The importance of having a good buddy
ACCICB and I can have the most awful fights, no holds barred kind where we just unleash the kind of things you would say to your best pal. Which in a way he is or rather has become for many years. Sadly he still doesn't get makeup but I'm better at football now! When dealing with your best pal whom you see everyday, you tend to think of whether you should be more tactful but seriously that does not get things done.
In one of those epic fights that was in the early days of his switch from investor to trader which was marred by a seriously naughty Mr Market, he had lost confidence in himself. I had to use all sorts of methods to get his old self back. From the usual comforting, cajoling, scolding, mocking, you name it, I've probably done it. The last thing I said probably meant something which was 'Nobody can help you get your confidence back. It's down to you.'
The next day, he got back into the game and made his first trade after two months. Thankfully he made $$$ and I could still remember his joy at having overcomed his self doubts. Later that night, he lost $$$ but had the smarts and trust in himself to cut his losss. The next morning, he was proven right as the market had gone down even more.
Oh yeah and I also asked in my sweet voice to improve his calculator to include dollar cost averaging and FX for cash accounts. This was like speaking to his inner geek and he had it done within 2 hours. He felt good about himself and I get to use it too. Good pals push you to improve yourself with the belief that you can do it.
For me, it was less serious but I had bought a stock and it had dived even more. I had to hear all sorts of things from him and then he had the audacity to tell me that he kinda knew but wanted me to get taught by Mr Market. That's to get me started into TA so that I realize how tough his job is! Thankfully the counter has rebounded a little but it was still a major bummer for me. Good pals force lessons on you for your own sake.
From the days that he decided to make this a full time career, I had told him that he seriously needs to have a strong heart and clear head in order to last the game. But that's easy talk for people on the sidelines. The player has crazy amounts of stress and that's when you need a bud, preferably a good one as he/she will probably be just as stressed up as the player. If you have a good pal, now's the time to thank him or her for having stayed by your side, throughout all the ups and downs of the market!