Good thread - but Harrytrader seems to have gone a bit AWOL and off topic with the conspiracy theories. As a humble Englishman in great fear of the mighty USofA, I can vouch that we are not yet in expansionary mode again. But now the Fed governor Bernanke has given the OK to the destruction of your good ol' greenback, we might indeed make our play ...... Anyhow - back to the morality of speculation: we can rest assured that the devious art is devoid of any positive ethical contribution to society. At the same time I've never heard a convincing argument which would make me think it somehow 'immoral' ...... As Harrytrader said in an earlier post, you simply have to exercise your love or loathing for society outside of market hours. I know a chief exec of a US investment bank over here in London who spends every Saturday night doling out soup to the homeless - I guess he's on the same mission. Anyone who still finds themselves anguished, try reading 'God in the Pits' - by Mark Ritchie - but I'll warn you it can be like wading through treacle ... quite sickly in parts.
defining "good to society" is the pivotal issue discussed here. being that "good" is a nebulous term and exactly what is "society" ?? town and country magazine defines "society" one way, and i am certain that is not what you meant. speculation and trading give people something to focus on, something to work on, something to improve their position in life, something to give them freedom, even simply gives the losers hope, et al....... THEREFORE---- trading and speculation are "good" things compared to government serfdom which is a "bad" thing. i wrote a paper that touched on this topic once entitled "fortunism". if i can find it, i'll post it. all the best, surfer
Day Traders are liquidity providers, same as the people on the floors. But, if you even worry about stuff like this then I think you have too much time on your hands.
Good light candletrader. Figure it is a mutualy beneficial deal like banking or any other profession.Same principle but different time frame in day trading & swingtrading. If it were not for trading I wouldnt have learned about Jack Schwager,Dr. Van Tharp, Alan Farley. Mutualy beneficial deal again. ************************** Peace Peace thru strength + capital punishment.
What is the difference between a day trader and a specialist, or floor trader? Because they are employed by a firm, does that make what they do any more moral or valid than what I do? Do they add to society any more or less than I do? I just see myself as a self employed specialist or floor trader. My contribution to society and morality has more to do with who I am as opposed to what I do to earn a living.
Yeah, candle said it nicely. Here's what I have done: On Friday, as usual I went to my local pub. The bartender was so happy to see me and say, "Jay, look at my new car!''. It was a shiny Jeep Grand Cherokee Limited. She was so excited about it. I'd like to think that with all the business and tips I've given her, I helped.
For society: successful daytrading allows for the freedom of the individual to "give back" what he wants because he has the time to do it....contributions to charity (Sept. 11 fund, Cancer and AIDS research, etc., we can take time to train for various running events such as a 5K for Family Advocacy issues and finally on Thanksgiving or other holidays, we can volunteer time to work at a soup kitchen, etc. For family: We have the freedom to never miss a baseball game, basketball game, dance team performance, violin concert or work with our children on their homework when they need it. There are plenty of contributions to society that we can offer that don't necessarily have to be by "creating a product" or "offering a service" directly through daytrading..it's what we do with our free time that shows our "value" to society..and for me..more importantly...family. I'll never forget all the time I had with my step daughters coaching their soccer, doing their projects for school with them, taping their tennis lessons or their concerts and performances. Daytrading doesn't offer anything tangible..it offers us the freedom to explore other ways to "give back" that many other lines of work wouldn't have a shot to.
Yeah, as well as Candle expressed the whole deal, he should have prioritized his points. Taxes should have come last. Family first. But as Uptick so clearly has demonstrated, we are, as a group in general, just a very altruistic bunch. Which is nice (BTW, this is maybe the thousandth time this subject has been addressed on ET. Does this mean there is a lot of guilt going around?)