Trader Meetups (Part 15)

In the last post, I summarized flaws of the February 28 meetup.  I concluded by calling it everything I dislike about commercial (something to sell) organizers.  This is optionScam.com because of conflicting interests, which likens it in my eyes to the financial media.

My interest is to be successful whereas the organizer’s interest is to get my money.  The organizer really does not care whether I succeed even though she purports to have my best interest at heart.  Sure, I may provide positive testimonials or referrals if the product helps me succeed.  If I don’t succeed then all the organizer really cares about is that I never become so disenchanted that I tell everybody how horrible the product is.  If I purchase the product, am unsuccessful, and decide trading is not for me as I walk quietly into the night, the organizer will be content.  This is optionScam.com.

In a similar way, financial media like CNBC is also optionScam.com because of conflicting interests.  CNBC has many talking heads and investment/trading “gurus” who offer recommendations and trading advice.  Most traders I’ve heard or communicated with doubt anybody can consistently profit from CNBC.  Personally, I regard the media as blatant distraction that should be banned from my trading day because it can generate emotional reaction and overtrading.  CNBC’s interest is to make money.  The more entertaining its programming, the better its ratings and the more advertising contracts they sign.  In essence, CNBC’s interest is to profit off my viewership whereas my interest is to succeed as a trader.  As with the meetup organizer, if I watch CNBC and lose big money trading, the network will be content to see me walk quietly into the night as long as I don’t blame the network for my failure and tell everyone how bad it is.  This would be bad for its business.

In the next post, I will work to tie up some loose ends.