What would make you give up trading or pay less attention to the markets?

[shadowninja]

I was told (so I don't know how accurate it is) that a lot of professionals (Doctors, Lawyers, Accountants etc) who are very successful in there field take up trading. This would imply that there are a large amount of people who are not doing it for the money. I would suspect that the gambling side of it is playing a much bigger part than most people would like to admit. I'm sure that statement will get me shot down in flames.

I dunno. I know plenty of successful, wealthy people who are looking for other sources of income. So kindly get into your Fokker while I man the flak gun.

 

[Black Swan]

I dunno. I know plenty of successful, wealthy people who are looking for other sources of income. So kindly get into your Fokker while I man the flak gun.

Also worth noting that in the UK only circa 1% of the working population earns 100K, as an employee after tax and NI, vat on fuel, school fees, mortgage payment on the mock Tudor starter mansion etc..etc.. It doesn't actually leave much, so small wonder folk need to gamble a bit to increase their net worth.

 

[teewoods]

You're a slave to the market! You cancelled your plans just to try make some more money. At least people in sainsburys who stack shelves don't have to cancel their plans to be a slave to their employer. Money's great and that but if you're not able to live a better life with it (as in enjoying yourself, going out, going on holiday) then it's not of much utility - it's just numbers on a screen and maybe you get to buy some fancy **** every now and then.

Actually, its not as bad, I dont stare at my screen all day like most day traders. I have alerts on my phone. it's just that when you position trade and you have setup. One has to monitor what happens every day. End of the day data is important. Sometimes I wait 3 - 5 months for the right trade, you dont exactly just walk away from the opportunity after waiting for months. It's not like day trading where most days are similar and you dont have to wait for a long time before you see a signal in the market. Day traders can walk away one day and not need to monitor the market for months and just jump in the next day.

I do enjoy myself with regular short holiday breaks golf, hiking,events e.t.c I avoid the market for the whole of December and the first week of January. 6 weeks of no work whatsoever. So I cant be that bad, but I am not going to walk away from a great opportunity when it arises.

 

[Masquerade]

So if you were position trading, why couldn't you go away and just check the end of day data each day? It wouldn't take too long and you'd still be in touch with the market. If you had a target, you could place an order for it. Unless you were going somewhere that remote where you wouldn't have access to internet?

Why couldn't you go?

 

[teewoods]

I wasn't imagining you were trying to sell a trading course - more likely promote your internet business.

Eeerm I think you need to read my post again

I think I read one of the big investment banks was making 106 million per day, every day last quarter

Yeah Goldman Sachs and look what happened to Lehman Brothers and the other banks we had to bail out

we can go on forever seeing who or what makes the most money,

lets see:

Mark Zuckerberg – Facebook
Larry Page – Google
Steve Case – AOL
Jeff Bezos – Amazon
Reed Hastings – Netflix
Jerry Yang – Yahoo!
Pierre Omidyar – Ebay
Sergey Brin – Google


None yet past mid 40's... You wait for the next 10years. Funny most listed had within a few years surpassed someone like Soros who has been in the business for 40years. Next stop Warren Buffet. The geeks rule 21st century, get used to it and be thankful. Many here wont be doing what they doing without our current internet technology. I know what It was like back in the day when we were using statelite dishes to get real time data, ringing up a broker to day trade. I know where all my student grant went Now we get free and instant real time date and execute trades with a simple click. You say I never enjoyed trading and was not good at it because I am doing something else that makes me money? You are clueless. But no matter how much anyone enjoys anything, you dont say no to other opportunities when they arrive. You have alot to learn Mr.

 

[teewoods]

So if you were position trading, why couldn't you go away and just check the end of day data each day? It wouldn't take too long and you'd still be in touch with the market. If you had a target, you could place an order for it. Unless you were going somewhere that remote where you wouldn't have access to internet?

Why couldn't you go?

Firstly, there is no way I would go on a holiday with an open position the size I normally trade. I understand if it £50 a point but my size was a lot more than this.

Also we were going to go Namibia, aside from the fact there was no internet access in the Kalahari desert, I think it would had been an unsettling holiday for me. Of course I could have put my stop loss and left things in hope, but that's not how I trade and I don't want to make a habit of that sort of trading.

The point of Namibia aside from the adventure was to get away from all the technology (not that they dont have this in Namibia) and me to as close to nature as possible. Sadly, I lost out to the power of the screens. We are hooked and brainwashed to our computers. I long for the day I would just log off for a whole year, and live like I did before the advent of home PC's

 

[the hare]

But no matter how much anyone enjoys anything, you dont say no to other opportunities when they arrive. You have alot to learn Mr.

The coin does have two sides. I was an internet entrepreneur during the last dot com boom, succesfully floating a couple of start up businesses, and I made a damned site more money managing a couple more that I held onto.

I walked away from a CEO position at one of my companys precisely because I wanted to day trade, and its a decison that I've never regretted.

Having done both, I'd say that building a succesful internet based business is a walk in the park compared to trading. I'd also acknowledge that its possible to create substantial wealth from relatively low start up costs, and completely crazy money if you really want it. Anyone looking to make easy money is delusional if they think trading markets is the way to achieve it.

Whilst its true to say that my previous activities made me considerably greater returns than I've made from trading, I firmly believe that trading has greater potential over the longer term. Time will tell.

I'd also say that for me personally trading for a living provides a great deal more satisfaction than possibly anything that I've ever done. I'd probably do it free !

 

[Masquerade]

Firstly, there is no way I would go on a holiday with an open position the size I normally trade. I understand if it £50 a point but my size was a lot more than this.

Also we were going to go Namibia, aside from the fact there was no internet access in the Kalahari desert, I think it would had been an unsettling holiday for me. Of course I could have put my stop loss and left things in hope, but that's not how I trade and I don't want to make a habit of that sort of trading.

Well if you're only looking at end of day data being away shouldn't make a big difference. If you're position trading at home and only look once or twice a day there's no reason you can't do that on holiday. Unless you need to know what the market's going on and have problems detaching. Being in Namibia is a problem so i'll let it slide this time

What does this internet business do?

 

[jthetrader]

What would make me stop paying attention? Not much, beyond becoming really poor. I would say if I became super-rich, but then I'd have to pay even more attention to the markets than ever before.

Plus I find them interesting.

 

[enragedcow]

When it's not fun anymore.

^this

or more likely; when i get a full time job which is when i'd switch to holding longer positions rather than trading

 

[JSChicago]

What would make you give up trading or pay less attention to the markets?

Death :cheesy:

 

[NVP]

There is nothing like trading ......

and once you can be truly honest with yourself as to why you trade then you are really on the right track

N

me ?

now I have finally moved beyond the Ego phase (hopefully ) its becoming more clear

 

[NVP]

I was told (so I don't know how accurate it is) that a lot of professionals (Doctors, Lawyers, Accountants etc) who are very successful in there field take up trading. This would imply that there are a large amount of people who are not doing it for the money. I would suspect that the gambling side of it is playing a much bigger part than most people would like to admit. I'm sure that statement will get me shot down in flames.

they do........Pilots as well......its the challenge.....how tough can it be after the things they can do ?

Bless them
N

 

[TobyDoyle]

The coin does have two sides. I was an internet entrepreneur during the last dot com boom, succesfully floating a couple of start up businesses, and I made a damned site more money managing a couple more that I held onto.

I walked away from a CEO position at one of my companys precisely because I wanted to day trade, and its a decison that I've never regretted.

Having done both, I'd say that building a succesful internet based business is a walk in the park compared to trading. I'd also acknowledge that its possible to create substantial wealth from relatively low start up costs, and completely crazy money if you really want it. Anyone looking to make easy money is delusional if they think trading markets is the way to achieve it.

Whilst its true to say that my previous activities made me considerably greater returns than I've made from trading, I firmly believe that trading has greater potential over the longer term. Time will tell.

I'd also say that for me personally trading for a living provides a great deal more satisfaction than possibly anything that I've ever done. I'd probably do it free !

Something like this boggles my mind, but it's the beauty of the diverse human world, I suppose. Having done a bit of reading and reading forums and learning the experiences of others, I think you hit the nail on the head with trading being a pipedream if you're expecting a quick success, where as a collection of blogs, some content and a few months promoting could net you the "quick dollar" you're looking for..

I don't know, man, but if it's what makes you happy, more power to you!