So I got some feedback on the funding accounts and you know, look, these things seem to be kind of new and they are proliferating. We’ll kind of see we need more data to kind of see how they survive. As most traders lose money, you have to expect that there might be, I don’t know, I’m going to guess somewhere between less than 1% and maybe as much as 5% of those funded traders will actually go on to make money, at least for some period of time before they crap out. Maybe a handful, and I really mean a specific number, not even a percentage of them will be able to do it consistently. I think there’s going to be an enormous amount of churn in those funding accounts. I do feel that some of you, some folks will take advantage of the luck of being in the right place at the right time and hopefully make everyone some money.
But what really concerns me the most is the trading claims. And you just have to be careful because if I take a hundred people and endowed them with say, $50k to trade every week, there’ll be, maybe even every day there’ll be someone who has a winning trade that I can go online and hype and say, Look what Johnny from Wicomico County did in Maryland today. He made $1,700 bucks today. Now it doesn’t count all the other people who you can’t see that blew up, that quit, that went on tilt. So they have to be replaced. The next day comes around and they’ll be, Oh, here’s Wendy. She’s from Kalamazoo, Michigan, and she made $23,000 last week. Boom. So what you’d want to consider if you were going to really judge any of these companies in terms of the funding and the success is more of a longitudinal study. Come back and look at the same people, not just the fact that there’s any number of say, 50 testimonials. What happened to all those 50 people over a longer period of time. Because that’s kind of when you can kind of pan for the gold and maybe differentiate between luck versus skill. In the short run we’re lucky there’s a lot of randomness. Ego will dictate, Well, I’m good. Well, of course for a mainly male audience, of course they’re going to say that they’re good because that’s, that’s what they want to say.
But you have to be careful when you’re listening to folks make pronouncements and claims in an unregulated market is, it’s very, very difficult to ascertain the truth. Again, just like in the lottery, people will win, but the majority of people over longer periods of time are going to do nothing but lose. So in other words, don’t get your hopes up because at the end of the day, despite what the marketing says, right, and it’s legit, those people probably did exactly what they said they did. But what are they going to do next week? What they going to do next month? What are they going to do over the second half of the year? You see? Because on any given day I can harvest a winner and say, Look what so and so did. You can do that too. You see? So you have to be very careful and not get too, too in front of yourself here, two out in front of your skis, I mean, and go hook, line and sinker.
Be very measured in your actions. You really can’t trust anyone or anything. So you always have to say, okay, if you’re immediately falling in love with an idea, what you should say to yourself is, Okay, well where is my blind spot? Because they will say things that you want to be true. That’s the whole point of marketing and copywriting is they would come up with language that they know scientifically is going to appeal to you on either an intellectual, emotional, or a spiritual level. Sometimes a combination of those three. I know about this stuff so be very, very careful. It’s not that they’re, what they’re doing is illegal, but there’s half truths going on and you’re not always hearing the full story. They’re not going to lead with the people that fail and blow up, which would be where the real education could come from, as in don’t do what these people did. Okay? I’ll have more. I’m sure as the episode ages, there’ll be more folks writing in and give you some more feedback, which I’m happy to do.
This is a computer generated transcript.
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