How to Deal With Haters in Trading // Ep. 1

In This Episode

• Is trading addictive?
• Where do nasty YouTube comments come from?
• Why most “haters” really do care
• How to deal with people who doubt your trading

How to Deal With People Who Hate On Your Trading

There are basically 2 types of haters in trading.

The first type are the ones that attack public trading figures. We talk about that briefly, but most of us know where that usually comes from.

Another type are the ones that try to discourage you from trading.

…or so it seems. 

This is the more important type and is the majority of our discussion. These people may seem like that aren't supportive, but they really might care about you.

When people hate on trading, it's usually because they don't understand it. So we go through some steps that you can take to help them understand what you're doing.

It can help you gain their support and give you more confidence in your trading. 

Read the Transcript:

Hugh: Walter, what do you say to people who — I mean, you obviously don't have this problem with that much anymore but in the past there may have been people — who kind of trash-talk trading and saying, “Well, that doesn't work” or whatever. So what would you tell him?

Walter: That's funny you say that. I was actually thinking about this today. Earlier today I was thinking about how. You can tell a lot about where someone's at by what they say basically.

For example and I was thinking about you know sometimes you'll see people post nasty comments on YouTube or whatever. I often think like, where is this coming from? Do you know what I mean? What’s behind that?

I think it's pretty obvious and easy to see. I don't like to get into those kinds of fights and things but I think it's kind of interesting because it's sort of the same thing. I almost feel like — with what you're talking about, it's a little bit different — so if you're more of a public figure like you are in trading, you can attract attention and detractors and things like that. That's one thing.

I think everyone can kind of with a little bit of thinking, figure out where that's coming from. Pretty simple, whatever. People want to spend energy on that or whatever but what you're talking about is a little bit different.

Like people in your circle I believe, in your life we're basically saying, “Why are you doing this? This is a waste” or whatever. I'll never forget when I first moved to Australia. I sold everything in the US.

I went to Australia and I had one friend that I knew in Australia. I convinced him to move from Melbourne to Sydney and basically become roommates because I wasn't sure if I was going to be able to make rent.

His sister came up to visit him and she saw me. I was sitting in this you know they're called the Adirondack chairs. These chairs are made out of wood and they're from the Adirondack Mountains.

They're really famous but they have kind of like they're made out of wood. They have these big armrests. They're kind of like arching footrests that you can put, anyway I had one of these set up and I have my computer setup in the kitchen or whatever and she watched me.

It was like late at night. I was watching the London session and she was like watching me at the computer. She goes, “Do you ever think you're going to get addicted to that?”

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Walter: I was like I got really defensive you know, I say, “Oh no! Not ever. No. This is investing” and all the stuff. Do you know what I mean? I was thinking, she's right and that's what can happen when people kind of like try and drag you down and say, “Hey, you've been doing this for four years. It's not working. Why do you keep doing this? Don't you want to just try something else like let's go flip some houses or whatever. It's on TV and everyone's doing it” you know or whatever.

I don't blame those people when they say that because I actually think a lot of it comes from our programming. So we've been taught that there's certain things you know that like you do this, you get a job.

You save your money. You put in an investment, a retirement account. Stocks is a sure thing. That's like wild speculation that currency trading stuff. I understand why people say that and I don't actually fault people when they are trying to detract.

Tell you as a trader like, “I don't know if you should be doing this” Because I think it comes from a good place. I just think that in their minds they're trying to help you. They want to pull you out of this. Like my roommate’s sister who said, “Hey, you know do you think you ever get addicted to that?”

She was coming from a good place, you know what I mean? She wanted to help me and so to me, that's okay. I think the issue though is that it affects you as a trader. So if your wife thinks that you aren't going to be able to pull it off, you get that. Even if she doesn't say it.

She doesn't even have to say it, you know what she thinks about. So that's kind of the tricky part and so I think sometimes what you can do is you can leverage that. You can go, “Well, what if I understand what you're thinking and I understand where you're coming from. What if I showed you what I'm doing.

Basically, like your wife or whoever the person is. Your significant person in your life. The one who's concerned. Maybe you bring them in and show them your plan. That forces a couple of things.

It forces you to be accountable and to show that you're actually sticking to your system kind of like a trading accountability partner. Two, it forces you to come up with a plan but most people don't have either.

They don't have a plan and they don't have anyone to be accountable to as a trader, that's the issue. So if you can map it out and when I say a plan I don't mean like a twelve month plan.

I mean like a five, ten year plan saying, “Okay, we are going to do this and then when this happens, I'm going to do this and then I'm going to do that.” Do you know what I mean? She is kind of like, they are on your team now.

So they can cheer you on and every week you can say, “Look, you know what my strategy is. You see my back-testing numbers. This is what happened this week.” Do you know what I mean?

It's more about empowering that person instead of what the natural instinct is, to brush them off like I did with my friend's sister. Who is like you know you are going to get addicted. I just kind of immediately got defensive.

I think you can kind of flip it and it's better for all parties in that way but I don't know. I mean, that's the best thing I can come up with because I know traders have had that issue. They say, “Look, my wife doesn't think I'm going to be like she's got no faith in me. What do I do?”

The best thing I can think of is to leverage it that way. I mean I was really lucky because I was single when I started to figure out trading. So I didn't really have anyone to, do you know I mean? I didn't really have anyone.

Just friends and stuff and they were all my kind of friend who was actually really good at it. So that kind of gave me hope and stuff so I don't know. I mean it's a tricky thing. Have you run into that in the past?

Hugh: No. I've been pretty lucky also. I haven't had to deal with that so much and if I did it was like online stuff. So you can just kind of ignore that or whatever. I think it stings also sometimes because there's an ounce of truth in there.

This might be addictive so you might think about it. You're like, “Oh, maybe I shouldn’t be doing this” but then I think you are right. At the end of the day, I came to that conclusion also.

Either you bring them in or you don't talk about it around them because you're hanging out with that person for a reason. So go hang out with them for another reason and just don't bring the trading into the relationship.

Walter: Yeah, that's a great point. It's funny how people who are close to you feel like they have a license to give you advice. It's one thing to ask. You can ask but you can also ask and say, “I know people that have gone and sunk a lot of money into mortgages and done things” I thought like just looking at the charts.

Just looking at the housing charts is a bad idea but I never ever say, “Hey man, are you sure you are not over-leveraged on that?” Or, “Are you worried about the fact that money is free now and everyone's got a lot of money?” “Do you not think that there's anything bubble-like going on here?” I don't say that and if I'm asked I will tell but I don't want to like being that guy, do you know what I mean?

Hugh: Same here. I used to do that a lot when I was younger. When I get to the other end of that, I am like, “Okay, not so cool.” So, I stopped doing that.

Walter: Yeah, I think that's safe.

Hugh: Yeah, okay cool. Thanks, Walter.

Walter: See you.

Hugh: All the information in this podcast is for educational and informational purposes only and is not trading or investment advice.

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