I've had a hard year, been tanking more then profiting. Psychological background noise mostly, but it is being rectified. My family however, keep believing that what I am doing is gambling, not working towards being a consistently profitable trader (which is what I think naturally). What is the best way of describing trading to people who think it is gambling. I've gone the whole pro-athelete in training conversation but it hasnt got any respect. Someone must have a cute and truthfull metaphore or analogy I can use here, help a guy out. Thanks
the truth is... we aren't doing more than gambling. it's a more educated type of gambling, but it's still gambling...
I'm inclined to side with alex. This IS gambling - especially when you can't say you're a seasoned trader. If you're new at the game (and by new I would say within the last 10 years), you're a gambler, quite simple. What's more, if you're doing this as the main income generator for your family (wife, children) then you're gambling with them as well, and the sooner you accept that fact, the better.
I find that it's best to describe it in terms of probabilities. Explain that yeah, it is a form of gambling, but educated gambling and only playing the higher probability plays. I found that when I explained it was all about probabilities, people seem to accept it more. Good luck. Anyway, fuck 'em!
Thanks for the feedback fellas, seems no matter how you skin it, it's gambling. I'm gonna give the professional athlete speech again, with the heart rendering story of a determined athlete, single testicled champion of sportmen and tour de force, Lou Farrigno. Thanks ppl, but if you can think of another angle here, that would be choice. Cheers
Thanks for the feedback fellas, seems no matter how you skin it, it's gambling. I'm gonna give the professional athlete speech again, with the heart rendering story of a determined athlete, single testicled champion of sportmen and tour de force, Lou Farrigno. Thanks ppl, but if you can think of another angle here, that would be choice. Cheers
Tell them you are like a physiologist. You study and understand the most basic of human emotions so that you can profit from its pitfalls. You participate in a large scale war between buyers and sellers and use your knowledge of human behavior to choose sides. You are a master of the mind.
Being an entrepreneur is also a form of gambling. You're betting on the economy staying in the growth area of the business cycle, you're betting that your idea will attract customers, and you're putting up your money or borrowed money to start up without having any earnings in place (in the startup phase). So, in general, any pursuit to multiply your money is a form of gambling. If you can't take risk in life, work for someone else and cap your ultimate level of wealth.
The gambling debate is an old chestnut, some call trading gambling, some say it's investing, some speculation.... I guess it all boils down to how consistent you are, if you turn a profit every month then no-one will care what it's called. On the other hand if you're losing consistently (which I suspect you might be) then your family has every reason to worry. Take a job with a regular income to provide a guaranteed income for you and your family. It will make them feel secure and also take the pressure off your trading. Trade and/or analyze the markets part-time with a micro account until you're consistent, then you'll be in a position to present your case to your family for trading full time and you'll have a track record to support your argument instead of trying to think up stories to convince them and yourself that you're on the road to success. If you're totally honest with yourself this is probably stuff you already know....