In reference to the above posted link, I saw this as a post within that thread.
"Trading, other than institutional which is a lot different than retail,is probably the worse thing one could do to make a living because the failure rate is extremely high."
I think this is a truly sad way of thinking. Thinking like this is what leads to the very skewed nature of wealth distribution in the world. A high failure rate simply implies that what you are trying to achieve is something greater than what the average person does. There is no reason to not take on a career because of a high failure rate.
Also, institutional traders have a high failure rate as well, of course, not as high, because not everyone can do it in their underwear from home at any given moment!
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I just can't wait for the day when I've made it to the point where family and friends no longer question my decision to be on this journey ....... especially one who's been doubting me from Day 1, yet ironically enough was the very same person that gave me the opportunity to go for it.
For them to look at me, see the success, and not need me to explain myself ........ it would obliterate their superficial understanding of trading and what it takes to be a successful risk manager. I hit my 4 year mark this month in August and in almost college-like fashion, I feel it's nearing my graduation time.
Last edited by Rock Sexton; September 1st, 2014 at 01:29 PM.
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I love when people ask me what I do. Its sort of an ego thing but who cares. All these educated people strut their degrees and accomplishments so I tell them what I do with the same amount of arrogance and confidence.
Day trading takes a skill just like anything else in life and deserves the respect of every person. I'm proud to be a trader.
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I manage a proprietary trading company and it's always difficult when people ask me what we do.
this is the most common dialugue:
Q. What do you do?
A. we trade with proprietary money financial markets.
Q. Ok, So you manage people investments
A. No we only trade our money we don't accept third party money.
Q Good, you must have a lot of money
A. Not really, we just trade intraday and brokers need cash only if we bring position overnight.
Q. Ok if someday I have some money I will do the same
A. Money is not the issue, the issue is being profitable on the market.
Q. Market is going down...it's tough for you now uh ? ...
A. Not really we don't care for our kind of work
Q. Market is going up...you are going to get rich!
A. Not really we don't care for our kind of work.
Q. Market is volatile uh? That is the perfect situation for you
A. Yes if you are on the right side of the movement
Q. Ok when I have some money I will bring to you to invest.
A. No You can't, we just use our own money.
That is the discussion I have every time I speak of my work.
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the snag in admitting to being a Trader is it sparks more question's . Most people only know the stock market by their 401k and how much money they lost "Fear of loosing" more money , so when they would stumble across a real Life Trader and not a money manager trying to sell them another package. Worlds collide. to those who have NO screen time in the markets their questions will be based on Fear of markets and Fear of loosing money .
just like the questions montanajtt experienced they are all based upon Fear .
A Traders response is most always Tempered based on fear of rejection
Nothing so Impressive as Simplicity
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I generally don't admit. And I'd never say day trader. In Chicago, trading is a high status profession so I would admit to it when I lived there. Here in CA it's better just to say 'programmer' or even 'seal trainer'.
If I say I trade then people like to tell me how stressful it must be. Well, yes, it is but it has nothing to do with the trading. It's answering all the silly emails and dealing with tech issues that stresses me out.
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