I look at trading as a training ground for surviving uncertain times. I never looked at it as a silver bullet to become rich. I just want independence and survive in good AND bad times. To Hell with what the people think about the profession.
Many respondents to this thread have said that trading doesn't produce anything that is valuable to society, such as tangible goods or services. I disagree. Wealthy traders are accumulating capital that can be used for philanthropy later in life. They are buying material goods which circulate money throughout the economy to help pay the salaries and living expenses for those who produce actual products. Also, every April 15th, large traders "donate" large sums of money to Uncle Sam to help pay for our great Country's defense, care of the sick and handicapped and world-wide charity for third world nations of the which the U.S. is by far the greatest contributor, to name a few. If you compare the net effect of a successful trader to, say a blue collar or white collar worker, on the economic well-being of the world, you have nothing to be apologetic about! If you look at the parable of the talents given by Jesus in Matthew 25 verses 14 to 30 you can sense that God wants his children to be active and profitable with their talents. A talent in Bible days represented 3,000 shekels of silver, literally. 14 ¶ For the kingdom of heaven is as a man travelling into a far country, who called his own servants, and delivered unto them his goods. 15 And unto one he gave five talents, to another two, and to another one; to every man according to his several ability; and straightway took his journey. 16 Then he that had received the five talents went and traded with the same, and made them other five talents. 17 And likewise he that had received two, he also gained other two. 18 But he that had received one went and digged in the earth, and hid his lord's money. 19 After a long time the lord of those servants cometh, and reckoneth with them. 20 And so he that had received five talents came and brought other five talents, saying, Lord, thou deliveredst unto me five talents: behold, I have gained beside them five talents more. 21 His lord said unto him, Well done, thou good and faithful servant: thou hast been faithful over a few things, I will make thee ruler over many things: enter thou into the joy of thy lord. 22 He also that had received two talents came and said, Lord, thou deliveredst unto me two talents: behold, I have gained two other talents beside them. 23 His lord said unto him, Well done, good and faithful servant; thou hast been faithful over a few things, I will make thee ruler over many things: enter thou into the joy of thy lord. 24 Then he which had received the one talent came and said, Lord, I knew thee that thou art an hard man, reaping where thou hast not sown, and gathering where thou hast not strawed: 25 And I was afraid, and went and hid thy talent in the earth: lo, there thou hast that is thine. 26 His lord answered and said unto him, Thou wicked and slothful servant, thou knewest that I reap where I sowed not, and gather where I have not strawed: 27 Thou oughtest therefore to have put my money to the exchangers, and then at my coming I should have received mine own with usury. 28 Take therefore the talent from him, and give it unto him which hath ten talents. 29 For unto every one that hath shall be given, and he shall have abundance: but from him that hath not shall be taken away even that which he hath. 30 And cast ye the unprofitable servant into outer darkness: there shall be weeping and gnashing of teeth. The Bible even has advice for commodity traders. Here is Biblical precedence for trading with money and the implied social relevance therto.Something to think about.
I agree with the guy above that traders are creating good influences in the society. We make $$ and pour it back into our economy to help pay for conventional people who gets a salary. Some of the crazy traders I know pay more in taxes/year than what an average people will earn in their life time. As an independant trader, I make $$ without taking up any employment opportunties. With technological advances and heavy supply of university graduates, obtaining a career is very difficult. The market has practically infinite amount of profit potential out there.
I dread telling people what I do, especially neighbors, my kids friends parents, etc. Most are doctors, lawers, etc. They can be so clueless about what a trader really does its amazing. I go to work in shorts and a t-shirt, sometimes dont shave for weeks at a time, and admittedly look like a bum more times than not. I get the feeling they think I am up to no good. I moved into my current home in 1999. In 2000 when the 'net bubble burst, the doctor's wife across the street actually asked me if I could still afford to live here now the mkt has gone down so much. Coincidentally my $120k Porsche (that had been on order for over a year) arrived later that week. Never heard another word about it from her. But all the neighbors around joke that I have no job, dont "really" work. My wife was an attorney before we had kids, It was even worse around her office parties, jealousy was more abundant there. I bought her a s500 for her 28th birthday, within 2 months, every partner at the firm "needed" a new car, benz, 7-sereies whatever. We bought a summer home, the next month they needed one. It got to the point where we would bet how quickly the would try to keep up.
Well I'd rather be a trader than a civil servant (work for government). In the UK the civil service is massively over employed because it makes the employment figures look rosier. During our current government recruitment into the civil service has been rising sharply whilst those employed by private firms has fallen. A civil servant's salary is paid through the tax money from employees of private companies. At least as a UK resident trading foreign markets I am a money importer, I then pay tax on this, pay the company who rents me my desk (who pay tax on that profit) and go and spend the rest -helping the economy, supporting the baby boomers in retirement and paying all these sponging civil servants salaries'. And people say traders don't provide for the economy!
Isn't trading (and its practitioners) primarily centered around generating intelligent $$$$, lots of it? Well, if you need any excuse for it and a moral guide of how to use the product of your labor to develop and stimulate yourself further, then stop shrugging and acquaint yourself with Francisco D' Anconia and his magnificent speech. In there is the clue.