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David interviews Mark McRae about why he does other things besides simply the business of trading.
Mark: I remember there was a friend of mine who wanted to get into trading, and he wanted to know if it was hard or difficult, and I said to him, “I’m actually psychic. I’ll prove it to you, I’ll show you how easy this market is.” It was the first Friday of the month, and it was 8:30, New York time, and I put him down on the market and said, “In thirty seconds, this market is going to shoot up — or down, but it is definitely going to go one way”, and he said “I don’t believe you.”
He watched, and like clockwork the market jumped about two hundred points in thirty seconds. He was utterly amazed, and wondered if I could do it every single time. This was before news trading was popular. It’s impossible to predict what will happen with your money management, which means remaining in the game is very important.
David: That brings me to a question that I really didn’t want to ask you, but if you are so successful in the market, then why do you bother teaching others how to do it? In all honesty, wouldn’t it be better to make money off somewhere by yourself keeping your trading system secret?
Mark: That’s an easy answer – to make money. I mean, that’s why I teach people how to check the markets. It doesn’t matter how philanthropic you would like to be, your first objective is to make money for whatever you are going to do with it. But there are lots of different parts of the business of trading, and if you think of learning trading, you probably couldn’t learn how to count, unless somebody read a book to you some time. Somebody has to teach somebody. Now here I am. I’m in Australia, in Melbourne, and I’m not trading.
During a large part of your trading you have to be active, even if you’re using daily charts you need to keep an eye on it, and you need to do it regularly. Even though I can’t at times like this, there are royalties I make from my book sales and courses, but the small amount of money I make from other interests is what keeps me afloat.
It takes out the fluctuations if you like, because trading, regardless of how well you do, has ups and downs. So the teaching part, or the educational part, brings in enough income to take the pressure off when I’m not trading, and affords me the luxury of doing things like this, coming over here and seeing you guys. So why do I teach if I’m so successful trading? To make money.
[spin]David: That pretty much answers it all regarding about stock trading system The last thing I want to know is how much money do you need to make this your full time job? Should those in trading actually branch out and try other interests?
Mark: In all honesty, this is something that anyone could do to make extra money on the side, and if you are comfortable with it, then go for it.
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