Expert power is based on specialized knowledge that is not readily available to many people. It is a potential source of power because other people depend on it, seek advice from it and without it would be at a disadvantage to the ones with access to it. Think of the doctor/patient relationship: there might have been a time where you thought you were gravely ill or dying (overly dramatic) after a few webMD searches, only for your doctor to politely tell you that you’re an idiot and that you simply have the common cold. You follow your doctor's advice not because he is in a formal position of power, you follow his advice because the potential negative consequences could be far greater if you ignore them. This is not a fun topic to bring up, however the late Steve Jobs ignored the advice from his team of doctors because he felt he could cure himself naturally, and ultimately when he did come around to his doctor’s advice he was too far gone.
Even though we (Trading Experts) are forever students to Mr Market, on paper technically we are experts, we are professionally licensed traders (Series 56,66 and 7). We have the years of experience in the trenches along with the piece of paper to show that the regulating agencies approve our status. Ask those other guys which licenses they have and wait for their hum hummm hummin answers.
We ended up down this path not to save lives like the noble doctor, we went down this path because it is one that is as entrepreneurial as can be, a path where you eat what you kill. We also have been given the opportunity to help others and push them in the right direction which is something that they normally would not have access to.
“The meaning of life is to find your gift. The purpose of life is to give it away.”
As a result of this we have noticed our members start to pick up on this and that is commonly referred to as referent power. This is when one gains power from other people and it happens in subtle occurrences. For example we have noticed newer members who were so hell bent to trading penny stocks watch Shake casually explain how he made $14,000 in a 2 day swing trade in SQ, or how he made 70% in 2 months holding ANAB, flip a switch and will never look back at such trash.
It can be very hard for most to break these bad habits without a cold dose of reality, this is coming from two traders (Shake and Ben) who have fallen victim to those same misconceptions and have made it their goal to help others who are in a similar situation.
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