sent them plenty of money and visited as much as possible... however I am not sure 'reward' is the right word lol, how does anyone put a price on the parenting effort.... I see it more of a 'pay forward' kind of thing... like my daughter had a couple of difficult years, was stressful at times, (emotionally not financially)... and I was like well, this is me paying forward for whatever my parents endured... actually this idea is prevailing in the Chinese culture - raising a kid is you paying back whatever you owed to your parents lol.
5000 years of totalitarian rules (emperors, warlords and all) is hard to change. Both groups accept that. Democracy is alien to the Chinese culture but capitalism and free enterprise is in their blood.
That's why I asked. A lot of people I knew were saddled with supporting their parents forever as payback.
yeah every family is different. my parents are still in fairly good health for their age... and their pensions are plenty to live on.. I can't even write them checks as they just refuse... so whenever I visit I have to bring a bag of rmb cash so they can't refuse lol... and nowadays in China good services are available... many good homes where the elders can interact with each other and receive good medical care... my millie is in one... $200k plus some monthly fee gives you lifetime residency with all the services... great place near Hangzhou.... so this is a situation that money can buy happiness lol.
Actually, there are many trading gurus saying that trading is easy. All one needs is the secret knowledge they can sell to you. But if they are getting rich, why do they need to sell their knowledge? Stoicism... a worthy philosophy, esp. for traders, IMHO. But it is useful for anyone. Too bad Commodus did not embrace it.
When the market is trending and ranges are huge, everyone is a winner. All are experts and part of the 10% money making traders but true test happens when the market is dead and ranges are less than 5 points, how you prevail and how you approach your trade that will define what kind of trader you are and if you really belong in the 10 %.
You think can buy Chepaer products from U.S. if China opened up their markets? Please entertain me with what could China buy cheaply from U.S. that they dont already make or can get from elsewhere in Asia.... China does not need Budweiser and shitty Fords. Apple, Dell and Intel all make their stuff in Asia for the most part.
Some random thoughts: 1. We often confused the bull market with our trading skill. Making money during the dot com craze did not require skill. How do I know? been there done that. The real skillful ones were those who got out prior to the crash. Most of us didn't. Same thing is going to happen with this 2009-2019 bull market. Hopefully we are all wiser this time. 2. Many want to trade because they think it is easy money, you make a few clicks a day, with your laptop, while on the beach and make thousands every day. Those of us that survived more than a few months know it is furthest from the truth. I worked harder now than when I had a day job. Yes, only a few clicks now and then but the preparations, the research, the modeling, the testing, the analyzing, the writing many many VBA programs to test the strategies... is 24/7. You won't succeed unless you have the passion and perseverance to stick it out during the darkest down days. 3. Many think they can start with $10K and make a living trading. They are part of the 1% statistics. There is another group, us mom and pop amateur retails who had a day job, slowly accumulated a large war chest while polishing trading skills. One day, we cut the cord and never look back. Our success rate is much higher than 1%. 4. Finally, I think US equity traders with a large enough capital base who can withstand drawdowns without been wiped out will have a good chance of being profitable long term: The US equity market has a long term up bias.
well the imports are already significant and 'opening the markets' mean 2 things - lowering tariff rates..there is a significant amount of grey market imports - people travel to or study in Western countries ship a lot of goods to China while evading the tariff.... 40-100% rate is a game changer. if these tariffs are removed, or brought down to the levels that the US used to charge before the trade war, the import amount will sure increase... the middle class there has the appetite not only for 'cheap' goods, but China is already the biggest buyer of luxury goods, and the purchase will even be bigger and without the hassle of going thru the 'grey market' if the tariffs go down; - access to insurance/banking/financial services.... currently this area lags way behind the western countries... understandably so... imagine my pro boys go into the Chinese market without restrictions? they will kill the clueless locals... the A shares market is a mess... insurance/financial services products are inferior. If the western companies are allowed to compete, the quality/service will better, the prices will be cheaper.
All valid points. Dan Zanger not only made record breaking returns but he kept most of it. I think in the ensuing 23 months he ran it up to $23M or something. Later on, he had drawdowns. Then bounced back up. He's total NET WINNINGS is still in the tens of millions. So it was not an "easy" thing. He spent over 20+ years refining his craft. To say this is easy is foolish. I don't think one can make a living with $10K. Closer to $50K is good. $100K even better. I know some writers say you need $500K to daytrade for a living. That's excessive. Their math is off. They assume 20% annual return on $500K equal to $100K a year which is OK living(depending where you live it can be good or pissed poor). I think once you honed your craft $50K is enough for futures. For equities with 4x intraday leverage, $50K is roughly $200K buying power. With 1% return a day or less that's still $1K-$2K day which is OK. But no one can consistently make 1% a day. For equities, it's probably better to start with $100K and 4x buying power is $400K. So with 25 bp return that's $1K. That's why more money is better. That way you don't need to take excessive risk to make a living. 25bp isn't much to capture. That way you don't need to go kill yourself to get into risky huge moves. With $250K and 4x you got $1M buying power. You only need 10bp to make a 1K a day. That's the advantage that fund managers have. They don't get shaken out, fake out, etc. When you have billions under management and position size correctly, the market isn't such a scary place. But us retail traders have to be super careful. I don't trade stocks as much as I trade futures nowadays. But the exact same chart patterns apply. Anyhow.