My holy grail Las vegas casino style day trading strategy
- Thread starter rajgreenpeace
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Tlahuicole,
He is immensely rich - self made dollar multimillionaire and he has his own way of teaching his kids - thru example (not theory), and it works. They are much more responsible and mature than their age suggests.
Just sharing something which was an eye opener for me. Once he came to visit me along with his son who was 7 years then. We went to a shopping mall, where his son saw a toy robot that he wanted to buy, and made a fuss and cried for over half an hour over it. My friend flatly refused to buy the robot, and I asked him 'why not? It does not cost much'. He said 'It's not that. If I give him everything that he ask for, he will not learn to value the things that he has'
Sharing how he teaches the kids of the importance of money, saving and decision making - all in one.
Each month the parents put away a small amount of money in the 'money box' The kids are free to use this money for what they want. For e.g if the child wants to buy a video game. He will have to know the cost of the game, the money that he has in the box, and how much more money he requires to be able to afford it. If he wants to still buy it - he may have to wait for a few weeks, or a few months. My friend will not lend his kids any money in advance to buy anything they fancy. This way, the child learns to make choices and decisions of what they want, know how much things cost, and how long it is going to take to get it. And when they finally get it, you can be sure, they will know not only the price of it - but the value of it in terms of time, patience, sacrifice they made to own it, and they will then learn to appreciate and take care of it.
Re. FX trading - He keeps track of his trades and the charts, but involves the kids. They feel excited and empowered being part of trading decisions. Imagine 4 kids below 17 years watching the terminal together, waiting for levels - their thinking is clear - know when to enter and exit.
Waiting - teaches patience, discipline, importance of following rules, not acting impulsively, self esteem, knowledge of fx trading - which 99.9999% of children in their age bracket will never know.
BTW - Even after all the success, his feet are firmly planted on the ground - and his children unbelievably level headed.
He is immensely rich - self made dollar multimillionaire and he has his own way of teaching his kids - thru example (not theory), and it works. They are much more responsible and mature than their age suggests.
Just sharing something which was an eye opener for me. Once he came to visit me along with his son who was 7 years then. We went to a shopping mall, where his son saw a toy robot that he wanted to buy, and made a fuss and cried for over half an hour over it. My friend flatly refused to buy the robot, and I asked him 'why not? It does not cost much'. He said 'It's not that. If I give him everything that he ask for, he will not learn to value the things that he has'
Sharing how he teaches the kids of the importance of money, saving and decision making - all in one.
Each month the parents put away a small amount of money in the 'money box' The kids are free to use this money for what they want. For e.g if the child wants to buy a video game. He will have to know the cost of the game, the money that he has in the box, and how much more money he requires to be able to afford it. If he wants to still buy it - he may have to wait for a few weeks, or a few months. My friend will not lend his kids any money in advance to buy anything they fancy. This way, the child learns to make choices and decisions of what they want, know how much things cost, and how long it is going to take to get it. And when they finally get it, you can be sure, they will know not only the price of it - but the value of it in terms of time, patience, sacrifice they made to own it, and they will then learn to appreciate and take care of it.
Re. FX trading - He keeps track of his trades and the charts, but involves the kids. They feel excited and empowered being part of trading decisions. Imagine 4 kids below 17 years watching the terminal together, waiting for levels - their thinking is clear - know when to enter and exit.
Waiting - teaches patience, discipline, importance of following rules, not acting impulsively, self esteem, knowledge of fx trading - which 99.9999% of children in their age bracket will never know.
BTW - Even after all the success, his feet are firmly planted on the ground - and his children unbelievably level headed.
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Unfortunately, many of my own friends who are well off, spoil their kids, by giving them everything they want - not realizing the damage they are causing the child in the long run.
One such friend brought a toy aeroplane when his son asked for it - (without a thought - he is rich no doubt) and while we were still together within half an hour of this, his son saw and asked for another toy (don't remember now what it was) and my friend brought him that as well!
I was taken aback, but did not say anything.... Both friends - but a study in contrast how they raise their kids.
Re. family not accepting trading as profession - Raj am sure does not depend upon trading income to run his house. Only when there is regular money inflow month after month, will the family accept trading as business - and not gambling or a risky profession.
One such friend brought a toy aeroplane when his son asked for it - (without a thought - he is rich no doubt) and while we were still together within half an hour of this, his son saw and asked for another toy (don't remember now what it was) and my friend brought him that as well!
I was taken aback, but did not say anything.... Both friends - but a study in contrast how they raise their kids.
Re. family not accepting trading as profession - Raj am sure does not depend upon trading income to run his house. Only when there is regular money inflow month after month, will the family accept trading as business - and not gambling or a risky profession.
Nice post DSM. In india most of the family members think trading is gambling. And wont accept as a proffesion, When i saw our rahbhai's post abt his wifes's trade, i get amused 
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