Frustrated with learning and friends making money

August 26th, 2020, 02:06 PM

I’m the type of engineer that loves to understand why. I’m constantly asking questions, digging for answers and poring over material to help me get better at trading futures.

So far, things haven’t been working out. I’m losing money which, I actually expected. After all, I’ve only been day trading for a month.

However, what irks me are some friends that text me to tell me how much money they’re making with options. I’m intrigued and ask what their strategy is and they say “I subscribe to XYZ alerts and just buy what they tell me”.

I want to say so many things but they are actually making more money than I am. I’m happy that they’re making money but it just doesn’t seem right to me. I’m a bit jealous but at the same time, I can’t see myself just trading what someone tells me to without understanding where that recommendation came from.

August 27th, 2020, 08:36 PM

using their style they won’t last past this current bull market.

focus on your process and forget what others are saying.

August 27th, 2020, 09:41 PM

adbertram

I can’t see myself just trading what someone tells me to without understanding where that recommendation came from.

Good.

Quoting

I’m intrigued and ask what their strategy is and they say “I subscribe to XYZ alerts and just buy what they tell me”.

When the source of advice fails them, as it will, and they lose their money, they won't know why it didn't work, any more than they knew why it did work on the occasions when it did.

You cannot be successful at anything by being blindly foolish, especially blindly foolish with money.

Forget what your friends are doing, and whatever they are telling you, and learn for yourself. At least you will know why you made a decision, whether it turns out right or wrong. No one ever does well for long just following someone else.

Bob.

Frustrated with learning and friends making money

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Frustrated with learning and friends making money