Adrian Reid (speaker) uses an anecdote about visiting Ripley's/Guinness Book of Records museums to argue that traders should avoid chasing short-term, sensational performance. He warns that flashy get-rich-quick systems and high-leverage strategies produce a few lucky winners but many more failures. Reid contrasts that with his own experience (trading profitably for ~15 years) and recommends choosing a trading system that fits your personality, uses low risk, and is followed consistently so you survive and prosper over a multi-year career. He also notes he is traveling with his family and will produce more videos during the trip.
Chapters
Have you ever been to one of those Ripley's Believe it or not museums or one of the Guinness Book of Records museums? I'm in LA with my family and we're at the start of a nine month travel world adventure and we went for a walk down Hollywood Boulevard today and we passed two of these museums and my kids just love this stuff and so they dragged us in there and so we're walking through and you know, I'm looking at the plaques and the, the explanations of what people have done in order to get fame. And you know, particularly in the Guinness Book Records Museum, people have done all sorts of crazy stuff to have their little moment of glory. And some of it even like, it makes me sick even just reading about it because these people have put so much time and energy in their heart and soul into breaking this record or establishing this record. And you know, I can't help thinking about all of the people that have tried to beat that record and failed. And you know, it's, it struck me that there's a huge parallel with the trading industry because you know what I see in our industry, which really upsets me, to be honest, is there's a lot of people out there claiming that if you do their course or if you buy their system or if you subscribe to their signal service, you can make some huge, huge, massive returns. And you know, it's basically get rich next week or buy next week. And it's really unfortunate because what happens is there's a very small number of people who by pure luck manage to make an awful lot of money very, very quickly. But there's a much, much larger percentage of people who try to do that and fail and end up losing everything. And you know, like again, thinking about the Guinness Book of Records museums, there's so many people that have tried to break records, to become famous for their one tiny little thing and failed because someone else beat them. And you know, when you're thinking about your trading, what I want to encourage you to do is take an approach to trading. Choose a strategy. Choose an approach which gives you a high probability of success, not on each individual trade. I'm talking about in the long run, you know, because if you're going to be a trader, as your career, as your method of building wealth, you want it to, you want to pay off. You know, you don't want to be trading for five or 10 years or more and not win the game. You know, if you're going to be, if you're going to put all of the effort into trading, at least win. You know, you want to make your hundreds and thousands or millions of dollars over your trading career and walk away a winner instead of walking away broke. And the way you do that is by having a trading system that is profitable, that fits you, fits your lifestyle, your personality, your objectives and your lifestyle. And if you've got that and you follow it consistently at a low level of risk, you've got a very high chance of success in the long run. But what I see in our industry is lots of people making huge outrageous claims. Try and draw people in and buy my course, buy my systems, buy my advisory service, because look, we're up 100% this week, or we made 300% last year or whatever the crazy stupid claims are. Don't fall for it because.
First of all they're probably not real. If someone did actually achieve it, it was by pure luck. Because the vast majority of people who trade aggressively like that will blow up their account and lose everything. You know, you know the stats, you know that most traders quit and lose money, lose money and quit, and very few succeed. The reason very few succeed is because very few are willing to take a sustainable approach. Because it's not exciting, it's not get rich quick, it's get rich slow and build your wealth and become a disciplined, solid trader. Build the skill, build the habit. And that's, that's not sexy. I mean, let's face it, you know, day trading and building and buying trading robots and using leverage and you know, making 20% returns this month, that's sexy. But the trouble is that's not sustainable. It's going to send you broke. And I don't want to be a Guinness Book of Records sort of person. I don't want to try and shoot for that one little moment of fame where I can say I made know bazillion percent this month because I know that that will lead to, you know, blowing up my account and losing everything. I want to be the trader that's here in 20 years time. I've been trading for 15 years profitably now, over 15 years. And the reason I've survived is because my approach is stable and consistent and conservative and disciplined. And I'm following a system which works at a very low level of risk. So I know I'm going to win in the long run. There's no question. So then the question to you is, do you know that you're going to win with your approach or are you just trying to hope that you're going to get rich quick and quit while you're ahead somehow miraculously. Because if that's what you're doing, then you need to stop, take a step back and have a look at what you're really trying to achieve with your trading. Because if you want to be in the game in 10 years time, then you need to play it differently. You can't play according to all of those, you know, big fictitious get rich quick claims because you won't be in the game in 10 years time. If you want to be here in 10 years time and a profitable trader and ahead to the tune of hundreds of thousands or millions of dollars, then you need a conservative, consistent approach which you can follow, which will not blow you up. So that's my trading tip for the day, inspired by the Guinness Book Records Museum. I hope that helps. Comment below Let me know if you've got any questions. My name's Adrian Reid. This is enlightened stock trading and you'll see a lot more videos in different parts of the country, of the US and in other countries as I continue this travel journey with my family over the next nine months. But I'll try and keep them consistent. Comment below Let me know what you want to hear about if you've got any questions and I'll see you in the next video. Bye for now.
