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Wednesday, March 31, 2010

Talking the "Holy Grail" with Matt "Miss Trade" Davio

"A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them." - John C. Maxwell

Matt Davio has a site "Trading for the Masses". I had mentioned some time ago, he and Tamela Rich are writing a book that revolves around "trade offs". The title of the book will be ... "Tradeoffs: Leveraging the Longs & Shorts of Life". Matt and Tamela plan to write in the "language" that those of us who trade for a living use, and approach the concept of trade-offs when in comes to life. As Tamela described this book on her website, it will ... "frame life’s tradeoffs: time for money, freedom for convention, risk for reward, and money for goods and services."

Well, Matt has a section of "Trading for the Masses" that revolves around "Trader talk". A series of video interview series of young, old, and weathered traders of all shapes, walks, and colors. So some time ago, Matt Davio asked to sit down, and talk about many of these concepts and ideas. Money management as the "holy grail", trade offs and psychology and emotional discipline.

Here is that interview ...

(Video Included. If you're seeing this entry elsewhere and cannot see the Video? Click here to view the entry ...)

I enjoyed the interview a lot.

I'll tell you ... I especially enjoyed that brief interchange we had regarding 'convention'. This business is so unconventional? That you may be surprised as to how those around you will react to you being a trader. It doesn't matter how successful you become. That career choice is always questioned by some folks.

As we mentioned ... others you may know in real life may 'shrug off' your chosen profession. I'm not exactly sure why that is? But it's a real phenomenon, trust me. I've had some question my own ethics, and my ability to provide for my family (and where I come from originally in the South? These are literal fighting words). I've had more people than I can count a) assume that I need more money, and b) try to arrange a "real" job for me. This, despite the fact that my net worth is greater than what they admit to me is theirs!!!!!. They simply dislike the freedom that I enjoy.

It's something to be aware of, if you are truly interesting in trading for a living. No matter how successful you become? One's will question the unconventionality of what it is that you've chosen to do.

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Note: This is not an investment or trading recommendation. The losses in trading can be very real, and depending on the investment vehicle, can exceed your initial investment. I am not a licensed trading or investment adviser, or financial planner. But I do have over 13 years of experience in trading and investing in these markets. The Challenge accounts are run for the education of other traders who should make their own decisions based off their own research, and tolerance for risk.

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