Rare is it that I get involved with any of my students. This woman, however, drilled through me like a knife through butter, right from the get go.
Kim contacted me… “Hugh, I heard about you. Can you help me?” “I hope so… what’s up Kim?”
“Well, just so you know, everyone fires me. I hope you can help me though. I’m losing… everything!”
Everyone fires her? There’s my first red flag. Turned out, she was originally from Vietnam, having come to America to seek her fortune on the stock market. She brought over all her friends’ and family’s money with her to create great wealth, hoping to help everyone back home.
Kim was on a massive losing streak, having lost tens of thousands already in no time. She was at her wits end. Every conversation I had with her, she cried her eyes out – she just didn’t know what to do.
“Kim, I can help you but you have to promise you will NOT trade until I say it’s ok. Do you promise?” She responded, “Yes, for sure.”
“Ok, let’s do this. I will teach you and you have to learn before you can earn. You can’t trade options without knowing what you’re doing, or you WILL lose your money.”
In tears, always in tears… it still resonates with me how “I lost my money!”… the whole encounter with her was disheartening.
I gave her breaks on whatever I could to extend any courtesies, just to bring her back on track. She really was clueless about options and more importantly, she was reluctant to learn.
Shortly after, she called, again in tears…. “Help me, please! lost another $5,000! I have no money!”
Kim, how could you? You promised me you wouldn’t trade. Did you trade?
“Yes, I couldn’t help it! Now you’re gonna fire me too, aren’t you!”
“No, but you MUST STOP TRADING.. right now!” She couldn’t help it.
One final phone call from her… “I’m done. They cut off my water this morning, electricity’s going this afternoon. I’m sorry, Hugh. I’m sorry. I have nothing.” The tears were unbearable. She left, broke.
Tens of thousands of dollars. Gone in no time. I have no idea what happened to Kim.