I have to interview a person in a career for class, and was not able to get a floor trader in person, so I am hoping one of the career traders here would be willing to answer these questions for me real quick. Thanks a lot. How do you deal with the high stress and emotion each day? How do you deal with such big monetary losses and gains without it affecting you? How did you bounce back from your biggest loss? What made you decide to be a trader? How long have you been a trader? How did you get your start on the floor?(if applicable) What interests lead to trading? Sports? Strategy games such as chess? What traits make someone successful at trading? How do you get ready for trading each day? How long is the average trading career? Do even profitable traders burn out fast? How do you feel about online trading taking over pit trading? Do you have a favorite trading day? A historic day where an event moved the market? Thanks a lot to anyone willing to help out, I appreciate it.
chess? LOL why chess? I hope you aren't one of those characters who hang around the schizophrenics playing chess in parks. What is wrong with shogi and go? These games are far superior to chess. As I am more of a (succesful!) long term investor and consider myself superior to floor traders I cannot do your pathetic quiz.
Ive got nothing against those other games you mentioned, and quite frankly I dont think I've ever played or watched a game of chess. This survey is not for my personal gain, but for a pathetic english class. The questions are not what I would want to ask a trader for personal gain, but what questions fit the assignment. Thanks anyways buddy.
Dude, WTF? Did he do something to you personally to warrant a response of this nature? He's just trying to do something for school. Since you do not fit the mold of the person he was trying to interview and you are "far superior to floor traders" anyway, you really didn't even need to reply to this thread. Take it easy.
Well I'm not a floor trader but I'll have a go seeing as no-one else has bothered yet, besides what else is there to do after Sunday lunch other than help you with your homework, beats mowing the lawn anyway..... How do you deal with the high stress and emotion each day? There shouldn't really be any stress or emotion in trading. How do you deal with such big monetary losses and gains without it affecting you? The aim of trading is to be profitable overall so individual gains or losses are irrelevant. 'Big' is relative, the size of losses and gains should be proportional to equity. How did you bounce back from your biggest loss? By continuing to trade with the same discipline and focus, knowing that at some point the loss will be recouped. What made you decide to be a trader? The money, the freedom, and the independence. Trading is unparalled when it comes to the potential for financial gain, and offers the freedom to work from anywhere in the world at more or less any time of the day or night. How long have you been a trader? 8 years How did you get your start on the floor?(if applicable) Not applicable. What interests lead to trading? Sports? Strategy games such as chess? Not so much interests or games as an analytical nature. Deceminating and evaluating information and the possible outcome of a number of options, and deciding on the most probable needs a naturally analytical mind. What traits make someone successful at trading? Patience, discipline, the ability not to take things personally, and a good sense of humor helps! How do you get ready for trading each day? The same as any other job. The usual morning routines (shower/breakfast/read the paper), try and clear the mind of any distractions, and then go to work. How long is the average trading career? Do even profitable traders burn out fast? No idea, I guess it depends on where you work and how you trade. I would think a city trader probably burns out faster than a private investor because the pressure to perform is probably greater, but on the other hand they're not risking their own money. Don't know, how long is a piece of string? How do you feel about online trading taking over pit trading? Who cares? Makes no odds to me, but should it? Do you have a favorite trading day? A historic day where an event moved the market? Non farm payroll (NFP) day, you're always guaranteed some fun. Greenspan used to move the markets, shame his successor is so limp-wristed. Now some questions for you. What class is this for and why did you choose traders as an example of career people? How do you think the replies to this survey will help your education?
There is only one answer for me for all of your questions: it is alcohol. What made you decide to be a trader? Who wants to hire an alcoholic?
It used to be high stress and low emotions early on, as I have advanced along my trading curve, I was able to reduce those by taking positions that are proportionate to my trading parameters. You cannot put a price on knowledge. Each substantial loss taught me a lesson or two that were equal or greater in value. Thus, I am very happy with my losses I've had. By educating myself on what not to do, and making the best of what I have learned. I wanted to make as much money as much as possible and retire. I wouldn't have done it for any other reason. Approaching year 6. I was searching for something to do with something for one of my finance classes, and I stumbled onto a great website online, and the rest is history. I'm ultra competitive. I am great at all the sports and I enjoy kicking ass and winning. I'm also great at other strategy games such as chess. I don't remember the last time my computer beat me (in the hardest setting possible.) Willing to learn from your own mistakes would be #1. Because you are going to make some big mistakes, and how you put those behind you will make you better. The second would be an unquenchable thirst for knowledge and the desire to be better today than what you were yesterday. Trading is a 24/7 thing for me. Even when I'm sleeping, I'm thinking about what I could've done better. Who knows how the average trading career is? But, I know mine is precisely till the day I die. The 24/7 and the single-mindedness of trading can and do take its toll sometimes, but I think the rewards very well make up for it. I think the process of price discovery is better fluid in an online environment. Pit is antiquated, ineffective and expensive. The days following 9/11 . It was fascinating and a complete learning experience as to how some of the experienced market players handled those days.
How do you deal with the high stress and emotion each day? I don't think of it as "dealing," but I usually go for a walk on the beach after the market closes. Trading is not the most stressful or emotional job I have had. How do you deal with such big monetary losses and gains without it affecting you? I don't. They do affect me. How did you bounce back from your biggest loss? I took a few months off and then started a lot more disciplined than before. What made you decide to be a trader? I decided to make trading my main occupation because, among my jobs, it generated the highest average dollar amount per hour. How long have you been a trader? I have traded for 7 years. How did you get your start on the floor?(if applicable) I have never seen a trading floor in person. What interests lead to trading? Sports? Strategy games such as chess? I wanted to find out more about the nature of such concepts as probability, decisions, and time. What traits make someone successful at trading? I do not know enough traders well enough to comment on this. A "trait" that makes me (reasonably) successful is my willingness to make trading decisions based on reason rather than emotion. How do you get ready for trading each day? I wake up and sit up on my bed, right in front of my computer. How long is the average trading career? Your guess is as good as mine. Do even profitable traders burn out fast? Again, I wouldn't know. All I can say is, I have had several other jobs that caused me to burn out within about a year; Trading has not. How do you feel about online trading taking over pit trading? I am happy to see liquidity move to the screen, as I know how to make money that way, but I would probably get killed in a trading pit. From what I hear, in the pit, it's the biggest bullies that win; They allegedly "convince" you to eat any errors, no matter who's at fault. Do you have a favorite trading day? A historic day where an event moved the market? I do not. Extreme market conditions like I believe you are alluding to constitute a threat more than opportunity. If you are wrong, you can lose big and blow out your account, in which case you might be seriously impaired for the immediate future. If you are right, in other words, lucky, you can double your account balance, which does not mean all that much in the grand scheme of things.
Great guys, thanks a lot. Now some questions for you. What class is this for and why did you choose traders as an example of career people? How do you think the replies to this survey will help your education? This is for a college freshman English class. The idea is to write a piece about the persons job and how they go about it. I dont know if you have read the book Nickel and Dimed, but the chapter on her as a cleaning maid was an example. Your answers give me insight on how you approach your job and your mindset. I chose a trader, because it was really the only job i could think of that held my interest. Some other students choices were tattoo artist, bakery owner, student DJ, political science teacher, etc. Thanks again.