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Do you admit to being a trader?


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Do you admit to being a trader?

  #221 (permalink)
Limitless100
New York, New York
 
Posts: 97 since May 2014
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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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  #222 (permalink)
Rock Sexton
Scottsdale
 
Posts: 120 since Feb 2012
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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.

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  #223 (permalink)
TradersJourney
CA SanFran
 
Posts: 5 since May 2014
Thanks Given: 0
Thanks Received: 11


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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  #224 (permalink)
mistake49
Ho Chi Minh + Can Tho/Vietnam
 
Posts: 1 since Sep 2014
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I consider myself not a real trader, only a people sometimes log in to metatrader and make a few trades. Hopefully I can earn more and trade better to say I am a trader.

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  #225 (permalink)
 montanajtt 
Como, Italy
 
Experience: Advanced
Platform: Tradestation, IB
Broker: Tradestation, IB
Trading: ES
Frequency: Daily
Duration: Minutes
Posts: 184 since Aug 2014
Thanks Given: 299
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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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  #226 (permalink)
 
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 CRM5096 
Harrisburg pa
 
Experience: Intermediate
Platform: Tasty
Broker: Tasty Works
Trading: YM
Posts: 118 since Jun 2011
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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
D.G. Watts
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  #227 (permalink)
 Garachen 
San Francisco, ca
 
Experience: Master
Platform: Custom
Broker: NewEdge/Direct access
Trading: Futures (almost all)
Posts: 8 since May 2013
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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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  #228 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, various
Broker: various, TDA
Trading: NQ,ES
Posts: 2,124 since Jul 2011
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<bump> up this thread for the new year. hny!

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  #229 (permalink)
 
SMCJB's Avatar
 SMCJB 
Houston TX
Legendary Market Wizard
 
Experience: Advanced
Platform: TT and Stellar
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Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
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I'd much rather admit to being a trader than a lawyer.

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  #230 (permalink)
Martzee
Vail, CO USA
 
Posts: 12 since Jan 2015
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aslan View Post
Yeah I get three responses. Either, thats cool, I always wanted to do that, can you teach me (groan), a deer in the headlights look and then follow up with lots of questions ..., or the you dirty speculator comment.

When I had full time job, I never brought trading up. Now that I am trading full time, I usually do, but am very hesitant, as most people don't get it, and it is not much of a conversation starter.

Another trader I know, usually used two lines, either I am retired or I buy and sell stuff :-)

hehe, I like that buy & sell stuff.

I am still employed full time job, so I do not have this issue yet

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