Do you admit to being a trader?

January 8th, 2015, 01:04 AM

Limitless100

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!

That's funny, because there is a lot of retail traders who are very successful. Only an ignorant could say somethign like that.

January 14th, 2015, 04:56 PM

Do you know the fable of the fox and the grapes? People would rather talk down about something they can't do than putting in the work to learn it themselves.

BTW this thread inspired me to tell my girlfriend about how people were aparently getting bad feedback when they tell others they are traders... Which led to a long discussion about how traders sit around doing nothing all day and how they don't contribute to society yadda yadd yadda. Yeah well, I'm not going to just tell someone I'm persuing trading again any time soon. I have a strong suspicion that people/she will be more receptive once/if I'm successful at it.

January 14th, 2015, 05:13 PM

skoa

Do you know the fable of the fox and the grapes? People would rather talk down about something they can't do than putting in the work to learn it themselves.

BTW this thread inspired me to tell my girlfriend about how people were aparently getting bad feedback when they tell others they are traders... Which led to a long discussion about how traders sit around doing nothing all day and how they don't contribute to society yadda yadd yadda. Yeah well, I'm not going to just tell someone I'm persuing trading again any time soon. I have a strong suspicion that people/she will be more receptive once/if I'm successful at it.

Read this thread:

Support from wife/kids/loved ones in your trading

I'd like to talk about the psychology of having/not having support from your wife (and kids) in your trading business.

First, notice I used the word business. Trading is a business! If you run it any other way, it's just gambling.

From students …

Sent from my phone

January 14th, 2015, 05:35 PM

Big Mike

Read this thread:

Support from wife/kids/loved ones in your trading

I'd like to talk about the psychology of having/not having support from your wife (and kids) in your trading business.

First, notice I used the word business. Trading is a business! If you run it any other way, it's just gambling.

From students …

Sent from my phone

@Big Mike: the title of this thread never ceases to amaze me, and the fact it still exists, confounds me. i could understand if the title was, "do you admit to being a cross-dresser?" but, if you aren't thanking your lucky stars everyday of you life that you are a profitable trader, and you aren't proud as hell to be one; then you have no reason to be a trader; nor, do you deserve to call yourself one. -tt, proud as hell to be a trader- BEST JOB I EVER HAD!!!

January 14th, 2015, 05:44 PM

tigertrader

@Big Mike: the title of this thread never ceases to amaze me, and the fact it still exists, confounds me. i could understand if the title was, "do you admit to being a cross-dresser?" but, if you aren't thanking your lucky stars everyday of you life that you are a profitable trader, and you aren't proud as hell to be one; then you have no reason to be a trader; nor, do you deserve to call yourself one. -tt, proud as hell to be a trader- BEST JOB I EVER HAD!!!

I've never felt ashamed to be a trader.

The issue is social acceptance by non-traders aka typical main street people who form their ideas about what I do from watching the news or a movie.

All my friends know I'm a trader. But I usually just say I'm a consultant or something vague when meeting new people until I get to know them.

Sent from my phone

January 14th, 2015, 05:46 PM

Big Mike

I've never felt ashamed to be a trader.

The issue is social acceptance by non-traders aka typical main street people who form their ideas about what I do from watching the news or a movie.

All my friends know I'm a trader. But I usually just say I'm a consultant or something vague when meeting new people until I get to know them.

Sent from my phone

whenever i tell someone outside of chicago or n.y. that i'm a trader, they give me a funny look because they think i'm saying "traitor".

January 14th, 2015, 06:05 PM

tigertrader

@Big Mike: the title of this thread never ceases to amaze me, and the fact it still exists, confounds me. i could understand if the title was, "do you admit to being a cross-dresser?" but, if you aren't thanking your lucky stars everyday of you life that you are a profitable trader, and you aren't proud as hell to be one; then you have no reason to be a trader; nor, do you deserve to call yourself one. -tt, proud as hell to be a trader- BEST JOB I EVER HAD!!!

I couldn't agree more... *&^% small minded people. Best job I ever had.

January 14th, 2015, 09:47 PM

I have been trading as a hobby for the last 2 years after having started investing about 6 years ago once I finally had a job where I could start saving money that needed to move out of my bank account before I spent it.

I am 32 now. Wish I would have developed a love for the markets at a much younger age, but will work with what I have here.

So far I am profitably trading futures.

The long and the short of it is at some point in the future I would like to pursue trading full time but trying to make that transition is going to be tricky as my career affords me a decent lifestyle. With a kid on the way (in aprox 1 month) that make the situation even stickier.

I just wanted to chime in because who really cares what other people think. Unless your friends are narcissistic pricks. (If they are not your friends then their opinion is even less important). People presumably work in careers because they enjoy what they do. Firefighters, teachers, carpenters, accountants, yada, yada. I'm not here to judge them because they look at spreadsheets all day. Or work with their hands. Or enjoy molding the minds of the youth. So who really cares if they are condescending. They can go grind the 9-to-5 while you take a break and walk into your backyard and enjoy fresh air.

I also read part of the thread linked here about wives. I tell you what, my wife knows I trade as a hobby and she is fully supportive. She would rather me be at home with the dog all day then grinding 7 to 5 like I do. So maybe one day I can enjoy that luxury.

So while some out there may "shame" the fact that you are a trader. I applaud you, and envy your freedom.

January 16th, 2015, 03:48 AM

montanajtt

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.

This sounds familiar, these day I just tell them my sister tells me that I live by my wits, it saves a lot of fruitless dialog. Generally they have no idea, often it's been like talking to little children.
Cheers John

January 16th, 2015, 03:55 AM

Fritzk

You really know how to fill up your week ........

one too many whacks to the head with that chart full of oscillators .....

Just goes to show how boring trading can be, I've spent many a day crawling up the wall. I find chatting to woman online to be the most productive approach.lol
Cheers John

Do you admit to being a trader?

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Do you admit to being a trader?