Where to Start?

An email in:

Dear Mr. Covel,

My name is Andrew [Name]. I’m a law student from Ireland and I’m very interested in getting involved in the investment/trading environment. I’ve been an avid follower of everything financial since a young age, but I’ve only come about actually using my own finances in the past while. My problem is I am unsure about what direction to proceed in. As a student I only have limited funds with which to work with. I would appreciate any advice or opinions about how to progress in such a direction.

Also I am interested in a career in finance, particularly in the investment side of things. I would greatly appreciate any input or advice you can offer at this time. I do realise you do preach the trend following system as a main line but I do realise you do keep up to the date with the comings and goings of the financial world. My biggest concern id trying to figure what state the financial world will be come in say four to five years, and I do appreciate ant follow up to my concerns.

Thank you for your time and I hope to hear from you soon.

Thank you again for your time,
Andrew [Name]

Andrew, first steps? And it won’t cost you much at all, have you read my 4 books and seen my film? Also read the book Linchpin by Seth Godin. Our future conversations become much better if I know your foundation.

5 thoughts on “Where to Start?

  1. Andrew, I know you didn’t ask my opinion, but I have a bit of experience. After you read Michael’s books/documentary, you won’t want to join the financial world. You’ll be frustrated by their fundamentalist views.

    My advice: If you don’t have enough money to trade, do whatever you can to save enough (whatever “enough” is). And, if you’re serious about becoming a champion trader, get Michael’s course. It’ll cost you about 1/2 percent what you’ll end up spending for law school.

    I echo Michael on Seth Godin’s book “Linchpin”. The days of getting a grad degree then getting a cushy job with Goldman Sachs are coming to an end. You have to make your own way.

  2. Michael, these kind of emails makes me wonder if you could consider a new book about successful traders with no career in a bank, not fund managers, etc … simply private guys trading their own account for a living. Afterall this would goes hand in hand with the intriguing premise in The Complete TurtleTrader.

  3. @ Paul

    Excellent idea! Basically Michael could expand the chapters he wrote in TF on TF traders into a more detailed account of how they — and others out there — got to where they are…especially the ones who fly under the radar and are achieving results that blow the attention-getters out of the water.

    And my two cents for Andrew…Finish your law degree; take the highest paying job you can get; work your ass off; invest for yourself using the principles Micael teaches; get rich enough to tell “funny-mental” fund wannabe managers to pick any appropriate part of your anatomy to kiss if they come a calling.

  4. Investing is like golf. If you want to become a good golfer you have to practice more than you play, and you have to love to practice. Also, before you start to play golf,you need to find a professional to make sure you start with the proper guidance. Every new investor should start with the book “Trend Following” I consider myself a good trader, but I have been practicing in real time for over 40 years. I am willing to share that practice with anyone, if they are willing to work at this investment game. I also became a pretty good golfer because I loved to practice. Unfortunately,when I started in 1948 I could not afford a pro, I could hardly afford to buy golf balls. But later in life I was hitting around 400 balls a day which became my un-doing. I degenerated a disc in my neck and had to quit golf. But I say that I perfected that game because I pared our course and had two holes in one. I am still practicing investing. And like golf I find that most investors are not willing to practice,and maybe that’s because they dona’t like practice. Michael says that few people become successful traders, I say, very few. I keep trying to introduce people to market timing (Trend Following) and every once in awhile I find someone who “Get’s It”. Like Michael, I keep trying.

  5. @ Jim

    Excellent advice, Jim. I agree.

    If you calmly and methodically practise your golf swing and make all the mechanics repeatable and predictable, your score will drop and you’ll be a better golfer. If you change the mechanics on every shot, you’re not going to do well.

    Just like trading?

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