Well if you plan on making money on the short side of the Market- better choose the right broker, and you better remember that at the bottom - not many brokers are going to be answering the phone to liquidate your put options at the value you'd expect them too.... This has happened before- in 1982 a lot of commodity brokers just didn't pick up the phone.
Right, everyone should spend every nickle they make or give it away to deadbeats before they die. Why should those lousy kids of yours get anything from you.
If you want to raise your children to be moochers on you right up into their 30s and 40s go right ahead. That's not how I'd raise my children. Of course if I invested $2 million in the manner described and lived off the interest and dividends then when I died my children would inherit the full principal, minus estate taxes. That would be more than most kids get from their elderly parents.
If the retiree planned parenthood as well as they planned retirement by the time they are 65, their children will have finished colledge and be in a professional job. To make sure children can take care of themselves, one wise thing is to give them money for an initial deposit in the home of their choice...
Fortunes are both made and lost during times of extreme volatility. Information in the markets are processed differently and often there is a lot of misinformation. Price volaitility means whatever you do will be multiplied by 10. Mispricings through forced trading will be more pronounced. If you are right, you make a lot; if you are wrong, you lose a lot. I know several people who are in their late twenties/early thirties who made enough to retire in 2008. And there are countless stories of people who lost their life savings or fortunes at the same time. In 1987, the same was true. In 1929, the same was true (though most lost).
lets not assume that the future generation will have it as easy as we do,the future isn't looking to rosy for most countries,of course if we abolish our present political ,medical and banking systems and restart from scratch,that could change
Sadly, you are correct. Than goodness for Social Security, a beautifully designed defined benefit plan that many can take advantage of.
What you don't know about traders is much. Long term traders have the most millionaires, where one sells near the highs and hang in there for a couple of years, we capture the gaps, don't care if there are retracements, one set of commissions. Day trading is fine, helps smooth out my equity curve as long term has periods of being flat profits, but those who sell near the highs and buy near the lows makes the most. Matter of fact, I have so many rules based on out of control wild swings, I never day trade during these times, only newbies doing one lots trade when markets are flying at $500 a minute, risk way out of control. By reading history of all the depressions of last 300 years, you learn how and where and what to look for to make most accumulations, but nobody whats to hear this, fools want to make millions in a day when that concept is a fool's game and most times ends in poor house. Hardly anyone wants to work any more, put in the time to see how to make it and more importantly, how to keep it growing.
Clearly what you say about fools being in a rush to get rich is accurate. Yet, as you know, while the % is very small there are thousands of day traders that have the goal of accumulating wealth over time and the skilled ones achieve that. I am convinced that while trading for the long pull (years as you point out) when general conditions are right (long or short) is a very sound way to go. That said, a great deal of money can be made in any time frame if you use techniques and setups that fit the conditions that unfold. QUOTE]Quote from Handle123: fools want to make millions in a day when that concept is a fool's game [/QUOTE]