear: "If they really had a system figured out, why would they be selling it? They would just trade it and make money and never offer it to anyone else."

A few things come to mind:

Argumentum ad populum, which is comments like "fifty million fans can't be wrong" and the like. Pro-401k advocates come to mind.

Appeal to Poverty, which is a moral fallacy, that wealthy people are greedy, and poor people are humble, therefore being wealthy makes you a greedy and bad person.

This kills me, the thinking that "if there are a few bad eggs, then all of them must be bad."

I personally work with philanthropists, and other extremely wealthy people, and they tell me that they are often turned down for giving away free money, because the recipient can't shake the feeling that it's somehow a scam.

Here's Alibaba's Jack Ma on the subject:


How do you guys stay objective to this, and not falling victim to our natural fallible thinking?

Ttrying to undersand the point of your post, is the underlying message "some trading systems being sold are profitable" ?

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  #4 (permalink)
Every Day I'm a n00b
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xplorer View Post
Ttrying to undersand the point of your post, is the underlying message "some trading systems being sold are profitable" ?

I suppose it was more of a late-night rant than anything, lol!

But no, that wasn't my point.

I guess it's more of, how do you combat the mentality that prevents us from taking an opportunity, whether its a trade, a job, a business venture, etc.

The "it sounds too good to be true, then it is" and "if trading is so great why isn't everyone doing it?"

-Jimmy
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  #5 (permalink)
Market Wizard
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FABRICATORX View Post
I suppose it was more of a late-night rant than anything, lol!

But no, that wasn't my point.

I guess it's more of, how do you combat the mentality that prevents us from taking an opportunity, whether its a trade, a job, a business venture, etc.

The "it sounds too good to be true, then it is" and "if trading is so great why isn't everyone doing it?"



I am with you now and I agree. I'd say that, while everyone's different, there's probably a certain negativistic tendency for the majority of people to just put their ambitions aside and get on with their lives. Within that context, yes, the negative mind tends to block opportunities because it tends to think they are not really opportunities.

At the end of the day it's far easier to moan about something than to actually try to act on something. This was perfectly represented by a guy I knew who complained to me about something within a corporate environment. He went on for 15 minutes about why an issue should be fixed and how badly our company was managing things.

At the end of it I sat him down with me and together we called our internal helpdesk where I asked them to fix that problem. It took us 5 minutes on the phone with the helpdesk to resolve the issue, when he had taken him 3 times longer to rant about it.

I then told him the tale of "I've always wondered why somebody does not do something about that. Then I realised I am that somebody".

I wish the story had the happy ending of "he got the message". Sadly he didn't.

Certain people seem to be psychologically wired to be "poor" (I'm using the term in a much wider sense than just economic meaning but I'm sure we're talking the same language here). It may be that life circumstances led them to be that way, I don't know. But it's as if they are no longer open to the possibility of opportunities.

Personally I believe that if you look for problems you'll certainly find them. The same can be said about opportunities.

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  #6 (permalink)
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xplorer View Post
Personally I believe that if you look for problems you'll certainly find them. The same can be said about opportunities.


Indeed. Ultimately "equality" and "equality of opportunity" are mutually exclusive.

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