Those who come to market for only hedonism will have high probability to fail. Don't come to market if it is for proving anything to yourself. Only prove your system not yourself because if your system is not proof-safe then it is not worth trading it is only gambling. Those who have "psychological" problem are those who can't stick to prove and improve their system but challenge themselves about their psy: that's what they are brainwashed all day long by psy gurus. Of course psychology counts but your psychological behavior is the consequences of lack of focus on the stuff that really matters: winning money by being consistent not satisfy your intellectual pleasure. By system I don't mean mechanical system here I rather mean framework so that it applies even to discretionary trader.
First off day trading for some of us is just like any other business. Your in it to make money. What do you do for a living? You do it to make money and pay your bills right? Gee I really hate waking up when I want , going on vacation whenever, and making a few grand in a good day for 3 hours worth of research and work. Yeah I'll give all that up to join the rat race again.........:eek:
In case you didn't know it's all about getting paid you know making money. It's like the golden rule he who has the gold makes the rule so as long as it's legal who cares what people do to make it. It's C.R.E.A.M CASH RULES EVERYTHING AROUND ME
I see from your other posts that u havent started trading yet. change your attitude or u'll never make it.
If your aim in working is to make money and enjoy yourself doing it, then daytrading has all the substance and meaning you need. You even "help society" by paying lots of tax. If you are a great trader, then you've "accomplished" some great trades. As for being remembered, wake up and smell the coffee pal. 99.999% of people on this planet will never be remembered for their work or anything else. They are just average working stiffs who do nothing of note, then die and rot in a coffin. A few relatives and friends will shed a few tears and have some fond memories, but they will be dead a bit later anyway. Meanwhile, our "meaningless" daytrader is making a killing, banging hot pussy, driving fast cars, drinking Dom Perignon on the foredeck of his superyacht, and maybe the more intellectual types are pursuing their pet charities or projects thanks to the profits they've made. And you're telling me that some wage slave doctor or engineer is having the good life? In any case, where would America or any other advanced capitalist society be without the financial markets and the liquidity that traders provide? Bond traders make it cheaper and easier for Joe Public to get 30 year fixed mortgages, thus providing financial security for tens of millions of families. Stock traders help companies raise money on better terms, thus boosting economic growth, job creation, and productivity, and provide pricing signals to indicate which areas are the best place to invest capital. Investors help pharmaceutical companies raise finance for the long-term, helping to cure disease and sickness. Currency speculators facilitate international trade, keep discipline on government financial policy, and provide important signals as to the relative attractiveness of different countries' economies. And all good traders, buy buying lower than they sell, help smooth volatility, by providing supply during periods of shortage, and demand during periods of surplus. Personally, I don't give a f*ck if I help society or not. After all, no one in society is out to help me just for the sake of it. But that doesn't mean that trading isn't socially beneficial - on the contrary, it is extremely important. No doctor raised living standards anywhere near as much as the global financial markets.
here's how I see... I understand where you're coming from...since your in school things are a bit more gravy and idealistic get out and work for a few years and you'll start to change tune... regarding pillars of society, the only professions I respect in that matter are the social servants such as police, medical, army, firefighters who really make a direct influence (for the most part) in people's every day lives I've worked as a financial auditor and software consultant and eventally you start realizing that nobody cares what firm you work for or what you do...so you start thinking "I'm slaving away at 70+ hours at a 'respectable' job...for what??" I see trading as an endevour in which I answer to absolutely nobody but myself...
I don't think it matters if I traded or not which actually I have just not large amounts to have an opinion. What I said goes for everything in any job who care what you do as long as your good at it so what if the public doesn't like it. I make alot of money playing cards and hustling pool and I'm sure some public figures wouldn't like but there's nothing like taking 3 or 4 hundred off of someone that doesn't know what he's doing and you know something that's his problem but the bottom line is it's all about the all mighty dollar and if you can have a good time doing it then what's so wrong with that.