February 26, 2013

• Traders and Haters

   

  Last week CNBC and Fox Business interviewed a young actress turned day trader.

   

  Both vids say similar things but I think CNBC’s is a bit more detailed:

   

  CNBC:

   

  Fox Business:

   

   

  What stands out is that she’s only 16 and clearly seems to have a good grasp of trading.

   

  She even has a website where shes discusses her ideas and explains stock trading/investing terms at the beginner level: http://foxonstocks.com/

   

  Of course she’s new and may run into difficulties over time, but all traders young and old have to deal with that. Right now she’s performing well and using her Hollywood PR contacts to help put her in the public eye. Since she isn’t selling any services, I don’t see anything amiss or shady with her actions. In fact I think it’s a good thing if it helps younger people take an active interest in the market. Most people don’t have much insight into how to invest or trade so the more people that learn, the better off they will be with managing their savings as well as planning for bigger things like home purchase as well as retirement.

  What stood out to me was some of the visceral negative comments from others who claim to be traders. Some of the comments I’ve seen were just downright nasty saying she hasn’t proven herself and doesn’t know the meaning of what it is to be a successful trader.

  All the time I’m thinking she’s just a kid- why would anyone be that upset over a kid trader who’s not selling anything so there’s no scam that I see in the making? I would think that she would be congratulated by traders as getting involved at such an early age but apparently many feel jealous or threatened by her publicity.

  I’ve noticed this on many trader boards – many traders seem to take delight in cutting other traders down or telling them to give up.

  I would think a kid would merit some type of grace period, but apparently others don’t agree.

  Honestly though, I think those who spew such negative messages are likely not very good traders themselves and are trying to feel superior by attacking others.

  Here’s an example conversation I had with one such “Hater Trader” after I noticed he was “tweeting” challenges to Rachel Fox to “prove” if she’s really good or not. All I did was ask him to give her some slack due to her age. He gets increasingly arrogant and doesn’t care how old she is, but things take a nasty turn when the spotlight goes back to him:

  Note: (Reads from bottom up): http://stocktwits.com/soulfire/message/12022761#12022931

   

  Two words for him: How embarrassing!
  

  Can you believe that guy?? His avatar suits him quite well.
  

   

  This kind of arrogance/mindset is one of the main reasons why the failure rate among traders is so high. All that mental energy spent in trying to tear someone else down instead of building one’s own skills up.

   

  I recommend checking out Rachel’s sight for those new to investing since she does a decent job explaining things from a beginners perspective.

   

  • 4:45 pm
  • 3 Comments