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As there is limited knowledge of what day-trading is, and also different people who call themselves daytraders mean different things, responses can vary.
Some 'thought responses' I receive are:
gambling
fool
dishonest - not a real job - not contributing to society -leach
must be nice (as in lazy scum) - I have to work for a living
Verbal responses:
"Oh"
"Cool" from younger people <25 yrs old
The issue doesn't really come up much. I work so many hours I have zero social life, don't get my exercise, and struggle to get enough sleep.
Key for me What other people think of me, my life, my choice of profession is of no interest to me. (I don't mean this in a combative way. Their thoughts/opinions are their business)
The important thing to me is that I know why I have chosen to do what I am doing.
I believe in myself and my ultimate success.
I know in my heart this step - of acquiring money for my green energy invention - is what I am meant to do.
I know being positive, staying positive and staying focused are essential to success. As this is true, I avoid all negative people, and those who wish to raise doubt in my mind. Accepting their thought forms would undermine my success.
So yes I say:
"I day trade".
If on the rare occasion this connects me to someone who shares my passion then great. (Hasn't happened yet, though ).
If I sense that I will receive a negative response - and that there is no way this person is not going to be positive or of help to me then I reply :
Yeah, sure, quite the problem for you all. I should have
such problems. I don't see trading in my future, I just
can't stop thinking about it. It looks like one of those things
that just aren't meant to be.
What I'd say:
======================================
I'm retired. I used to work, but I found it cut into too
much of my free time.
======================================
I'm not a psychiatrist but I can see that you do indeed care what others are thinking of what you are
spending your life on. If I'm using the terms correctly, I'd say you have internal validation of your trading
career but would also like external validation. I'd say this is totally normal.
If we do a good job and we know it's a good job, it's strange when people say it's all done wrong.
If we tell a funny joke and no one laughs, it's odd and embarrassing.
I'm sure there's more to this whole subject, just throwing some stuff out to you.
"No one can make you feel inferior without your consent." - Eleanor Roosevelt
I totally agree with you. Almost everyone who doesn't trade feels this way, like its akin to a pyramid scheme and MLM.
stephenszpak - Yep, I've used that quote before
In the end I really don't care what anyone thinks, took me years to arrive at this realization. It only matters if I'm following my plan and pulling profit out of the market. Everything else is fluff and the fact that I can make a living and pay my bills speaks for itself. So if I'm out at a dinner party or where ever and I'm asked what I do, I'll tell.
Chances are if you feel ashamed to tell people what you do then your probably doing something wrong (ie. don't have a plan and trade randomly, etc.) If you approached trading as a professional business and treat it that way then why would you be afraid to tell people what you do when asked?
I've had some very positive responses and some very intelligent questions from people.
Most of the time though I'll tell people something silly, mostly to entertain myself on a night out where I want to forget work and not be bogged down with the follow up explanation 15 times in a night!
I've told people all sorts of ridiculous things just be playful, my favourite is that I'm a hand model for l'oreal which makes for some good banter!
I might start telling people I own a small bank and see what they say to that!!
It hasn't been long now, but I've finally gotten to the point that I can call myself a trader. When people ask me, I tell them either I am a currency trader or that I trade currency. Most have heard of it and are interested(many want to invest), the others, deer in the headlights. I haven't had a negative reaction yet. Perhaps I'll change my strategy later, but I currently have no qualms admitting I'm a trader.
Pretty absurd logic there.
People are afraid to sky dive, people are not really afraid to tell people they trade.
I would imagine it is for them as it is for me, at best avoiding really boring conversations. Conversations that can turn annoying rather quickly.
It is not so bad now as people are still a bit down on the markets at the average. It is just a matter of time though before the shoe shine boy has an opinion on the market again. Nothing is as dull as what the shoe shine boy thinks of the markets.. Could even be harmful if the shoe shine boy gets some crazy ideas to do something other than to dollar cost average long the index from your conversation. Just so much better to avoid the whole conversation with good ol "finance"...if prodded further "equity markets". Most people won't bother beyond that.
I'm already geared up for the next bull market that even for my close friends and family the only thing I'll talk about is managed accounts.
It is sort of strange, that in the U.S. at least, you are pretty much obligated to tell any stranger what
you do for a living when asked, as if it's their business.
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
Yes, kind've. I always tell people that I manage a private fund/family office. It either confuses them or they are intrigued and want to learn more. Many friends and family already knew I managed money for clients which is an easy transition for them knowing I just do it for myself now (with my money). I don't go around telling people I'm just a day trader because I do more than that and am invested in multiple asset classes from a strategic and tactical perspective. I intra-day trade futures primarily for income but that's just one aspect of my business. I guess it's all in the delivery when telling someone new what I do for a living.
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