Does anyone have some good responses to wannabe gurus who are so convinced by their wave analyses that nothing can change their mind?
My father has been trading for 25 years but has barely made any profit.. he definitely hasn’t beaten the S&P 500. Yet every few months, he’s convinced that he’s finally found the system and that he’ll be rich in a few years. We often discuss things and its tiring.
The weirdest thing he says is that the markets create the news. He genuinely believes that there are wave movements that cause events. So for example, the other day he’d say the markets didn’t go up 15% because of the news that Trump pauses tariffs, but rather that the markets were supposed to go up 15%, and that’s why such news occured.
Back in early Februaray, I shorted Tesla after it became clear how bad the sales numbers were, and after Elon did that Nazi salute. My dad said going long was the right move, because the waves analysis said so. He says basing trades on news make no sense.
What’s always the best part is when he shows in hindsight how he could predict everything perfectly using his waves. When I ask him why he isn’t rich if he can predict markets, he says that the feeling of predicting a stock’s price exactly is worth more than money. He doesn’t see that these predictions work once out of many times and somehow only seem obvious afterwards. There are so many biases at play, it’s insane.
Does anyone deal with people/parents like this? Any good responses? I feel like logic gets you nowhere with him.
Sorry for bad english, no native speaker, so I used a translator.