The other day I went into Scottrade’s office in Smalltown to ask about opening a margin account. They had a huge office space with only about 3 or 4 workers there, which seemed like a big waste of money.
The guy, Scottrader Joe, sat me down and asked me the regular questions like “What kind of trader are you” and “how do you choose your stocks”. When I told him that I plan to make $300 a month from stocks this year, he warned me that this is a very high goal to reach, especially for a first time investor. He said that the best money managers in the country have trouble making a 10% annual return, and that’s in a good market climate. These are guys who have been working with stocks for decades. I was looking to get a 36% return when I have no experience and am busy doing security jobs and real estate. He then went on a tangent, talking about things like Exchange Rated Funds (“Do you even know what Exchange Rated Funds are?” I remember him asking me). I sat there as my blood boiled. Another asshole, I thought. Another douche trying to put doubts in my head… trying to put limitations on me. It’s reasonable to deduce that he was simply trying to give me good advice, but I don’t care. Based on his tone of voice and the fact that I never asked for his fucking opinion about my stock trading goals, I decided to rudely cut him off and ask about the margin accounts.
He gave me a form to fill out and I took it with me, wanting to do a little more research on them before I open one up. Margin accounts allow traders to use the broker’s money to invest into stocks, kind of like a bank loan. But I don’t want Scottrade’s money. Not yet, anyway. I’m only interested in margin accounts because I won’t have to wait 3 days for a trade to clear. With a margin account, money made in a trade would be available the very next day, and that means more opportunity to make money. I already know that I shouldn’t trade more than 4 times a month, as the more trades I make the more likely I am to lose money. So, while I do plan to open a margin account, I’ll continue to be patient with my trades using my own money.
As for Scottrader Joe, I’ll remember what he said. He may be right and I may fall flat on my face with my trading strategy. That would, after all, make sense. But seriously, have I ever cared? Does it make sense that a teacher would quit his job to become a security guard and make MORE money? Does it make sense that a guy would move to a place he’s never been to with no support and buy rental properties? Does it make sense that a security guard making $10 an hour can retire from his job in a 9 year span (2008-2017)? I’ve mastered the art of not giving a damn about what the norm is. The norm means nothing, and my expectations are based on my own beliefs, not the beliefs of others. In December we’ll find out whether Scottrader Joe was right. But, as with all challenges, I expect to come out on top like I always do. Not to throw it in his face, of course. His kind is not worth the effort and my ego would never allow me to sink so low. No, my expectations come from the fact that I win… at everything I do.
The guy, Scottrader Joe, sat me down and asked me the regular questions like “What kind of trader are you” and “how do you choose your stocks”. When I told him that I plan to make $300 a month from stocks this year, he warned me that this is a very high goal to reach, especially for a first time investor. He said that the best money managers in the country have trouble making a 10% annual return, and that’s in a good market climate. These are guys who have been working with stocks for decades. I was looking to get a 36% return when I have no experience and am busy doing security jobs and real estate. He then went on a tangent, talking about things like Exchange Rated Funds (“Do you even know what Exchange Rated Funds are?” I remember him asking me). I sat there as my blood boiled. Another asshole, I thought. Another douche trying to put doubts in my head… trying to put limitations on me. It’s reasonable to deduce that he was simply trying to give me good advice, but I don’t care. Based on his tone of voice and the fact that I never asked for his fucking opinion about my stock trading goals, I decided to rudely cut him off and ask about the margin accounts.
He gave me a form to fill out and I took it with me, wanting to do a little more research on them before I open one up. Margin accounts allow traders to use the broker’s money to invest into stocks, kind of like a bank loan. But I don’t want Scottrade’s money. Not yet, anyway. I’m only interested in margin accounts because I won’t have to wait 3 days for a trade to clear. With a margin account, money made in a trade would be available the very next day, and that means more opportunity to make money. I already know that I shouldn’t trade more than 4 times a month, as the more trades I make the more likely I am to lose money. So, while I do plan to open a margin account, I’ll continue to be patient with my trades using my own money.
As for Scottrader Joe, I’ll remember what he said. He may be right and I may fall flat on my face with my trading strategy. That would, after all, make sense. But seriously, have I ever cared? Does it make sense that a teacher would quit his job to become a security guard and make MORE money? Does it make sense that a guy would move to a place he’s never been to with no support and buy rental properties? Does it make sense that a security guard making $10 an hour can retire from his job in a 9 year span (2008-2017)? I’ve mastered the art of not giving a damn about what the norm is. The norm means nothing, and my expectations are based on my own beliefs, not the beliefs of others. In December we’ll find out whether Scottrader Joe was right. But, as with all challenges, I expect to come out on top like I always do. Not to throw it in his face, of course. His kind is not worth the effort and my ego would never allow me to sink so low. No, my expectations come from the fact that I win… at everything I do.
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