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Is it Worth It!!!


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Is it Worth It!!!

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  #11 (permalink)
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You beat me to it @kevinkdog

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  #12 (permalink)
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navionpilot View Post
There again how do you know if you are passionate about something when you know nothing about it? Its like when you start dating someone, at the very beginning you are attracted to them because of there looks and that's how I feel about day trading. Day trading sounds like and looks like something worth learning but when you see statements from experienced day traders saying to stay away. It puts doubts in my mind about trying to learn this.

Thanks

Here's my perspective, let's just use your example: You're dating someone you got so exited and down the road the feeling starting to settle down. But how about if you keep dating other girls after that? Or even better if you dating so many girls at the same time (hmmm maybe not so good of an example)?

Same as trading, for me it's the money at first actually, but when I start trading more and more, even money still important, I feel something else is starting to take over then just money, kind of difficult to explain. Trading is competition where everybody is trying to win, that feeling of winning (or something else) is probably growing and that keeps me going more than just the money part.

Just be smart, not pouring too much money in one go, if you blow up the account it's nothing much and can be earned back and starting over again. People all around the world playing this game....it's a great game. I can personally say it's even better than golf, I know because I almost been to the professional arena on my late teens early twenties, I knew my limitation but I still enjoying playing it for hobby now and don't mind losing my money or time going to the course.

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  #13 (permalink)
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kevinkdog View Post
OK, let's pursue this and elaborate on what you just said. WHY does trading (not necessarily day trading) look appealing to you?

It looks appealing to me for the following reasons:

1: I'm Self-employed and I work at home all day so learning how to trade to make some extra cash would be great!

2: Learning this craft would make me feel better knowing that if anything ever happened to my job that I do now I would have this trading knowledge as a backup or this could turn into a passion and could make me happier then what I'm doing now.

3: Something else that appeals to me about trading the markets is that the "MARKETS" will always be there. You don't have to worry about waking up one morning and having all your clients leave you to use someone else that's cheaper than you or your clients start using overseas companies because they're cheaper. It would be a peace of mind knowing you would always have a way to make some money because if the markets go away everybody in this world would be screwed not just me.

4: It appeals to me because you can literally trade from anywhere in the world as long as you have internet.

5: It appeals to me because you don't have to deal with the public like you would if you started a franchise or something like that. It's just between you and your computer.

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  #14 (permalink)
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navionpilot View Post
It looks appealing to me for the following reasons:

1: I'm Self-employed and I work at home all day so learning how to trade to make some extra cash would be great!

2: Learning this craft would make me feel better knowing that if anything ever happened to my job that I do now I would have this trading knowledge as a backup or this could turn into a passion and could make me happier then what I'm doing now.

3: Something else that appeals to me about trading the markets is that the "MARKETS" will always be there. You don't have to worry about waking up one morning and having all your clients leave you to use someone else that's cheaper than you or your clients start using overseas companies because they're cheaper. It would be a peace of mind knowing you would always have a way to make some money because if the markets go away everybody in this world would be screwed not just me.

4: It appeals to me because you can literally trade from anywhere in the world as long as you have internet.

5: It appeals to me because you don't have to deal with the public like you would if you started a franchise or something like that. It's just between you and your computer.

Thanks for the answer. Bear with me for a minute...

I have a friend who has 2 sons. Son #1 is a great basketball player talent wise. But he doesn't care that much about basketball. On the other hand, Son #2 loves basketball - wants to play all day. Problem is, he basically sucks at it.

Which son will succeed at basketball? Neither! They both need to be great at basketball, AND be motivated to be great.


How does this apply?

One, you have to have a talent/acumen for trading. Much of this can be learned. This is the part where you don;t know until you try.

Two, you need motivation to succeed. Do your reasons for trading listed above provide the motivation you need?

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  #15 (permalink)
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rintin2x View Post
Here's my perspective, let's just use your example: You're dating someone you got so exited and down the road the feeling starting to settle down. But how about if you keep dating other girls after that? Or even better if you dating so many girls at the same time (hmmm maybe not so good of an example)?

Same as trading, for me it's the money at first actually, but when I start trading more and more, even money still important, I feel something else is starting to take over then just money, kind of difficult to explain. Trading is competition where everybody is trying to win, that feeling of winning (or something else) is probably growing and that keeps me going more than just the money part.

That's what I'm looking for. I get that! Money is what draws people in at first but then something else takes over and you start becoming more and more interested in the craft of trading.
So in your opinion, this is something that is worth learning not just because of the money but because of the competition. Anyone who is or was an athlete would understand the feeling you get competing.

So knowing what you know now about trading would you go through all the hard achs again of trying to learn this craft or not?

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  #16 (permalink)
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navionpilot View Post
That's what I'm looking for. I get that! Money is what draws people in at first but then something else takes over and you start becoming more and more interested in the craft of trading.
So in your opinion, this is something that is worth learning not just because of the money but because of the competition. Anyone who is or was an athlete would understand the feeling you get competing.

So knowing what you know now about trading would you go through all the hard achs again of trying to learn this craft or not?

As I said on the other tread...I wish I knew there is such thing as trading in my earlier life

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  #17 (permalink)
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I'll use myself as an example to show you what I mean:

I got into trading originally because it looked like fun, and looked like incredibly easy money.

Once I got those foolish notions out of my system (by blowing out some accounts):

1. I took my talents and skills (number crunching, programming, logical thinking) and applied them to the markets. I spent a ton of time learning, researching, etc. Still do, 25+ years later. I lack a lot of talents others have (I can't really discretionary trade), but I've tried to maximize my talents in trading.

2. I became EXTREMELY motivated. The market became a challenge, a puzzle, that I had to solve. Not the money, not the ability to work at home, not the fact I can go to every child's school field trips (all nice things, by the way). The challenge of the markets is what motivates me.

To me, motivation is key, followed by talent/skill.

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  #18 (permalink)
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kevinkdog View Post
Thanks for the answer. Bear with me for a minute...

I have a friend who has 2 sons. Son #1 is a great basketball player talent wise. But he doesn't care that much about basketball. On the other hand, Son #2 loves basketball - wants to play all day. Problem is, he basically sucks at it.

Which son will succeed at basketball? Neither! They both need to be great at basketball, AND be motivated to be great.


How does this apply?

One, you have to have a talent/acumen for trading. Much of this can be learned. This is the part where you don;t know until you try.

Two, you need motivation to succeed. Do your reasons for trading listed above provide the motivation you need?


I totally understand the first point that you make. You never know how good you will be until you try. I get that.

The second point that you make is that Yes. I believe all the points that I made above are all great motivational points but that's from someone who knows nothing about the industry. Are those good points? I don't know. That's why I'm on here trying to pick the thoughts from experienced traders all because one experience trader said that if you are not experience in trading don't start comments. Is this true?

Thanks

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  #19 (permalink)
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navionpilot View Post
I totally understand the first point that you make. You never know how good you will be until you try. I get that.

The second point that you make is that Yes. I believe all the points that I made above are all great motivational points but that's from someone who knows nothing about the industry. Are those good points? I don't know. That's why I'm on here trying to pick the thoughts from experienced traders all because one experience trader said that if you are not experience in trading don't start comments. Is this true?

Thanks

You could say that about any career, though. "Don't become a football player, because 99% of people can't play in NFL." "Don't open a business, because 90% of small businesses fail in the first 3 years."

Trading is REALLY hard. Much tougher than my previous job, where if I screwed up, people would DIE (I designed and oversaw building of single point failure flight equipment).

So, what experienced traders will say is if you go into trading, go is realizing you are likely to fail, and go in it for the right reasons. MAYBE you will succeed.

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  #20 (permalink)
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navionpilot View Post

I don't mind putting in the time it would take to learn if its worth it.

Thank you

This is the really your entire premise. You want assurances that if you put in the time, effort, education and all the sacrifices you will come out ahead? I am sorry to say, no one can guarantee that.

So here are some questions that you should answer and be honest with yourself as far as taking risk.

1) Did I take risks in the last 10 years that most did not to advance your career and financial situation?
2) Do I over analyze thing to the point of analysis paralysis?
3) Can I leave with uncertainty?
4) Do I have risk capital that I am willing to par with entirely?

These are just some of the questions that you need to examine whether you have the risk tolerance and risk capital to get into such a venture.

I hope that I don't come across as someone who gives you a lecture or worse arrogantly tells you what to do. I am merely reflecting on my experience on those who have been in this game for a long time. Whatever you decide, I wish you the best of luck.

Matt Z
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