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Thursday, 29 June 2006

Welcome, Part 2 - Giving in to Greed

Posted on 11:32 by Unknown
Then, I got on all the "right" mailing lists, and the junk mail spiral began! I started to get all the get-rich-quick offers such as options, futures, MLM plans, real estate courses, etc.

I ended up buying one real estate course (and not doing anything with it)and a mail order distributor business (which lost me money). However, what really attracted me were options and futures!

I was doing ok in stocks. I was making less than I should have, mostly because I kept spending money on courses, and switching from one system to another. I then added stock options, and my results became more volatile.

Then, after resisting for a year or so, I took the plunge in futures. I started with a full service broker that an exchange referred me to. I opened up an account and he proceeded to churn my account, while charging high commissions!

He overtraded and, in less than a week, I owed more than twice I had put in! I paid the money and left him (today I would have taken him to arbitration). I figured that I, a novice, could be better than him.

Over the next several years, I plunged seriously into futures trading. I spent money on courses, books, videos, and a couple of seminars.

I was also spending extravagantly in general (i.e. eating out at the best restaurants, flying first class, etc) because I thought that, between programming and trading, I'd make lots of money :-) See part 3
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      • Welcome, Part 4 - Trading Success On My Own Terms
      • Welcome, Part 3 - Down to Earth and Start from Scr...
      • Welcome, Part 2 - Giving in to Greed
      • Welcome from a Born-Again Simpleton
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