- 1999: Volume 8, No. 2 Trader's Coach

Recently, I saw a news show where they interviewed a wide range of people who are trading their own stock accounts on the Internet. I was astonished at the success of these people who had never traded anything before and are making the kind of money that I am making after 10 years on the floor. Considering the level of competence required to trade commodities online and the apparent relative ease of trading stocks online, would I be better off getting off the floor and moving into stocks rather than commodities?

On the Floor

Dear On the Floor:

Hold onto your commodities. This is what has worked for you. These television interviews are hand-picked to support the story and don't reflect everyone's experience. When people are successful at anything, there is usually a talent behind it that took years of training and it might not be in the area of stocks but in the area of their being able to be successful. While the stock market is very strong right now because of the accessibility of the Internet, there will be a time when it will top out. The only ones who will survive will be the professional traders who can trade in all climates.

Dear Coach:

I can't afford to get private coaching or couching right now, but I am fairly certain that I am depressed. I have trouble sleeping, and then I don't want to get out of bed. All day, I keep telling myself that I am worthless, stupid, incompetent, and unworthy of success. Recently, I lost all of my in-law's savings in the market. I haven't been able to tell them and I don't know what to do. I have been a good trader for the last five years and I was just doing them a favor because they saw how well I was doing.

In Deep

Dear In Deep:

Yes, you do need a coach so I suggest you become your own and listen to your own words. First, you need to change all of your negative self-talk to positive self-talk. If you want the rewards of a professional trader, you must start acting like a competent, responsible trader. Own up to what you have done as far as your in-laws are concerned and tell them you take full responsibility for what happened and make a commitment to pay them back. Put together a plan and follow it. If that doesn't work, write to me and I'll send you an all-day sucker and a very large wet noodle to beat yourself with.

Dear Coach:

Can you help me stop trading? I know this is not the usual request, but I'm deeply addicted to trading. I'll trade anything and it's killing my family and me. I am close to losing what we have left and I still can't stop.

Addicted

Dear Addicted:

You cannot call yourself a trader because you are not doing the things a professional trader does. Your title is actually: Out-of-Control Gambler. If you do not seek help immediately, your actions will not only cause pain for yourself but the downfall of your entire family. I would suggest you find a group like Gamblers' Anonymous and choose another profession to earn your money.

Dear Coach:

We recently lost our young son to cancer and I am having trouble concentrating on my trading. My wife is on anti-depressants in order to make it through the day. I tried to take them, but they dull my thinking and I can't trade. My question is: should I be trading at all and if not, what should I be doing to bring in money right now?

Hard choices

Dear Hard Choices:

We always talk about a rainy day and how we put away a nest egg or have friends or insurance for that rainy day. Sounds to me like it's raining really hard and you need to stay inside. This is not the time for trading. It's the time for being with your family and mourning. Do whatever it takes to handle your financial responsibilities without trading because I can assure you that most people who trade at times like this create a monsoon of problems.