If trading is gambling, then it offers truly better odds than any that you will see in a casino. When was the last time you were in a zero-sum casino? I'm sure someone will steal that name and use it for a casino now! My final take on markets (especially index markets) is that they aren't random all the time. They are only random a random amount of time and the other times they are trending. aphie
There should be enough liquidity to the market without the traders to negate any benefit the traders might provide. In other words, does the added extra liquidity that the trader provides to the market outweigh the price overhead incurred by the trader... probably not! Do you really think lower commissions are the result of traders? Probably not! Cost efficiency though technology and automation is the main reason for lower commissions. A traders profits come from somewhere and it is probably not from the rich or big financial institutions, but most likely the middle class and their retirement funds. Granted some of the profit is from appreciation of having a temporary investment, but traders have invested interest for only a matter of minutes vs. months let alone years. It is natural to try and justify your actions in life. Killers, rapist, drug dealers, insider traders... do it all the time. Lets face it, if you want to be a benefit to society, then find another way to make money and stop trying to fool yourself into thinking trading actually benefits society. Society could use more medical researchers... finding a cure for cancer... now that is benefiting society. Trading only benefits the trader, their family and their broker. Not another trader trying to justify the practice! I know my trading does not benefit society. I leave that to my day job!
Optional777 : "Trading is one of the least "spiritual" practices I can think of." The best traders are spiritual in many ways...
DMD, 90% of traders wind up as the oil that keeps the kogs moving in the big fat money machine that the other 10% use to get rich beyond imagination from. Trading is wonderful. I would encourage anyone to try it -- at first to make millions of dollars, but if not -- at least a little grease to allow the machine to keep cranking. aphie
Trading is a holy calling. End of story. And who said a job has to benefit society? (Not that I agree that trading does not, it certainly does.) Try reading some Rand, ladies.
My 2 cents: The only way to justify your trading activity is to live a simple a life and donate most of your profit to charity. Then the judgement from God may be changed from SIN to NOT TOO BAD. Read the book God in the Pits, which may shed some light on this issue.
It's a super book. I recommend Mr. Ritchie's second book, 'Spirit of the Rainforest,' as well. It isn't about trading, but it is very powerful and of another controversial subject.
So many awful things are implied by such a blanket statement, it's hard to nail them down. That is like saying, there are enough restaurants, so opening a new one is unethical. No, it's even worse. It's elitist. No, Redneck. No, that's too good. I'm sorry. It's, well, not-really-well-thought-out, let's say that. Please, tell me you're kidding? Sort of like: "leave the trading to the special people who own the franchises. Competition is unethical" Are you from a communist country? As for where trading profits come from, there is a saying: "Money always returns to its rightful owners."