Millionaire TradersQ: What do you do about medical bills? Insurance? Basic life
expenses?
A: We run the medical insurance through the company. And I
have very few basic life expenses. My wife and I try to be very
frugal. We try not to spend a lot of money, and a lot of rooms in
our house don’t have furniture. To put it succinctly, we’ve tried to
live below our means.
To put it less succinctly, a wise trader told me that when I was
learning to trade that I should not attempt to live like a successful
trader. I see a lot of successful traders who have doors on sawhorses
for desks, or work on an old computer, or who still drive a used
car. I also see a lot of unsuccessful traders who are driving new
cars, have lots of credit cards, have brand new computers, and who
spend a lot of money as if they’ve already started to make a lot of
money. It’s a matter of personal preference, of course, but I prefer
not to spend money.
Q: Right now you do some coaching and mentoring, correct?
How many people have you coached and mentored?
A: 1,057.
Q: How many of those are profitable?
A: At any given time, I’m in close touch with or I’m tracking the
performance and communicating with any where between 550 to
600 of those traders. This means I’m not receiving an e-mail from
them every day, but they’re updating their performance on my
Web site or I’m in touch with them often enough to understand
how they’re doing. So I can’t speak necessarily for all 1,057 of them
in every moment of the day, especially the ones that I worked with
in 2002 or 2003 that are long gone and just basically moved on,
whether they’re either doing well or not, but in that 550 to 600 per-
sons, you’ve got a group that’s about 50 percent strong. That is they
are actually profitable week in and week out or at least at the end of