I'm sure he'll be deeply distressed to hear that. Huh? That doesn't even make sense. If you don't understand the importance of subconscious and conscious alignment, you're obtuse. It's not rocket science: Unhealthy motivations for trading can lead to destructive outcomes, even for professionals. Either back up your point of view with a credible argument, or take your bullshit one-word pronouncements somewhere else.
"If you build it, they (with the money) will come". "You'll need to beat them away with a baseball bat".
Why in the world would you need to cover 10 years of living expenses? And where did you come up with 15% after tax? This feels like a serious over-complication of things. If you are single without family responsibilities, start building and testing a methodology part-time with small amounts of capital while you save up a larger amount. Then, when the timing feels right, take the plunge into full time - or figure out a way to gradually transition into full time via flexible freelance type work to pay the bills. If it doesn't work, you've had a life experience. If you have family responsibilities, your job is harder, but the layout is the same. Start small and test... build, research and improve while maintaining an alternative source of income... when the timing feels right, take a calculated risk, while ensuring your family's food and shelter needs are not jeopardized. The challenges of breaking into trading are similar to the challenges of becoming an entrepreneur / starting a new business from scratch. There is a baseline capability of planning, strategizing, and executing on common sense action steps in respect to either. Don't waste time worrying about theoretical inflation and tax hurdles.
Actually, no. Once you've built it, you'll need to convince "them" that - you have a credible strategy (and didn't just get lucky) - your methodology / approach is robust and built to last - you have the ability to handle meaningful amounts of capital - you are stable, reliable and a good business bet - you aren't Bernie Madoff - you have strong risk mgmt protocols All of the above takes formidable communication skills. Again, it's like being an entrepreneur / building a small business. Not rocket science, but there is a reason 9 out of 10 small businesses fail.
Oh grow up. Who would put up with the vigors, stress and disappointments of trading unless they were in it to make money. "I trade because I want to lose?". Lots of other ways to lose or get action which are more entertaining. Why don't YOU take your psychobabble somewhere else..
Are you serious? You really don't grasp how many people trade for deeper level motivations other than profit? I'm getting the sense you don't have even the most basic grasp of trading psychology or its nuances - which would be logical given your hand-waving dismissals. The idea that this line of reasoning even needs defending is laughable. You're on par with a medical luddite challenging germ theory. As for going somewhere else, it's my thread. And clearly you're the one who doesn't care about the topic. So, sayonara.
I'm just telling you like it is. I'm not interested in your opinion, which may or may not apply to most "traders" with tiny or no edges... including Knight... or JPM... rofl.
There is nothing theoretical about the issue I raised. If you make your money in a job and trade as a hobby then I agree, you can ignore what I said. But if you are a market professional that pays the bills with the money you pull from the market then what I said is relevant. Been doing this full time for a few years now, and it feels like after taxes, bills and accounting for inflation I am not much ahead in purchasing power from where I started. Looks to me like if you want to trade for a living, you either swing for the fences to get any compounding on your capital or else go work for someone else.
Wow, the trolls are out in force today... The simple fact of the matter is that your statement is false. If a trader makes a better mousetrap, the world does not beat a path to his door. If anything, high net worth investors (let alone institutionals) are more skeptical today than ever. They are certainly ready and willing to allocate capital to winning traders with winning strategies. But they have to be convinced of the merits of doing so -- which requires presentation and communication skills -- and they have to know you exist in the first place, which again means reaching out, making connections, and so on. There is a false message out there, call it the "rock star" myth, that says once you find your holy grail, all of a sudden millions fall into your lap. This is the trader's version of the Cinderella fantasy. In my view, the reality is actually far more appealing: It is hard, and there are multiple steps involved, but it really CAN be done with the right combination of talent, persistence, vision, and execution. The reality is less fulfilling than the rock star myth from an idle dreamer's perspective -- because all of a sudden real work, real challenges and real hurdles are involved -- but also far MORE fulfilling for those who live in the real world, because it is a means of turning a dream into concrete reality. "Your only validation is in living your own life / vicarious existence is a fucking waste of time." - GnR