Talking About Trading with Your Family and Friends (The Truth!)
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- Опубліковано 26 сер 2024
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Nicholas explains his experience of talking to people about your trading and whether this is a good or bad idea when you're learning to trade.
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TRADING TRUTHS
When you're learning to trade, you inevitably want to share the things you're learning with the people around you. However, in some situations this is not the right thing to do or should be approached in a particular way. We discuss that in this video.
Presented by Nicholas Puri
▶️Watch more about Nicholas' experiences: • MY EXPERIENCE OF MAKIN...
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That's why you need to talk to other traders. People who are not traders do not understand.
100
But it's good that he post it because a lot of traders search those keywords and its pop up on the recommendation to traders
Telling people about your trading can add stress to your trading
FACT
I only told my parents and 1 friends
I told my mum and brother, it was added stress because everyday they would ask me how much I made so I was forcing trades that weren't there using higher lot sizes in order to show them results.
Yeah, i told this one girl and all she could see was the risk.
Yup
Trading is a Solitary endeavor...
If you are not comfortable being solitary>>> You are not psychologically fit to trade... end of story.
If you happen to be an extrovert, you have bigger hurdles to conquer in trading... Adapt or die.
There are plenty of other things to talk about to your family and friends... trading is not one of them.
The only thing you need to talk to your family about trading is being transparent of your current trading circumstance>>> be it good or bad.
There are forums and plenty of information online for your friends who are interested>>> never jeopardize your relationship with family and friends due to trading.
problem i have.. too many people offer to give me money to trade for them.. i have never accepted, i only trade for myself & so many just dont understand it, then give the cold shoulder..
Totally agree. My first year trading I finished positive and was really proud of it. I wen't on a small vacation and met some new people, and when they asked what I did I took pride in telling them that I traded forex. They were all so intrigued and respected me for it. After that vacation, I lost all of my gains and some more. Keep it to yourself.
M Ibrahim haha lol
Lmao 😂
Oh shit lol
Pride before the downfall
So true , happened to me to
This is dead right. I wish I never told some of my colleagues about trading… it has been difficult to try and get past these preconceptions they have, especially ‘gambling’ etc comparing it to sports betting and such… could go on. Trying to explain that it’s so much more and that it’s something that needs to be worked at, studied and learnt over a long period of time is just met with unnecessary criticism and a totally different mind-set. This video is inspiring!
Your support on the more personal videos has been amazing. Thank you so much. We appreciate all the likes, comments and shares!
Hi hello! New subscriber here & just want to thank you for your time making these videos & sharing your thoughts & feelings. I do follow a few people here in youtube & you are on that short list. I feel that you are genuine & not out to take advantage of anyone but to really actually help others like me, noobs ro trading. Again, I thank you & appreciate what you do.
PS- im currently working as hard as i can to learn to become a profitable trader.
Huge mistake telling family there very pessimistic and unsupportive unless its go to school get a job
Im on the same train, I can show my grandmother how much I made on day trading in and she will shame me for something she doesn't understand. Success for her is following the crowd, get a blue collar job
It's been two years Ahmad, how much have You lost?
I even wonder if you're still alive
Ahmad Shahab thank you for saying that
Love them but don't listen to them....after 3 years trading I reliasrd that they've been enslaved to the system...the effects of the system is a real issue. Literary happens in every single country in the world. Just focus on ypur tradikg amd do wjat you want to do, Take my advice it'll help you in the long run
Yeah, I told my friend and he stopped talking to me for 4 months now. Lol
last time i spoke about trading to my uncle he gave me all the reason in the world why i will fail lol
Lol recently told my mother I was learning how to trade,....All hell broke loose I wish I kept quiet
I'm sure your uncle was true.
How much have you lost?
@D P I was being honest and truthful
@@jeanpaulfelix4095 I wasn't talking to You.
In fact I've never told you anything.
So what did I say wrong?
Thats useful information
My guy, you hit the nail in the head, I made that mistake of telling a certain amount of people “yeah I made $1,000 in like 6 minutes” then 3 days later I gave it back but I never told them that LOL
I understand exactly what you’re saying, it all adds pressure to your trading because now mr trader has to perform at a certain level or else you don’t want to be the laughing stock, at one point I believed that peoples envy jinxed my trades, I then later found out it was ME by over trading, too much size, not cutting losses quick and telling everyone and subconsciously adding pressure to myself just to perform at that level of making several hundreds in a few minutes.
It’s better not to tell anyone, just keep it to yourself, yeah it feels good that you made a few hundred and you want to tell the whole world but then when you lose, you want to stick your head in the sand.
That's True Bro.. Let's Just be Stealthy with What We Do.. Even Talking to Trader Friends I already Refrained Bec it Destroys My Psychology especially When They Win I get Envious Resulting Me ForcingTrades and Being Reckless and I End up. Lossing, Also Much Better if you trade with your own money rather than Other Peoples Money . It Also Adds Pressure
Great videos! I used to talk to people about my trading because I love it, but as you said people have pre conceived ideas about what trading is, so I have stopped talking. Now I'm like trading is work, people don't really talk about their jobs, so I shouldn't be either. If someone asks me, I'm happy but otherwise I stay quiet.
I think it's for the best, Mike. It can add too many extra unnecessary factors!
yeah i tried to tell family members about trading and they just do not understand it or where i am coming from.
I was trading a £1000 pound account and gradually over a year built it to £1500 taking 0.5% to 1% risk on trades, trading both swing trades and breakout trades. Now with more capital and a larger account i know i can grow this over time but i had to withdraw my money and pay for something that came up (unforeseen circumstances).
Since then i have spoke to close family members and others trying to get a loan to get back trading but none believe in me which has just seen me trading demo and continuing to progress my skills until i get capital again :)
I will make it, i know i will. Once i get a big enough account or a firm to believe in me, i am going to go back to them in years and show them i was right all along.
They beg for me to get a real job, and i agree. But working that 9-5 the rest of my life is not what i want, trading full time is my goal as i wanna make my own income and not making next to nothing for some corporate company.
So anyone reading this who is under financed and lacking support. I know how you feel, but keep a positive mindset and in the long term, let your success answer those critics :)
I get why close ones might not get it or understand it, but my long term goal is to get them too :)
peace people
and great video mate :)
Yeah man, Fk the 9-5! Good luck on your progress
you too mate :)
Is your account connected to myfxbook? That may help in convincing people if you can show you have a low risk consistent method.
have you considered getting funded with oneuptrader?
how are you doing now? have you considered FTMO challenge?
When i told people nobody wanted to hear it but when i stopped they started probing. This is business, you don't tell people about your business... i learned
Keep learning, keep growing!
I'm glad I dodged a bullet with team trading. The guys that I was going to partner with were very unrealistic about trading and I left before I lost any money.
Lol this killed me 😂😂
yep, every time I tell people I trade they assume I'm a gambler lol. But perhaps I found really useful to have a trading buddy, because no matter what people say, trading is a psychological game and having a buddy is really good to discuss your trades, strengths, flaws, etc.
Great advice, wish I had of seen this video months ago! It would have helped. And you nailed it. I love the part where you say to slow down, don't set unrealistic expectations. Sure one good win is a good sign, but it's not the reality. I'm happy to admit that my first trade I ever did, made 2k... The whole next month, lost 6k. Took a month for me to learn my mistakes and overcome my stress. I also noticed the stress it was putting on my wife, so I quit for a week and that when I relalised $20 a day is better than nothing, and ever since then everything just gets better and better...
Your videos are very very true and well done for helping people. You are a legend.
I fall many times telling other traders about my trading after being profitable for months only for them to say..." why are you trading those small lots" I'd up the lots and mess up really bad. So I figured it'll be best to keep it to myself and it's been good ever since
If I said that I had seen every one of your videos, I'd be lying. But what I can say is, The videos I have watched, especially these personal videos, are truly incredible mate. They are very deep and you have never wanted to show off your success. You are real and connect with all of your subscribers on a personal level. I feel like you are not just a random successful trader from whom I am getting tips, but a mentor. I watch your videos and learn from each and every one of them. I am going live on Monday evening for the first time. I wish you luck for the future and please keep up these videos. They mean a lot to us. Thank you.
Definitely agree with the pressure of others watching you causing you to do poorly. I earned 385k in crypto and told my friends after which I lost 200k. Then I went to medical school and met new friends, made 365k, told my friends, then lost 300k. Now I’m working my way back up, having learned my hard lessons well.
i really like the fact that you always try to be as realistic as possible and try to help your viewers genuinely.
I've recently gotten in to trading and have spent the past few months educating myself online. You're the first guy I've seen talk about the personal aspects of trading man.... Thank you for the advice and support you give to your viewers 👍
I dont tell anyone anything especially coworkers. I keep my head down and trade my vision for the future.
Finally someone serious and honest about trading. Thanks for sharing!
Fully legit. I've been interested in trading for years...20 years off and on. It's just starting to come together now and I'm bursting at the seams, but I've noticed my friends, coworkers, etc get turned off when I talk about it too much. Having dreams and concerns and noticing the people you know are not into what you're doing for whatever reason is a huge bummer. If what I'm doing continues to work it will change my life...and the weird thing is people were OK talking about it when it was theoretical, but if it's actually happening, they don't want to. That wasn't really expected, not that I expected anything.
Anyway, no one is talking about this stuff that I've seen, which is why your channel strikes me as legit, while I laugh at most of the nonsense circulating out there. Kudos.
These videos are just what I need. I started trading about a year ago. I've ended up loving Futures and I have recently become successful.
The anxiety that your life and your families life's is about to completely change.... is very real.
Thank you for sharing this with us man!
I came across this video the day after I told my parents that I got interested in trading and they were so disappointed in me... good timing
Definitely a great video. That's actually one of the first things i thought of when i started looking into Forex trading. Whether i should tell my friends & family about it and I decided to only tell my wife about it & no one else. Even then I only tell her very general things & don't ramble about it even when I want to. First thing I told her was that it's a long journey, but that i'd get there. I really enjoyed this video. Thanks!
I think it's important to tell your wife, but you probably made the right decision not telling anyone else. Unnecessary pressure and doubt isn't a good idea!
Great video! It doesn't matter if you lose people all because of your work status, if they become to negative and hate on your current blissful environment then they aren't good for you in the first place. Only a moron will stay within a negative and fixed environment instead of a growth one.
Learn, grow, explore, experience, love, repeat!
In a fixed world, you will always remain poor af and lose all of the time.
It's lonely because you have to call the shots. You have to pull the trigger. Nobody else can for you. Love this video, great advice
Once i read that when trading starts to be borring that is the wonderfull thing cuzz you doing something right. Sticking to the strategy day in and day out may be boring and risking small percentages of portfolio but if it makes money who cares.
Thank you for your video "Talking to friends nd family about your trading". So true, all of it right down to loneliness and wanting people to know how stressed you have been to having people worried that I'm a gambling addict. 2.5 years of a lot of profitable trades but self destructing "auto pilot" trading has taken most of the gloss from the positive outcomes plus you spoke of the inevitable practice of staying in trades, AARRRRRR!!!!! Starting your trading course this afternoon...
Mate (yes I'm Australian) I hope more traders find this video, will share it everywhere I can...
before i went all in to trading i was a poker pro ( Felt in love with trading when saw my first chart) TBH the reactions was the same as in my poker carrier , you have to bring positive results to proof them that they dont need to worry about you and you are on the right way( and i think everyone who have a *job* where people cant connect with has to go thru this)
Its actually pretty great how the story of the man and woman who lost 2/3 of 30k directly articulates the 'run your trading like a business' mentality. Work through every decision like a board or multiple department heads. He had the initiative, learned, offered x/y/z compromises and got clearance from the CFO to attempt a new revenue stream model. Simple business acumen will limit your emotional reactions to events and therefore limit your exposure to 'excited trades' and breaking down in trading and potentially life. What is that four examples I've seen in 3 videos I've watched? GF from Switzerland, training to run like a business, his big 'excitement bites' loss, and this couple of cool hands. Great to hear how it can apply to multiple facets of your experience while trading.
Social Trading! Going through that now. Thanks for this video
I think trading is full of subconscious pressure. By discussing with friends it adds another layer of pressure. I trade better when I don't discuss my trades. No more. Most people are negative and scared of losing money. They know nothing about trading but are full of advice. Very difficult but very necessary to keep quiet IMO. It is different if you are in a relationship and share finances. In that scenario - you should not put their standard of living at risk.
Great video again please keep them coming coz there's a whole lot of strategy, technical, fundamental, etc videos but not a lot of this... the experience of what it really means to be a trader..... the stuff they don't glorify or tell you when you think of trading...
Thanks Lesley, appreciate the feedback buddy.
it's is so true I've realised I have to be quite and just think about myself I speak to a couple of people but that's it but I get pressure off that aswell 💯
Enjoyed that, thank you! I have found that the more people I tell that I'm trading, the more pressure I put on myself.
I don't easily trust people's word, especially on the Internet. But you my friend, you are 100% legit. Great advice. Subscribed. Thanks!
Love this type of content :) . Can you talk about the struggles of being a trader while working full time?
Cheers
Sure, at some point in the next few weeks.
Getting busy with work during the day, and then missing a trade you wanted to do, is frustrating. The inability to monitor a position that should be monitored is problematic. But on the flip side, consider your job as if i was an investment paying you this huge income stream. Even if that was a pain in the ass, you'd stick with it. If you make money trading, and do your job, you'll be golden, and when the time comes you can stop working, it's because you're making a smart decision on the value of your time, not some pie in the sky "F my boss" deal.
Also, consider trading somewhere that has a time zone offset to yours. I'm West Coast USA and trade on New York time. As it works out, I can trade the open before work starts, kinda check in a bit during the morning, and trade the close during lunch. It's not too bad. I've heard of people trading Asian markets so they can do it in the evening.
1 year late but can confirm this is true, stock markets open at 7 pm local time // I am from Sri Lanka
Sent this to my gf. Helped Alot. Thanks Nicholas
Glad I could help! Wish you all the best buddy.
Oh wow, you're so relateable. It's unfortunate that not a lot of trading vloggers are as personally transparent as you are.
I totally understand why I will loss some trade when i told people about my trade. it is the unseen pressure from others.
Yes I love these type of videos! Please more! it's extremely relatable
Thank you so much for making these videos and sharing the truly the spiritual/philosophical wisdom that comes from trading for a living.
Thank you so much for this. Played it to my other half and it really helped.
Glad it helped buddy. Hope things have been going well for you.
I'm late to the video but wow this was refreshing. I honestly hate I told anyone in my family I trade. Ive only been trading 1 1/2 years and investing in crypto for 6 months and because I'm not pulling up in a Mercedes yet or buying a house they told me today " I should quit forex and stop wasting money with crypto and stick to my 9 to 5 and just put money in the bank and save that way." Smh
"Why do you like to gamble son?" When I told my mom that I like to trade.
💯Facts! You’re knowledge, accent, insight much appreciated💯
This video was so true about talking to friends and family about trading. People take it so differently. I would like to see more videos about your morning progression how you prepare and what indicators are your primary focus. Also can you do some live video trading like meir barak?
honestly.... i'm tired sharing to anybody regarding it.... coz everytime i shared them they wondered but we end up nothing... so i decided to keep it myself... i'll wait if somebody would persistently ask about it...
Aloha Nicholas, I have really enjoyed your videos, thanks so much for taking the time to share all your experience, views, advice and opinions. This subject was fantastic! How may times has this been a problem for traders, constantly for me. It is a lonely life so we want to share it but in doing so we most often end up wishing we had not. To make money and be lonely is kinda sad but then again I enjoy it. Not being sad of course but the challenges, and success and even the failed trades are still a learning experience. Anyways great video! Mahalo (Thanks)
Cheers Mike. I think we all make mistakes, but it's how we learn from them that matters. I've made many along the way, so happy to share what I've learned so others can try to avoid doing the same.
Thanks for these videos Nick. It's inspirational hearing your personal experiences
Hi I've been watching your show for a while. I've just develop a proven mechanical trading system. Profit factor is 2.5 with winning trays above 60%. The system trade stocks. How do I get started with getting an investor to back me?
Wow I Watch this in 2022 and I really enjoyed it.
Well, I live alone... Away from my family... I don't really talk about trading with them... Why? I learned that If I talk too much about anime, people get bored... I talked about that so much...
Now i mostly talk about everyday life if something changed, what are the plans for the future, is there something interesting happening or just commenting on some random things... I keep some things to myself and share them with one friend who also took the anime path :)
After I get my salary, I'm left with minimum wage 2 days after... It's not because I'm wasting money, it's being put to good use...
You are probably wondering why do I have to comment on every video...
There is a simple reason: I want to see what I commented and to make sure that I've seen the video... Not to get back watching the same video twice, or to watch the video more times...
In case of this one... I won't watch it again, but there are other themes that should be reviewed more times... Then i just have to comment on my comment as many times I rewatched it...
i love this kind of videos , real talk bout this topic, thanks for ur honsty man! It´s true, beeing allone is kind of a problem i am experiencing also, same talking about trading with friend / family. Very hard, i try to break it down if i talk about it, people fast think i live in a surreal world talkin bout wins/losses. I stopped it quite.... 2 friends i have i can talk bout but they not same knowledge like me so its not that kind of conversation i need. chatrooms can be good place to talk. good video , keep on good content, appreciate
2020 I'm keeping my mouth closed. Watch who you give power too
The worst thing that happened to me is when my wife told me that u will never make it... wow stock with me until now nearly 3 years in this and never gave up, and now looking to get funded..
Never give up keep pushing and learning more, less sleep more study and u will get there 💪
I've been alone my whole life, the only person I ever had in my life is my mom other people just come and go. It's horrible being lonely us the worst thing in the world but it helps you to start trading without social problems lol
Your lucky I wish nobody bothered me🙏
Thank you for this video. It is great to get guidance on how to communicate the trading venture to others outside the financial community. The content of all your videos is fantastic.
Hii again i say it yes i love you i learn so important things from you... Behind the screen chennel going to breakout ohhh m trying to stop looking at take while watching you... But again i said you.. u r doing great great stuff for us.. live long be blessed
Thanks Indresh! Good luck in the markets.
I've also experienced this first hand where I had a conversation with a friend who trades based purely on gut feeling and wanted to know how I trade. Once I told him how I traded ... he responded with "interesting" and went back to talking about if he put x amount of money in bitcoin he would be a millionaire by now. I guess his idea of trading was a bit more sexier than sitting in front of a computer, with your trade journal, waiting for the right setup.
sometimes people just like to hear you speak because it's positive energy, sometimes they're just being polite :P
haha probably just being polite!!
Really good video. I agree with you overall. It’s important to share the realities with those closest to you as this can foster support and understanding. Naturally your friends will be curious too. But it adds pressure if you share too much with them, I have definitely found this.
Also if you’re serious about trading for the long term, and especially if it’s your career, then your romantic partner either has to understand what it’s all about and be on board with it, or one of 2 things will happen. Either the relationship or your trading fall by the wayside. In my case it was the former and it was the best outcome for both of us.
Here s my experience based opinion. Just like any other high performance sport, you are better off just putting yr head down and getting down to business. The negativity generally comes when you are on a bad streak n u don't want the extra baggage to deal with. If you just do it on your own, make sure you reward yrself and Mark and celebrate the milestones
Thank you for sharing your personal experiences. Found your channel today, every video has been very insightful.
Great videos bro. Staying in a trade until it turns into profit haha. I've realised that a accepting a loss is a trading skill.
Absolutely! Probably one of the most difficult ones to master.
- Nicholas
Thank you for sharing Nicholas. Extremely well presented - you have great skill as a public speaker... Happy trading!
Great video as always! You've posted this when I started asking myself questions like "talking to others is good?!"
Treat it like a side hustle when you start. That’s what I have done. I paper traded for 2 years after I lost 5k now I’ve started again I’ve only told my girlfriend. Family just think I invest for retirement and they still think that is a big risk and that money is better saved in a bank account 🤣. Swing trade on the daily/weekly candles when first starting because the stop losses are a larger gap then smaller time frames and the volatility doesn’t hurt you as much I find. Once you’ve got used to that then start working your way into faster trades. But just don’t let other people know what your doing because they think your some sort of wolf of Wall Street 😂
Love this type of content.... guessing the next video will be "ONE TO ONE EPISODE 3"
Don't tell friends or family until you make money (even it a small amount) For the most part, your "inner circle" are some of the most negative forces around. Most people are sheep and need to see results first.
thanks for the information well spoken glad i found your channel
Those people that start right away with real account, not even a month of ,, paper money " practice... Be it stocks, dropshiping or etc. Keeps surprising me. Must be a result of fomo mixed with too high expectations. Thank you for sharing.
Talk about your trading histroy ! like actual buy sell trades that made you bank, + patterns you follow (if any)
Completely agree with you, found that all out myself and blew most of my account.
This is a great video. It is VERY VERY VERY accurate!
Your rambling and thoughts are well received. Thank you for insights.:-)
ITS good to tell family and friends about your trading busines 100%
Great video amigo, I´m from México, believe it or not I started watching your vids !
Bienvenido! Great to have you here.
- Nicholas
Wow I also love talking about trading to my friends and family
Great video, i find you answer so many of my questions... keep up the good work.
Awesome man I love your transparency. Keep up the good work, I really like hearing truth!
Yes it's a drawback agree with you
Great stuff man! So spot on about everything.
As far as i can read in the comments, we all made the same mistake in the beginning. I was the same, as i was just buying old porsches, restore them and sell them with very good gains, everyone was fine with what im doing, because its understandable for the sorry for that term "normal people" But as i got older worked in a big company and beside that on the Porsches, i saw that i could not do this forever. As i always was interested in the stock market and not good at having employees because im to humble to command a lot of people. I was starting with investing and trading amd told my parents and coworkers that i cant do the car thing anymore and that i will change to my long but not executed dream of participating in the stock market. At this point all the people were telling me that i will loose all the money, because they did back in the day where Telekom fell 90% in the early 2000s, so stocks in germany is a very pain related thing around the people. It was hard to get a good start as a investor and trader, because everytime i just wanted to talk about it, they talked very negativly and so my mindset around stocks got hurt a bit. After all i made good profits since then, so i can continue having a quite normal job, but are also able to have a few Porsches and other cars. What i found out is that the other people who not know about the market will understand the best is, by just telling them you bought stocks a few years ago and got lucky, because luck is lottery, and normal people believe more in lottery than in reading 100 books and 100 investopedia articles and watching a thousand hours of mateiral to get where you are now =) So my tipp: just say you invested sometimes and got lucky, they will only hear "sometimes" and "lucky" and will leave you alone ;)
How TF did UA-cam just now start showing me your vids. Subbed instantly
😂 Thanks Ray!
Ive only just started trading using a demo account because im only 17 and id just like to say thank you for all your helpful videos, theres not alot of videos like yours out there that are about trading
You're welcome. I'm glad you're finding the videos useful. You have an exciting journey ahead of you!
solid.... thanks for this...
amazing....one suggestion...please make series of videos about "how to do deliberate practice in trading"
It's coming very soon.
Once again another awesome Vid! Great points Thank You!
Thank you bud ! Solid wisdom, great vid. Keep up the good work !
Peace & Respect from LA, CA, USA !
Walter Lohr Greeting my Texas neighbor.
My man, always brings a fresh perspective
Can't wait on your "how I traded while having a full time job" :D
Don't worry bruh I loved it......
Thank you
My friend told me that online forex trading is the great business for student who wants to gain in life. Is it true?
Thanks for sharing ..this is very helpful...
Also buddying up can make it seem more like a game and you will start losing sight that's you're actually playing with your savings.