I'm already on Part 2.Â This one is going to be a breeze, I'll just mostly lift my own writings.
On February 3, 2000, I said (and these are EXACT quotes):
"It is often said to fix something if it is broken.Â Well...my trading seems to have been broken since I started trading in March of 1999.Â When I began it was a naive person.Â It felt as though I were forced into it.Â Like I needed an escape.Â Somewhere to disappear.Â The trading was not even performed on behalf of my own intelligence.Â It was superficial.Â It was for show.Â I liked the money...but what was that money worth when I wasn't earning it as a result of my own intelligence...well next to nothing obviously because not only was I not earning the money by using my own intelligence but I lost it through my own stupidity.Â The purpose of the following timeline of my trading career is to fix what's broken.Â it's been almost a year now.Â I have been humbled and am ready to admit that when it comes to the market I am not nearly as good as I think I am.Â I am just another participator and I should make the best of it.Â Just work hard and they say it will come.Â Well, now it's not so much about the money but more the challenge."
That was really annoying to retype.Â So in Part 1 when I sounded really smart for turning $5,000 into $15,000 in 6 weeks, I wasn't actually so smart.Â Well what I did was smart- there was a Yahoo finance competition going on and it would let you see who the best performers in trading were and I think there was a $5,000 prize, so my common sense told me that anybody who had big info on companies- bankers, lawyers, employees etc- would use that info in a competition where they would get a prize but not break the law.Â Turns out I was right and that's how I tripled my money in 6 weeks- so maybe I actually was quite smart for doing that.Â NFI
Onto some of the boring stuff, a simple lesson here is, find where you can always get a legal information edge.Â Use common sense, search anywhere and everywhere, you'd be surprised where you can find it- simply walking through a mall, calling up stores, going to car dealerships.Â People don't realize that everyday everything thing they do, everything they touch, everything they think. is often determined by a bunch of guys in a boardroom somewhere deciding what cars to sell you, what products to increase or decrease production of...just about everything.Â So next time you go to the grocery store and they say your toothpaste is no longer made, you can blame some old man or lady in a boardroom somewhere who was looking at some boring freaking spreadsheet.Â Considering I've spent most of my career trading a bunch of large corporations' stocks, I've always been very anti corporate- trading their stocks gave me the freedom to hate on them I guess, since I was pretty good at it.
Ok so I lost myself there- the entire point of the quote from February 3, 2000 was to go back to 1999.
Looking back at my notes it says February 1999 was when I started trading.Â On March 1, 1999 I wrote:
"Already started making predictions on Yahoo! and correct on first one.Â Damn, this is easy.Â Buy Trading to Win By Ari Kiev"
Remember I wrote about Ari in part 1.
Ok so clearly I thought this was easy and I was setting myself up for disaster.Â Damn if I heard a kid say that to me today I'd do the opposite of everything he said and make a fortune.Â I remember an analyst who worked for me at my hedge fund.Â He was so BAD that I always did the exact opposite of what he said.Â He made us millions.Â I've always told people who work for me- if you want to get rich, always be consistently right or wrong, either way you are a rock star and I can figure out how to monetize you, but if you're in the middle and right half the time, wrong half the time you suck.
The lesson is- always be right or wrong, I rather have a guy work for me who is wrong 90% of the time than someone who is right 70% of the time.Â It's all about consistency.
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