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Support from wife/kids/loved ones in your trading
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Support from wife/kids/loved ones in your trading

  #121 (permalink)
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This is a great thread. Thanks Big Mike.


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  #122 (permalink)
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A few of my friends want to learn trading. I sent them some basic readings and I highlighted the risk and rate of success to them and explained the work involved - all of them never asked again. Only one of my friend has kept coming back to me and asking me show him more. He is now doing quite well. It's this persistence that is required IMO, so If I had kids I would discourage them on the surface and only then, despite the discouragement they will proceed to trade will I know they have at least the perseverance for success and then support them.

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  #123 (permalink)
The fun is in the numbers
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I don't have children so this reply is hypothetical (to the poll question re 18yrold).

I think life is about much more than money, and so is your career.

Having done many other things before trading, I can see all the important things learned and discovered and experienced that are not within trading. Other experiences give you strengths (transferable skills) that you can bring into trading - should you choose to trade. With other experiences first one is better able to assess if trading is a good choice.

So I would share these views - but it is always up to the other person to decide - for it is their life - and I would support my children's choices in life as long as they were legal and did not hurt others.


Cloudy View Post
....
Even though as average retailers we are trading against and mostly skimming off of possibly 200 major institutions and a bunch of new HFT firms, and the myriad funds, it's still extremely difficult and success may not come easy even after years. It's already "professionally" saturated.

Trading is just too double-edged.


Keep your mind in the future, in the now.
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  #124 (permalink)
The fun is in the numbers
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k20a View Post
A few of my friends want to learn trading. I sent them some basic readings and I highlighted the risk and rate of success to them and explained the work involved - all of them never asked again.

Classic!

Keep your mind in the future, in the now.
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  #125 (permalink)
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I tell my 18 year old if you want to be a professional trader you gonna have to put in the work. I would advise him to pursue a degree in mathematics or finance and then followed by graduate degree in quantitative finance. I would support him financially as long as he made good grades. I would also tell him to try and land an internship at a trading firm or investment bank during the summer.

I would deposit money into a trading account for him for each completed semester with good grades. We would make decisions together on this trading account, stressing more of a long term approach with good money management. Once he graduated, I would tell him once he works for a firm for 5 years, he could have complete access to the trading account; he would probably about 27 or 28 at this point.

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  #126 (permalink)
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k20a View Post
A few of my friends want to learn trading. I sent them some basic readings and I highlighted the risk and rate of success to them and explained the work involved - all of them never asked again. Only one of my friend has kept coming back to me and asking me show him more. He is now doing quite well. It's this persistence that is required IMO, so If I had kids I would discourage them on the surface and only then, despite the discouragement they will proceed to trade will I know they have at least the perseverance for success and then support them.

This is close to my experience.

I am quite willing to help anyone interested in trading including my children. What I have found is that most want a secret that will make them successful without doing any work.

When they find that the secret is that they have to do a lot of work they usually look for another get rich quick scheme.

Trading should be a boring job. It’s a tough job emotionally because you are dealing with your own money and you have no control over the markets. If it’s exciting you’re probably taking too much risk.

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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  #127 (permalink)
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I voted for full support including financially. The caveat is that I would be the risk manager for my funds. Real time and end of day mark to market monitoring. Nothing any other firm would not do on their own.

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  #128 (permalink)
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treydog999 View Post
I voted for full support including financially. The caveat is that I would be the risk manager for my funds. Real time and end of day mark to market monitoring. Nothing any other firm would not do on their own.

This is better than my answer, and I think it's one of the better ones. You're right, consider yourself as operating a trading firm, and the answer gets clear.

Bob.

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  #129 (permalink)
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treydog999 View Post
I voted for full support including financially. The caveat is that I would be the risk manager for my funds. Real time and end of day mark to market monitoring. Nothing any other firm would not do on their own.

I think I'd want to see the trading plan before I put up any capital.

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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  #130 (permalink)
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deaddog View Post
I think I'd want to see the trading plan before I put up any capital.

I think its less of a consideration because I dont really care how they trade. Assuming its my kid they would have done some research on the subject and tested it out since that is what I personally do. However they may take a different approach to trading all together. The risk management allows them to survive and not go broke whatever trading strategy or style or instrument.

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