Do you admit to being a Trader?

[Pat494]

The not so good looking girls often turn out to be a lot more fun as they have to try harder to please and are not so self infatuated imo

 

[shadowninja]

I like it when people say 'my girl doesn't care about money'. Why don't you go bankrupt, have nowhere to stay and sleep rough and see what happenes? They care big time. The thing is most are not ambitious and you are unlikely to be completely broke, so you will never find out.

I am even told there is a place where rich guys can hook up with beautiful girls. Don't you wonder why there are no places where poor guys hook up with looker birds or ugly girls with rich guys? If you want to have an easy life, get laoded, get the girl of your dreams by showing off your house and car and enjoy.

I know what you mean. However, I am very careful not to let dates know what I am worth money-wise. My ex-wife met me at uni when I was always short of cash. She was always earning more than me, too.

And poor guys can hook up with hot girls. They just need to find the insecure ones.

 

[RogerTheTrader]

I just read a thread on Elitetrader which I decided to copy here. It got some interesting replies with many saying that they don't bother telling people that they trade for a living as nobody understands and a lot of people dismiss you as a gambler.

How about the chaps/chappesses on here do you tell people what you do for a living or pretend to be of another profession?

And how do your partners/wifes take the fact you trade for a living do they support you or think you are crazy and should get a 'proper' job?

I'm proud to tell people I'm a trader. I live in Las Vegas, NV. I know what gambling is all about. I came up with a dice strategy that was paying my rent last year for a couple months.

But I also know that high probability risk taking in the stock market pays my bills.

The most frequent comments are: "Isn't that just like gambling?" "I couldn't do that." "Boy, is that risky."

They don't get it, and I'm not taking the time to explain it to them. I just tell them, "I don't trade stocks. I use very complex strategies." That confuses them and the conversation usually ends. Or I tell them, "I sit around in my underwear and trade the stock market." Most people in Las Vegas say, "Sweet!"

It was worse, however, when I was a stand-up comic for 9 years. I tried to hide that like leprosy. "Tell me a joke." "Say something funny." "Who's your favorite comedian?" "Have you ever been on TV?" "Did you ever have a heckler?" "Did you meet Jay Leno?" "I thought you were a comic, you haven't done anything funny in the last five minutes."

The last one drove me nuts. I'd say, "Lady, what do you do for a living?" She'd say, "I'm an accountant." My reply, "Great, here's my taxes. When you get them done, I'll tell you a joke."

One time I told some crabby hag, "Look lady, I'm here to have dinner with my wife and relax. I left my clown shoes and rubber nose at home." She was pissed.

When I moved to Las Vegas, there were enough freaks and former circus acts here that being a comic was a big "so what." Ahhhh.... peace...

 

[shadowninja]

It was worse, however, when I was a stand-up comic for 9 years. I tried to hide that like leprosy. "Tell me a joke." "Say something funny." "Who's your favorite comedian?" "Have you ever been on TV?" "Did you ever have a heckler?" "Did you meet Jay Leno?" "I thought you were a comic, you haven't done anything funny in the last five minutes."

The last one drove me nuts. I'd say, "Lady, what do you do for a living?" She'd say, "I'm an accountant." My reply, "Great, here's my taxes. When you get them done, I'll tell you a joke."

Comedian, Ahmed Ahmed, told this joke at the Edinburgh Fringe Festival:
I went to the airport to check in and they asked what I did because I looked like a terrorist. I said I was a comedian. They said, "Say something funny then." I told them I had just graduated from flying school.

 

[RogerTheTrader]

Comedian, Ahmed Ahmed, told this joke at the Edinburgh Fringe Festival:
I went to the airport to check in and they asked what I did because I looked like a terrorist. I said I was a comedian. They said, "Say something funny then." I told them I had just graduated from flying school.

And did he have his handcuff size embroidered on his frock?

 

[FXSCALPER2]

You know I get kicked around by the forex markets every day. I put a trade on and place a stop. The stop gets hit to the pip and the price goes the way I thought. I make 50 pips before breakfast and give it back before lunch. I then make a few pips here and there. I get slapped, dumped on, pinched in the head and in the heart, I get pain in my lower back like you can't believe. I am a hopeless long term trader unless it is all too obvious like the subprime stuff, so I day trade until I am blind. I am bloody good at making pips, but not neceesarily lots of money, although more than from a job in some office with a water cooler, a tea break, a gossip outing, a boss with a boil in the corner of her mouth who may not fancy approving your holiday when you want to go. I work harder than a bloody donkey in an african street.

Tell me why I should 'admit' to being a trader, like it is a crime.

 

[steveborner]

I am not yet a trader but I aim to learn and start investing. This thread has been a bit of an eye-opener on public opinion. Within the city(London) i would say there is quite a lot of respect for traders (perhaps not as much as "brokers") but there isn't as much of a disgrace about it as it appears across the pond from this thread. Just a quick question, how long did it take most of you to become succesful enough to advance from part time traders to being full time?

Steve

 

[RogerTheTrader]

Full-Time?

Just a quick question, how long did it take most of you to become succesful enough to advance from part time traders to being full time?

Steve

Steve,

I dabbled in stocks for about 9 years, then jumped into an advanced trading education plan. Over the next year and half, I traded off and on with mixed results. Then, I found myself without a job and little prospects for finding one due to my patchwork resume and my age.

In 2007, I made a one-year commitment to trading full-time. I called it "Wall Street University." Spent a lot of long days and nights on the charts and learning strategies. Survived the year. "Graduated". Now, I look at 2008 as my first year in business. I am pleased with where 2008 is headed.

IMHO, four key factors determine WHEN you go full-time:

1) Your effort - The time you put into learning the art and science of trading will shorten or lengthen the calendar days to a full-time career. :smart:

2) Your strategies - Having faith in your strategies and managing your risk well are prerequisites before jumping out of the plane.

3) Trading account size - You have to have enough money in your trading account to achieve your monthly income goals. If you had a couple big wins with limited capital, you have to ask, "Is that sustainable?" What can you reasonably make with the capital at hand?

4) Emergency Funds - Success can sometimes be your worst enemy. Over-confidence may keep you trading a shaky strategy until a particular set of market conditions bare all of its weaknesses. You'll need to adjust. Most courses I've taken recommend having 6 to 9 months of funds set aside - outside of your trading capital - to pay your bills, just in case you hit a rough patch and need to rework your plan.

Never compare yourself to other traders. Have sound rules that guide your path and work to move along that path. There will always be someone that flies past you and you'll leave shadows on plenty of laggards. Trading's greatest journey is within. Know you. Know what you want. And the how will unfold.

This is a business. Treat it like a business and it will pay you like a business. :clap: Treat it like a hobby and it will cost you like a hobby.

Best of luck.

 

[steveborner]

Steve,

I dabbled in stocks for about 9 years, then jumped into an advanced trading education plan. Over the next year and half, I traded off and on with mixed results. Then, I found myself without a job and little prospects for finding one due to my patchwork resume and my age.

In 2007, I made a one-year commitment to trading full-time. I called it "Wall Street University." Spent a lot of long days and nights on the charts and learning strategies. Survived the year. "Graduated". Now, I look at 2008 as my first year in business. I am pleased with where 2008 is headed.

IMHO, four key factors determine WHEN you go full-time:

1) Your effort - The time you put into learning the art and science of trading will shorten or lengthen the calendar days to a full-time career. :smart:

2) Your strategies - Having faith in your strategies and managing your risk well are prerequisites before jumping out of the plane.

3) Trading account size - You have to have enough money in your trading account to achieve your monthly income goals. If you had a couple big wins with limited capital, you have to ask, "Is that sustainable?" What can you reasonably make with the capital at hand?

4) Emergency Funds - Success can sometimes be your worst enemy. Over-confidence may keep you trading a shaky strategy until a particular set of market conditions bare all of its weaknesses. You'll need to adjust. Most courses I've taken recommend having 6 to 9 months of funds set aside - outside of your trading capital - to pay your bills, just in case you hit a rough patch and need to rework your plan.

Never compare yourself to other traders. Have sound rules that guide your path and work to move along that path. There will always be someone that flies past you and you'll leave shadows on plenty of laggards. Trading's greatest journey is within. Know you. Know what you want. And the how will unfold.

This is a business. Treat it like a business and it will pay you like a business. :clap: Treat it like a hobby and it will cost you like a hobby.

Best of luck.

thanks for the advice,

To be honest as i stand I am only 20yo, do not have a mortgage, am load/finance free apart from a flat which I rent out so the 6-9 months savings shouldnt be too hard to gather. that sounds spot on when you say treat it like a business. i was thinking of trying to get a job as an assistant or junior at a company and learn my trade that way and then maybe when I become able start setting up my own accounts. has anyone else done it this way?

thanks again
Steve

 

[RogerTheTrader]

thanks for the advice,

i was thinking of trying to get a job as an assistant or junior at a company and learn my trade that way and then maybe when I become able start setting up my own accounts. has anyone else done it this way?

thanks again
Steve

I don't know how it is in GB, but to be a broker in the US teaches you very little about trading. They are sales people. They accumulate clients, pitch them the firm's "Pick of the Week." Then, look to move them into something else down the road - generating a commission.

I had a friend that always wanted to be in the stock market. He became a broker for a well-known firm, which shall remain nameless; although, their logo is a big BULL... He quit after a year. He said it had nothing to do with managing funds and trading and everything to do with churning the client's money to generate commissions.

Don't know what he's up to these days.

I have several friends that are brokers and/or "Financial Planners". They know very little about trading. You have to understand their slant. They need to generate a herd of clients and keep them all reasonably happy. The overall long-term trend of all the markets is bullish. So, they might recommend a stock or mutual fund on a dip and hope the client makes 10% in a year.

Most of the customer service reps at generic brokerages have no idea what I was doing. They sounded like a putz on the street, "Gee, that sounds risky."

Traders learn to go in any direction, surf market action, manage their own portfolio, hedge, manage their own risk, etc.

Find mentors that trade the way you dream of trading some day, then become a mole on their bum and learn all you can.

Find a paper trading account. Trade play money, religiously. Then graduate to doing small stake trades and build on that. A library is full of books. There are hundreds of courses online. Go to seminars and classes. This is like going to university. It will cost you either for the courses or the losses.

The biggest challenge a trader faces is time. I've read in several places that it takes ten years to become a professional trader and you'll blow up your account three times or more over that time span. A good training program can cut the time.

Time, though, is a big factor. It takes so long because you need to see all types of market conditions. There will be bull runs and bear crashes. It's not just about buying a stock or a currency pair and you collect the money. A trade you do today might not work in six months.

A trader's brain is conditioned to react to recurring patterns. It takes a lot of trading to have the patterns become secondary. A novice will hesitate, miss the trade or exit too late. The best traders become mechanical in their trading. They have learned to eliminate fear and hope from their trading. That takes time.

Every journey begins with the first step. Know there will be good days and plenty of bad days. But grow.

Best of luck.

 

[Lee Shepherd]

Roger the Trader

Very insightful and informative to all. It certainly brought back memories for me.

You seem to know your stuff. Great post and great blog.(still reading)

 

[steveborner]

I don't know how it is in GB, but to be a broker in the US teaches you very little about trading. They are sales people. They accumulate clients, pitch them the firm's "Pick of the Week." Then, look to move them into something else down the road - generating a commission.

I had a friend that always wanted to be in the stock market. He became a broker for a well-known firm, which shall remain nameless; although, their logo is a big BULL... He quit after a year. He said it had nothing to do with managing funds and trading and everything to do with churning the client's money to generate commissions.

Don't know what he's up to these days.

I have several friends that are brokers and/or "Financial Planners". They know very little about trading. You have to understand their slant. They need to generate a herd of clients and keep them all reasonably happy. The overall long-term trend of all the markets is bullish. So, they might recommend a stock or mutual fund on a dip and hope the client makes 10% in a year.

Most of the customer service reps at generic brokerages have no idea what I was doing. They sounded like a putz on the street, "Gee, that sounds risky."

Traders learn to go in any direction, surf market action, manage their own portfolio, hedge, manage their own risk, etc.

Find mentors that trade the way you dream of trading some day, then become a mole on their bum and learn all you can.

Find a paper trading account. Trade play money, religiously. Then graduate to doing small stake trades and build on that. A library is full of books. There are hundreds of courses online. Go to seminars and classes. This is like going to university. It will cost you either for the courses or the losses.

The biggest challenge a trader faces is time. I've read in several places that it takes ten years to become a professional trader and you'll blow up your account three times or more over that time span. A good training program can cut the time.

Time, though, is a big factor. It takes so long because you need to see all types of market conditions. There will be bull runs and bear crashes. It's not just about buying a stock or a currency pair and you collect the money. A trade you do today might not work in six months.

A trader's brain is conditioned to react to recurring patterns. It takes a lot of trading to have the patterns become secondary. A novice will hesitate, miss the trade or exit too late. The best traders become mechanical in their trading. They have learned to eliminate fear and hope from their trading. That takes time.

Every journey begins with the first step. Know there will be good days and plenty of bad days. But grow.

Best of luck.

thanks for the advice,

i really do appreciate it. Do you have any books that you have read that you would advise beginners to read? I want to get some varied sources and texts under my belt so to say.

Thanks again
Steve

 

[Lee Shepherd]

Steve, have you read his blog?

thanks for the advice,

i really do appreciate it. Do you have any books that you have read that you would advise beginners to read? I want to get some varied sources and texts under my belt so to say.

Thanks again
Steve

 

[steveborner]

lee,

Just started on it about 10 minutes ago. Really informative so far!

 

[RogerTheTrader]

thanks for the advice,

i really do appreciate it. Do you have any books that you have read that you would advise beginners to read? I want to get some varied sources and texts under my belt so to say.

Thanks again
Steve

Authors to look for:

Dr. Alexander Elder
Jesse Livermore
Phil Town

Any of the "New Market Wizard" books.

I'm shamefully a bit tardy on my own reading. I need to get a few more titles under my belt. I've found a lot online, surfing various sites.

Welcome to Investopedia.com - Your Source for Investing Education is a great resource. It has some Forex info in it.

Being part of this forum and others will also help. You might as well chat it up with the warriors and wannabees. You'll learn from both.

Good luck.

 

[rathcoole_exile]

Authors to look for:

Dr. Alexander Elder
Jesse Livermore
Phil Town

I'd add in John Carter's 'Mastering The Trade', excellent

 

[crude_lover]

I'd add in John Carter's 'Mastering The Trade', excellent

another gd book is "trading in the zone" by Mark Douglas

 

[rathcoole_exile]

another gd book is "trading in the zone" by Mark Douglas

i've been hunting all over Bangkok, new and used book stores for both Douglas books, but without success. Looks like it will have to be Amazon .......

 

[crude_lover]

i've been hunting all over Bangkok, new and used book stores for both Douglas books, but without success. Looks like it will have to be Amazon .......

Yeah second hand books off amazon arent to badly priced

 

[rathcoole_exile]

i wonder whether the books shops inside Heathrow will stock Mark Douglas ? I'm transiting thru UK on Saturday so I might see if I can pick up a copy in the airport