How do full-time traders handle awkward situations when they reveal they trade for a living?

Discussion in 'Professional Trading' started by helpme_please, Aug 9, 2015.

  1. Turveyd

    Turveyd

    i'm an IT consultant by trade, told my riding group that, thoughI must be stupid from the reaction, they where reaaly dumb asses, another bloke worked selling tweed clothes what ever that is, he was the best thing since sliced bread.

    People in general are stupid and anything they don't understand to keep there belief that there smart, is instantly labelled stupid, arrggghhhhhh!
     
    #21     Aug 11, 2015
  2. Gueco

    Gueco

    well, the problem is that most people will think that you are just a gambler and a liar. that making money as a trader is not possible so you must be a loser. you get no respect most of the time. the solution is to get a ferrari. until then dont expect much. :)
     
    #22     Aug 11, 2015
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  3. Turveyd

    Turveyd


    I get the, if it worked you'd have a ferrari, you dont instant go from loser to millionaire, it boosts my income but thats about it so far, get over it.

    Better than play WOW like most people do in there spare time.
     
    #23     Aug 11, 2015
  4. Daal

    Daal

    The 'not a contributor to society' thing is ridiculous. A lot of professions that are generally regarded to be good for society (cop, lawyer, doctor) can be disastrous to society in the wrong hands. Look at Raymond Tensing. Whether someone contributes to society has more to do with what kind of person you are than your job title
     
    #24     Aug 11, 2015
  5. #25     Aug 11, 2015
  6. tiddlywinks

    tiddlywinks

    It may be ridiculous, but for me, personally, it is how *I* feel. I'm not ashamed or embarrassed about being a trader. It is the lack of contribution to anyone or anything but myself that causes the (ridiculous)unsatisfying feeling.

    For the past few years in an effort to combat, I donate 5 trading days a year to charities. This year I stepped up my philanthropic activity and now I also offer some direct support to specific persons or families. It is amazing and extremely gratifying for me to play a part in transforming someones circumstance or environment. It doesn't take much, a few hundred bucks a month, basically one or two trades a month (I trade futures) to change lives!

    Im not interested in being Buffet. And I do just fine thank you very much. Philanthropy rounds out my success as it, money, is really the only thing that being a trader is able to offer(give)back.

    My .02c
     
    #26     Aug 11, 2015
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  7. sprstpd

    sprstpd

    Actually, you can give your time to people, which can be more precious than money.

    I used to think that my trading was not contributing to society, but I realized that it sure has contributed to me, my immediate family, and others I have chosen to help. It has also given me the time to pursue other activities that might be deemed more socially acceptable. So now I think that no other job would allow me to contribute to society as much as trading has.
     
    #27     Aug 11, 2015
  8. zdreg

    zdreg

    you probably tell people that you are the BONECRUSHER. what is their reaction?
     
    #28     Aug 11, 2015
  9. EPrado

    EPrado


    I agree. I honestly have never felt any kind of shame or embarrassment. Even when I started out in the biz and clerked for traders who spent half their day trying to find new ways to screw with the new guys. Once in a while when out with friends will run into someone who will question what I do as far as "doing good for society". Again....to me the really good people are the doctors,firefighters,military,teachers...etc. But without traders at hedge funds,prop firms,retail traders,etc there would be problems for anyone who invests in any market. Liquidity would dry up. Good luck to the guy who has money in a 401k in a fund when the fund manager he invests in has to dump 200k shares of AAPL. Without other traders out there that fund manager would have to send out a search party for a bid to hit. That and deal with insane spreads.....AAPL last trade is 420......no liquidity out there......market is now 415 bid 425 offer. Good luck. People who don't understand what liquidity is should go back and see what happened on flash crash day. You don't appreciate having speculators/traders out there then get used to days like that. The general public as investors hate volatility. Take us traders out for a week and you will be begging us to come back.

    As far as revealing methods, I agree with you. I rarely bother telling anybody. For one I work my ass off so why give it away? Also most people outside the trading world do not understand the concept of buying something and selling it a half hour later for profit. Even more do not understand selling it for a loss. "Why are you selling it....you are losing money". I tried teaching a buddy of mine years ago a little about short term trading. He bought a few stocks, pulled some nice base hits out of them. Then one day had to deal with a losing trade. He held on and decided this short term trade was now a longer term investment. Stock went down 70% over 2 months. Wiped out a nice part of his account. I had told him he must have an "out" in case it went south. Didn't listen.

    Overall when meeting new people the husbands are like "wow...that's cool as hell" when I tell them what I do. The wives roll their eyes and try to change the subject......
     
    #29     Aug 11, 2015
  10. qxr1011

    qxr1011

    it maybe embarrassing only when one does not have money to show for it, which in fact indicates that he is not a trader (yet), but a wannabe trader

    traders have plenty of money, and nothing to be embarrassed about
     
    #30     Aug 11, 2015
    trickshot likes this.