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We all know how to trade...we just don't necessarily know how to connect the dots and see our trades in a market context.
For instance, the purchase of an automobile. You are purchasing an asset over a short or maybe a long term time frame -- who knows? It's a position trade, if you care to look at it that way.
While he was alive I defined myself as a contrarian to what my father taught me about most things. Whatever he taught I was going to do the opposite.
And it was only well into my fifties, after he was dead, that I began to realize the value of some of the things he taught me. Incredibly important things that I am now very fortunate that he passed along.
You can only teach what you believe to be true. If the student retains that and uses it to their advantage at a later date that's probably a good thing.
As far as teaching a child to trade it would probably help if the teacher was a successful trader. Each of us will measure success in our own way but I think outperforming some benchmark is a good place to start.
It also took me many years to realize that I should have listened to my parents however I had to abandon many long held firmly embedded beliefs before I achieved any success at trading equities.
When you talk you are only repeating what you already know. When you listen you might learn something new
The most important lesson I could teach them is to not risk real money until you have proven yourself in a live simulation environment consistently for at least a few months. If you know your rules, trade your rules, and have confidence in your system, then go live and then continuously evaluate your progress.
This is very similar to what my parents did with me. I would go to the bank with my mom on the weekends to get the free donuts. Or so i thought as a 5 year old. I got my first pass book at about 7 or 8. I would still continue to go and put half my allowance or any spare change i had. I used to get 5 cents for killing any flies or mosquitos in my grandmothers house.
I got 10 Disney stock certificates when i was 10 as a birthday present. I remember how much i liked them because they had mickey mouse on it. I immediately put them in the family safe. I was so happy to have something worth putting in the safe. I did not completely understand stocks. At the time and i just liked all things disney.
My dad asked me do i like disney? What do they do well? What is your favorite thing about disney? Of course i said Disneyland, toys and movies. Which i suppose looking at it now. It was almost like fundamental analysis for a 10 year old.
I have say that both lessons were very important for me. I would definitely teach my kids the same way.
The following 2 users say Thank You to treydog999 for this post:
A nice story and reinforces catching children when they are young...when they will listen to parents... teenagers are too far gone. It is the same with discipline (I don't mean beatings...never did that with my boy) and teaching them to behave properly. I see so many parents let their kids get away with murder as 4-10 year olds saying their actions are cute. Then wonder why they get no respect when they become teenagers