I just have to laugh. Now I remember why I stopped doing seminars and limited my teaching to speaking engagements and private coaching. Last weekend, I included a section in the Newsletter article asking if folks might be interested in a seminar in Scottsdale late this coming winter. I set out the price and asked for anyone who might be seriously interested to email us or put an evidence of interest on the blog. A number of subscribers have responded and shown interest as I had requested. However, among the responses were those who felt it incumbent upon themselves to criticize things like the days (a weekend) on which I proposed holding the seminar and their opinion that the cost was too high. Simply put, if someone doesn't approve of the days on which I would hold the seminar or the cost I charge, don't come.

One person wrote: "I feel the price of the seminar is way out of line given the soft economy...3k for 2 days is way too much!" Fine, I can understand that someone may not want to pay that much. What he failed to consider, however, is what other seminars cost and the cost of not getting an education. Recently, on the blog, we had subscribers write about paying $15,000, $18,000, or $20,000. The fellow who wrote also fails to consider what it will cost him to trade without education. Honestly, if he doesn't want to pay $3,000 (actually it would be half of $2,500 if he came from more than 50 miles away and brought a spouse, friend, or significant other), then he shouldn't. Whether he comes or not is up to him. He will pay one way or the other. I have talked to many folks who have lost thousands to hundreds of thousands before deciding it might be smart to get some trading education. A single trade can pay for a $1,250 seminar. But it is up to the individual.

That same fellow went on to say: "Besides... you have made alot of money trading and don't need to charge those kind of prices..." Absolutely correct, I have made a lot of money trading. Why, though, should I give this fellow my time, energy and knowledge? I paid my dues (about $40,000 in education) and have expended a lot of time, effort, and energy to get where I am. I suggest he will have to do the same. Quite honestly, I do not believe I owe him anything. The same fellow went on to write: "But then again .. maybe you really havent [sic] done as well in trading as you have led your readers to believe... Looks like your books and seminars are the way you make most of your money." Pardon my language, but that is a load of crap. This guy doesn't know me from Adam and his accusation is false. I haven't done a seminar in years, largely because of people like him. Trading books, even relatively successful ones like "Trade Your Way to Wealth" don't make a whole lot of money. I trade for my living and I do the Newsletter for free.

I have to say I simply don't care whether I ever do another seminar or not. I proposed the idea of a seminar only because subscribers asked. Clearly, it isn't worth the hassle to have to deal with people like the fellow I quoted. If someone doesn't like the cost or the days on which the seminar will be held, don't come. I don't care, but don't call me a liar.

All that aside, I do urge traders to get educated. It definitely doesn't have to be with me. There are many good teachers out there. Don't expect them to be cheap. Their time is valuable and you can probably learn a great deal about things like cutting losses, letting profits run, money management, risk aversion, creating your plan, and exit strategies. I can assure almost everyone that one way or the other you'll pay for your trading education. I'm convinced that the most expensive way is on the job training.

It has often been said that the definition of insanity is repeating the same thing over and over again and expecting a different result. Unfortunately, that is what many would-be traders tend to do. The likelihood of success for them falls into the slim to none category. Let me suggest that you not choose to include yourself in that group.

Good Trading!
Bill Kraft

October 25, 2008

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