#beginners lessons

I welcomed this video deck which is all about one of the greatest investors of all time her name was Hetty green yet very few traders have ever even heard of her no she was around the turn of the 20th century the same time as Jesse Livermore and you'll often hear people say Jesse Livermore was the world's greatest ever speculator so how does Hetty Green compare with him there is no comparison Hetty Green made 200 million dollars more even if you put her up against today's investors and I'm sure regular viewers will know three my favorite traders are George Soros Paul Tudor Jones and Ed Scouter though they've all made big amounts of money Hetty made more than all three combined she's up there with Warren Buffett no there's two key lessons that any forex trader or any investor for that matter can learn from her just gonna go through them in a moment when we discuss her life and trading meth when terms what I want to do first of all just do quick comparison between her and Warren Buffett and also a quote from a newspaper a bouncer which actually makes her one of the strangest successful investors ever it was to do with her lifestyle the Celicas quick comparison with Warren Buffett in the quote and Ben will be back to discuss in more detail you Oh Quebec after that a short comparison there between Warren Buffett and heavy green her performance was extraordinary what makes it even more extraordinary it was done at a time when women didn't even have the vote in in terms of Hetty she was very much a woman in a man's world made men thought they could get the better of her very few did she was absolutely fearsome lady to cross them terms of investment performance some it stands up there with anyone in my view however what is she remembered for not remembered as great investor at all you look in the Guinness Book record she's remembered as the world's greatest miser and you probably gathered that she was a little bit careful with her money from that quote from the newspaper she's buying clothes and say they should last her ten years so she could get her money's worth um she did look like a damn now although she kind of took more pride in her appearance as say as she got older but she was so tight um good example is she used to buy a newspaper on her way to work when she'd finished reading it she'd go on the street sell it for half price she was renowned for living in tatty run-down apartment she was always reluctant to turn the heating on in case she wasted money now I think she probably is um the world's most careful person with money so maybe she deserves that insert in the Guinness Book of Records but yeah she was eccentric she was a Quaker her whole life was just devoted to making money now she had a real passion for investing yeah she started to learn about financial markets when she was six she used to read the financial press to her grandfather but timing she was 13 the family entrusted her with the accounts of the business which is a substantial whaling business when she was 15 she made her first investments but she ain't really got full-time into it so to speak when she was in her early 30s she inherited I think was a million dollars and put it to work and what you can learn from Hetty green in my views of forex trader is get rich slowly now Hetty green was very much in to compound growth okay I know this thing forex traders are in too much of a hurry to make money you often hear traders say yeah we're not double my money I'm gonna start trading for a living that shouldn't be too long way all this sort of stuff it's all complete nonsense okay you've got to be realistic in yo the amount of money you can make at forex trading now I dunno many traders who can make fifty percent per annum and yeah when I said this to people you have said yeah talking about the potential how much money you can make well people are really disappointed well let's put it this way if you made fifty percent per annum on ten thousand dollars in ten years you'd have six hundred thousand money makes money great thing about forex trading is you don't have to work harder as you make more money do ya still put in the same effort but your money makes money so I think the thing to do is be realistic focus on the long term and you know terms of Hetty green she was only looking to make single-digit gain so just below 10% but look how much her initial snake made her yeah a huge fortune now obviously this was in it yeah pre income tax world you without so much inflation and so for she was just happy with the amount that she made each year it's a specific target she always achieved it and nothing I think anyone can learn from Hetty ring is know when to quit a trade she would always if she had an investment there would be a price she had in mind she would sell she in care if it went further to the upside she was and she achieved what she got she move on to the next investment I think yeah mother forex traders yeah kind of fully love with pairs when they're doing well they won't get out for they double up they end up giving all their profits panic no I think yeah that's a major problem for all traders I mean I have it as well I find it far easier taking losses that I do holding on to my profits yeah I very often don't have a specific target once I've reached it I'm off somewhere else don't care if it runs on I've said it before yeah be happy with what you got if you got what you wanted that's it there's no need to regret I think yeah terms of heady green she was the master of it she hardly had any drawdown or bad investments either the only bad investments that she had were those that her husband meddled in yo and eventually cuz he did this she made she just basically threw him out now in terms of Hetty great she was one of the first people really to be a contrarian yeah she used to love a panic she said yeah when you have shares full and everyone wants to get out she'll buy in she called it harvest time and she just made a lot of money okay now in terms of fun yeah Hetty Green I think ya know more people say she isn't relevant to investing today I just personally think that she is yeah I thought I just find her performance it's stored outfit yeah three books on her three autobiographies some very good very interesting read as well because you can see yeah she's around at the time the real birth of financial markets and yeah the things that happened you know what happened then still happened today like for example the government pumping money into the economy like quantitive easing got some quotes from Hetty later on she gives her opinion on QE which I totally agree with she's got some fantastic quote so a few of them actually made me laugh at lamp man in terms of Hetty great she could have been she have made more money than she did she act she refused to have too big an exposure to think most traders could learn from yeah so much like Warren Buffett I think Warren Buffett said we always keep 80 billion in cash yet he was very much say half her money was always in cash when she did a lot for investments yeah she was a very ethical lady in terms she never ripped anyone off unless she had a grudge against them she'd have a grudge against a few people but you know for example the city of New York went bust petty lent them the money at a very reasonable rate when JP Morgan had to put a bailout fund together for the bank's Hetty contributed a substantial amount of money again the rate of interest was really reasonable also she would never get involved in insider trading or bear raids yeah yeah heavy short selling of stocks but used to go on which Jesse Livermore would be involved in for example Bill sellin Smith sorry been summoned smithy all those colorful characters who just basically yeah financial regulator so she had to come in and basically control him Hetty was never involved in any of those dubious tactics she had the money to do it if she wanted to she just refused to do it now I think in terms of Hetty green it's a really interesting story yeah if you don't read her biography it's really really good and I think yeah at the time yeah people really disliked her um yeah actually I first read about it I thought should be a really dislikable character until I read the autobiographies on her yeah she was actually quite a nice lady okay she was eccentric but yeah she could be kind she never cheated she was always ethical um very interesting lady and for me one of the great traders of all time now I'm gonna finish up with my favorite quotes from Hetty and if anyone can tell me what she means by the last quote please email me because I have no click right here the quotes and I hope you enjoy them [Music] you [Music]

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