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Do you admit to being a trader?
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Do you admit to being a trader?

  #11 (permalink)
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MWinfrey's Avatar
 
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First I tell them I'm retired Army which always elicits a positive response. Then I tell them I do computer and network consulting and programming on a part time basis. Then I tell them I trade the markets. I don't tell them I'm a day trader. The response is positive. I can't remember the last time I got a negative reaction.

Now Betsy, my wife, on the other hand tells her teacher friends the same thing and gets a different response. They roll their eyes. It'll be interesting to see how those same people respond when Betsy retires because of my endeavors.

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  #12 (permalink)
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MWinfrey View Post
First I tell them I'm retired Army which always elicits a positive response. Then I tell them I do computer and network consulting and programming on a part time basis. Then I tell them I trade the markets. I don't tell them I'm a day trader. The response is positive. I can't remember the last time I got a negative reaction.

Now Betsy, my wife, on the other hand tells her teacher friends the same thing and gets a different response. They roll their eyes. It'll be interesting to see how those same people respond when Betsy retires because of my endeavors.

Maybe it's because you lead with your service record, which will always elicit a positive response from any American?

It seems the rest of posters here have similar responses to mine -- which is negative unfortunately. I guess there is a stigma associated with trading.

Mike

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  #13 (permalink)
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Big Mike View Post
Maybe it's because you lead with your service record, which will always elicit a positive response from any American?

It seems the rest of posters here have similar responses to mine -- which is negative unfortunately. I guess there is a stigma associated with trading.

Mike


I guess the bigger question is why is trading viewed so negatively? I have received the same negative responses as everyone else. From the feedback that I have received from those that my wife has told and to some that I have told is either their husbands have traded and lost a lot of money or the guys I spoke too lost a lot of money or they know someone who lost a lot of money and no longer trading. I guess they're in that 95% failure statistic. It sux to be them.

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  #14 (permalink)
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The problem is that they cannot see the benefit of your job for them, if you trade cars (yes to drive, no futures) they like that more because you could buy their car one day for a reasonable price.

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  #15 (permalink)
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I think the statistic for small businesses is something like 50% fail in the first 12 months, and around 75% fail within 5 years (I just tried to Google this and got varying results).

But the point is, if trading is a business (which it is), then why is there such a huge disparity in how people view trading vs how people view starting a business? Most people would be excited to hear you are starting your own business, and they will encourage you etc. If you tell them you are a small business owner, you will be treated with respect and "success". Whereas if you tell them you are a trader, you are treated almost with disrespect like you have made a childish or selfish decision.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
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2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
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4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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  #16 (permalink)
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Big Mike View Post
I think the statistic for small businesses is something like 50% fail in the first 12 months, and around 75% fail within 5 years (I just tried to Google this and got varying results).

But the point is, if trading is a business (which it is), then why is there such a huge disparity in how people view trading vs how people view starting a business? Most people would be excited to hear you are starting your own business, and they will encourage you etc. If you tell them you are a small business owner, you will be treated with respect and "success". Whereas if you tell them you are a trader, you are treated almost with disrespect like you have made a childish or selfish decision.

Mike

I believe because trading is viewed as gambling and not a business. I trade f**ken size....lol

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  #17 (permalink)
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Big Mike View Post
Maybe it's because you lead with your service record, which will always elicit a positive response from any American?

It seems the rest of posters here have similar responses to mine -- which is negative unfortunately. I guess there is a stigma associated with trading.

Mike

That may be true Mike. Early in my trading education, I ran into some negativity but not too bad. Most of the people actually ask questions and are intrigued by it. Many want to know more and ask some pretty intelligent questions. The reaction I get may also be a result of the people I come into contact with. Most are business owners and professionals of one type or another. They have an understanding of risk.

But again, Betsy gets a different reaction from her teacher friends. They don't even want to talk about it. They roll their eyes and move on. I wonder if they think I'm being the slug sitting at home doing nothing.

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  #18 (permalink)
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Big Mike View Post
I think the statistic for small businesses is something like 50% fail in the first 12 months, and around 75% fail within 5 years (I just tried to Google this and got varying results).

But the point is, if trading is a business (which it is), then why is there such a huge disparity in how people view trading vs how people view starting a business? Most people would be excited to hear you are starting your own business, and they will encourage you etc. If you tell them you are a small business owner, you will be treated with respect and "success". Whereas if you tell them you are a trader, you are treated almost with disrespect like you have made a childish or selfish decision.

Mike

I think because people accept things they can see or understand and with trading is always difficult to convince people that it is a job like anything else. Personally I think that in trading if you are good you have better chances to succeed whereas in starting a business if you are good is a necessary but not fundamental condition.

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  #19 (permalink)
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Big Mike View Post
...
The question is: "Do you admit to being a trader?"...

When I'm able to legitimately say "I'm a trader" I'll be proud to do so. When I was doing exclusively options (net premium seller, always hedged), I described it with "I'm in risk management", that never got a negative response.

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  #20 (permalink)
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fluxsmith View Post
When I'm able to legitimately say "I'm a trader" I'll be proud to do so. When I was doing exclusively options (net premium seller, always hedged), I described it with "I'm in risk management", that never got a negative response.

Hehe, most people probably had no idea what you meant but didn't want to ask

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
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