Chris Tate – Time Is Precious, Invest It

https://www.linkedin.com/in/christatetrader/ (Chris Tate) is one of the first people to ever release a share trading book in Australia. He is the best-selling author ofhttps://www.tradinggame.com.au/product/trading/the-art-of-trading-2nd-edition/ ( The Art of Trading) andhttps://www.tradinggame.com.au/product/derivatives/the-art-of-options-trading/ ( The Art of Options Trading in Australia). He’s been running the 6-month repeat-for-freehttps://www.tradinggame.com.au/ ( Mentor Program) since the year 2000, and he’s also the founder of thehttps://talkingtrading.com.au/ ( Talking Trading podcast), a free weekly trading podcast. With a background as an immunologist and his previous work as a bouncer, Chris’s life experiences will amaze you. When he’s not hanging out with his traders, he can be seen lifting weights at the gym, enjoying yoga, and trying to get a personal best time on his rowing machine in his garage.   “Time is more important than money because money can be replaced; time cannot.” Chris Tate   Worst investment everChris began his career as an immunologist and had a profession in academia mapped out for himself. However, he started to trade in the 80s bull market in Australia. Chris made the mistake of thinking that because everything he bought succeeded, he was somewhat a genius. When his luck stopped, Chris thought he should learn about trading. He figured stockbrokers know best about stocks. Joining a broking firmChris conned his way into a broking firm based on the fact that his background is reasonably quantitative. Derivatives were beginning to take off in Australia, and he seemed to have an affinity for understanding them. Stockbrokers know squat about tradingAs soon as Chris joined the broking firm, he learned that stockbrokers knew nothing about trading. He found out the person sitting opposite him had been selling shoes two weeks beforehand, and the person sitting next to him had been selling carpets. Chris quickly learned that broking was a sales profession and not of analysis and execution. Making the best of what he had learnedNow that Chris had realized that brokers would never teach him how to trade, he had to make the most of his situation. He was still working for a brokerage anyway. Chris noted that being in a dealing room gave him access to information he did not have before. It also gave him access to a trading floor that helped him understand ebbs and flows very quickly. Chris also got to understand the cyclical nature of emotion that drives price. And so he thought he could marry his access to information and the trading floor together. Chris spent many years as a broker taking the opportunities presented to him to hone his skills. There was an easy and quick way to learn about tradingIn hindsight, working in the brokerage for so long was his worst investment ever because he just burned time, not knowing that time is precious. He now realizes that he did not think through the problem well. Chris’s problem was his desire to learn how to trade, and instead of going back to school and take a degree in Finance, he went tohttps://myworstinvestmentever.com/ep178-dante-vitoria-when-an-fbi-agent-tells-you-to-go-to-breakfast-do-it/ ( work for a brokerage). A Master’s degree would have taken him between 18 months and two years, and it would have given him different connections within the industry. Lessons learnedTime is precious invest it wiselyTime, unlike money, cannot be replaced. Therefore invest your time wisely. You can make more money should you lose it, but once your time is gone, that is it. There are many opportunities to make money. But no option or scheme grants you time. Take risks when you are youngIt is best to take risks and make mistakes when you are young because you still have time to recover and learn from your mistakes. Andrew’s takeawaysIf you want to learn about trading, go to a trader, not a brokerBrokers are simply salespeople who package ideas for...