"it is impossible to con an honest man"
A thread on hope, greed, deception and failure.
A thread on hope, greed, deception and failure.
Guys, I am only 2-3 years old in markets and I am still learning. I am sorry that I really can't help anyone by giving you the signals I am taking coz I myself am figuring things out one step after another. These messages are just so sad and difficult to see and respond that I am
not the right person to help. Also, I just can't believe how desperate people are (in a sad way). There are many messages like this in my DM, someone losing 40 lakhs and still hopeful of making it all back from the market, people who have lost 80+ lakhs (someone's father),
someone who's lost all his life savings and still wanting to make money through markets. This is beyond difficult to digest. This is the reason why there are so many people that enrich themselves at the cost of your greed. Your rationale is "I have lost 16 lakhs, what's 25k more
going to be? No big deal!". But it's really not. 25k would put food on your table for 3-4 months or pay rent for couple months. Just STOP. Check and correct yourself, coz the market keeps punishing you, especially when you're lazy and want handholding by someone else.
When you aren't smart, and you don't know how to trade properly, and you are lazy enough that you aren't putting in the effort to learn sitting up day and night scouring books, watching charts, understanding different parameters and developing the intuition, and you expect
someone else to be the Jesus and save you (anyone for that matter - you shouldn't even be contacting ME as i am a beginner myself), and you just won't frickin put in the work, and expect EASY easy money in trading, you will lose everything and some more.
People don't ask another doctor how to do heart surgery and go do blood clot removal from heart themselves at their home. People don't read a book on brain surgery for a week and then go do brain surgery. Why the heck do you expect to learn a thing or two within two three weeks
and be amazingly profitable in trading? Who do you think are on the other side of your trades? People who have studied and worked hard to understand the market like a neurosurgeon with 10 years of practical studying under his belt understands the brain.
Those on the other side are those who are looking like hawks for opportunities to take away money from a dumbasses. Many wantedly come into market and donate their hard earned money simply because of pure unadulterated greed.
The people on other side of your trades are all professionals, big funds, institutions, HNI professional traders, intelligent ones, armed with a lot of capital to just take away money from you and people like you, to put it in their pockets.
The best shot you have got in the market is by keeping your capital very very small initially, say 25-30k max. Learn as much as you can about the market and its dynamics, how to capture moves, etc., and your first goal should be to make the 25-30k into 1 or 2L.
If you can achieve that with very high consistency, then you can think about adding further capital, and that too should be conservative. First three years, don't get pulled into with lots of hopes and dreams, and spend all your money in the market.
Also, don't listen to those moron for trainers who say you should start only with 25L or 5L minimum or whatever. I'd say "BULL SHIT". Start with 10k or even 25k. Your first goal is not to make shitloads of money. Your first goal should be to not blow up your capital.
And you have to be creative with what you have, that's where you pour in all your mental faculties to find opportunities. You first need to convert that 10-25k to 2L. Don't use excessive leverage (2-3x with defined risk is fine, without risking ruin, in high probability setups).
Without using leverage, if one is creative and smart enough, they can take 25k to 2L in a year with good consistency. Chances are you'll blow 3-4 times before which you find a way.
What's better? Blowing 10-25k 4 times before arriving at a strategy to grow, or blowing 5 lakhs in one go? Alas, not everyone is smart enough to recognize this and greed greed greed drives all of you. It's good to have a healthy hope and dream to make trading a career
or even to make some side income from. But, expecting that from the get go without preparing yourself for it, is just plain stupid. It's also sad that people like in screenshots shown are looking for a get rich quick scheme where they can cover all their losses in one go.
Even though some of these people are just looking for a job or something that will make them consistent income, I really don't know how to tell them that they should stay away from the market and just think about their family and get a job.
I was talking to this successful trader friend of mine yesterday when he commented about my last thread with that PNL screenshot, and he said the first line of this thread. "it is impossible to con an honest man". I thought about it for a while and there's no truth more truer.
It's like almost all those who pay through their nose for webinars, seminars, workshops, etc., hoping to trade and be profitable within a month of attending that workshop or seminar, hoping to learn a system that will make them rich and what not, just deserve to lose their money.
That's basic disrespect to the beast that market is and also disrespect to the profession that requires years of hard work to succeed, and there's no shortcut at all unless you have a renaissance technologies laying foundations somewhere in Bandra and you can all get in.
Even then you'll only make a paltry 80% per annum after tax after fee. You won't make 10L into 4-5cr in two three years and all. That won't be enough for most people. So, when you disrespect the market like that and trade just like that (ishtathukku) you will get hammered only.
You will lose your savings, your gambler instincts kick in and you see potential for profit, and sunk cost fallacy will never allow you to just take your remaining chips off the table, pack up and leave. Casino will keep doing everything it can to keep you inside until you're out
So, be the least bit smart and have some common sense. If you have lost money, stay away from the market, get a real job, save 20-30L and if possible even 1Cr as a nest egg for your family's stability and only then think about any investments. First have some gold, real estate,
land, etc., and other passive income sources set up. Then think about actively trading or investing. If you can't even successfully take care of your own ass, and protect your family, what good is all the money or whatever? Don't put good money after bad thinking you'll recover
everything in few days. You won't. Chances are the market will strip you naked and beat you to pulp and leave you to die. The twitter MTM traders/trainers predate on these kind of greedy and desperate people looking for quick fixes, and make lots of money themselves.
Stock market is a huge wealth transfer from dumb money to smart money. You don't have to be smart money initially. Just don't be the dumb money that submits everything and stands naked in front of an incoming tsunami praying someone will take you on their apocalypse cruise.
They just frickin won't. All the money you give goes to enrich their families, buying their penthouse homes, fancy cars, etc. And they don't even have any skin in the game, they don't have any vested interest in your growth, barring few legit mentors.
If you are greedy, if you are so desperate, YOU WILL LOSE EVERYTHING you have and some more. It's just not the right frame of mind to be in the market with. Just don't be the prey and get hunted. If you do though, you deserve it. Know that full well and don't complain about the
trainers and charlatans and snake oil sellers. As the quote says, it's impossible to con an honest man. In this case, impossible to con you if you aren't greedy or desperate, a form of a sin/dishonesty.
To sum up, if you have lost money, go and take care of your family, save money, put it in relatively safer investments and be away. Don't attempt to trade. If you're greedy without putting in the work, you'll be stripped naked of whatever wealth you have.
If you want to succeed in the market, give yourself atleast 5 years, have realistic expectations, and practice/study a lot - get lots and lots of screentime, read charts a lot, go through different setups, find ones that appeal to you psychologically and start small.
Keep it very small until it makes no sense to keep it small. And then slowly compound and go big. You have all your life to do this. You have all your life to make shitloads of money and compound like crazy. You won't spend 2-3 years putting in insane hard work into studying?
Just think about this, and re-evaluate yourself. You aren't a victim because someone else deceived/cheated you. You are a victim of your own greed and outsized unrealistic desires that aren't backed by any personal effort. If you lose it, you deserve to have lost it.
If you deserve it - just think about WHY you deserve it and check yourself for all the signs of dishonesty - looking for shortcuts, expecting handouts, being a freeloader, etc. Unless you fix it, no amount of magic and stardust can change your fate in the market.
