So, when hanging out with some aquaintences this evening, the convo inevitably turns to what everyone does for a living. I told them that I trade and then it began. Everyone who is not a participant in the markets not only seems to have a strong opinion about things (based on no information), but also no clue about the structure and movement of the market. It always ends badly because it's hard to explain how stocks move in the short term and how leverage works in daytrading, etc. From now on, I'm just going to respond with, "I work in finance." They'll likely assume I'm toady in a cubicle and I'll be off the hook at that point. Anyone have similar experiences?
Oh, yes, all the time. And I happen to live in nearly communist country where trading is regarded almost as bad as dealing drugs. If i admit trading options all hell breaks lose... oh my those ignorant peasants... So i end up lying that i do someting utterly boring.
you are not alone, check out the thread a couple of years ago. http://www.elitetrader.com/vb/showthread.php?threadid=20033&perpage=6&pagenumber=1
nobody respects personal trading unless you have actually become a millionaire doing it. even then they will most likely just be envious and think you got lucky.
====================== F-Trader; Yes, dont confuse them with your timeframes, structure. Usually say its MSFT related, that way you will never have to go into ''finance '' details; & some will persist on MSFT details. Then I say its computer related & stop talking there. Actually Mom got so curious, gave her a copy of Active Trader Magazine; said a lot of its in their , MOM. sfo magazine could be used for that also.
Thanks for all these responses. I think a lot of the confusion flows from the fact that most people have had some interaction with the market at one time or another and they project that experience out to assume they have intimate knowledge. An example would be someone who asked simply, "How does that work?" referrring to daytrading leverage. When I went onto explain to him Buying Power and such, he began attacking me - saying that a trade that yeilded $1,000 was essentially unproductive relative to a 6 figure capital base. I made clear to him that my cash deposit was $5,000 so my return was 25%. He really had no clue that daytraders/prop traders pull money out of the market for INCOME not ROI. He also went onto tell me about how he knew all about leverage because he "owns some RIETs." This is a guy who works at a magazine in NYC and probably got 10 shares of some REIT for graduation. Anyhow, thanks for the feedback.
who cares what other people think? tell em your a trader and you luv it! they don't like, then tuff $hit! get some new friends...
The problem for many with the markets and the stigma associated with its participants stems from: 1. Investment advisors recommendations and financial news commentators explanations being nearly always wrong. 2. Proliferation of the effecient market theory and "random walk." 3. Losers who have taken little time to study the market think it's, "Vegas, baby!" 4. Recent loses from the internet bubble of 2000. So I play coy and tell them either that I'm a systems designer or to really shine them on, "I play with money." Or my favorite response to the question of what I do for a living, I say "I eat."
My aunt and uncle just yesterday emailed me saying that they heard that I was doing well in the markets and wanted me to help them in their long term investments and financial planning. I tried to explain that I am a "daytrader" and really only understand how to capitilize on intraday movements but they didnt seem to understand the difference. Just requires too much effort to get into the details
It's funny, you tell people you are a broker and they think you are rich and smart, but you tell people you are a trader, and they think you are dumb and poor. I wish they all knew it was the other way around! -Kastro