i don't know where these statistics come from that 99% of daytraders lose??? i've worked in a few different offices for a few different companies and i would say that of the people that give it at least 6 months to learn how to trade, most of them (over 50%) make money. in my office right now, i'd say 80% of the people make money.
i was in a fraternity in college, and know brothers (who know me, have come by my old place, took interest in my trading career, etc.) who are 10 years younger than myself... if i had traded in college, i would have gone all the way through college; having that degree, for whatever reason, gives you a backup plan, as well as a certain amount of respect. i don't agree with the thinking (i know a couple programmers who became managers who don't have a college degree), but it's the way that most group-culture-think works. oh, to get back on topic; nearly everyone i know closely is incredibly supportive, and sometimes 'wish' they could do it. there's a few who still can't believe it's a career, and most strangers think that i can only make money when the market goes up (and lose money when the market goes down). i tell them that as long as i get the direction right on the certain stock(s) i trade, i do fine...
Successful traders are the most balanced, open minded individuals to walk the planet. They do not patronizing nor pats on the back by other people to be successful. The fact you even care what people think is a problem in itself. That in itself causes all kinds of problems down the road and most traders learn that eventually if they ever reach that part of the discovery stage. Traders make themselves proud, they dont need anyone else.
As far as the failure rate goes, it is 50% per year, ever year on average. During the bull it was less, during the past two years I am sure it was more. The 90% rate of failure is only after 3 years straight of doing nothing but trading. If you can survive 5 or more years then there is a good chance that you have actual talent. At that point the criticism will die down.
Laugh in their face. If everyone worried about what other think we wouldn't have half the inventions in the world. I bet when someone invented the wheel his family told him that it was stupid. People tend to mock what they don't understand. Bottom line: If someone knocks you for trading, laugh it off. At the end of the day it really doesn't matter what they think. You do what makes you happy and hopefully prosperous. Prove them wrong by driving up to their house in your Mercedes that you bought with profits.
Maybe you misunderstood me. The point of my post wasn't to ask how traders deal with people not thinking they are great, or giving them as much respect as brain surgeons. My point was to discuss the psychological effects of the mass perception that daytrading is a losing gamble, or more specifically, how that perception influences your psychology when your are losing. For example, if I'm a struggling entrepreneur, I can always look towards the thousands of successful entrepreneurs for inspiration. But who do daytraders look to? With the exception of those surrounded by rich and successful daytraders, most only have horror stories to refer to, not to mention nay-sayers constantly chirping in their ear. In the end, all that matters is profit, and the opinions of others don't matter...very true. But in the beginning I think the psychological effects the daytrader stigma can be significant. I really wish that I could just meet or see for 2 seconds, with my own eyes, a successful daytrader...I know they exist.
Look to yourself. You are what you believe you are. You will make it if you know you'll make it. Never talk about a loss, not to anyone, not even a close friend, and especially not to yourself. If you need to talk about your losses, then that means you need losses to talk about. There is no such thing as an average trader. All traders are above average. Average traders went broke. If you're trading, you're above average. So what they say doesn't apply to you.