What good do daytraders do to society?

Discussion in 'Trading' started by stockoptionist, Dec 11, 2002.

  1. i love that feeling, uptik. nice going my friend !

    #31     Dec 11, 2002

  2. Isn't this what causes a lot of problems in this society? As long as it's good for me, I don't care about the consequences of my actions. That explains why this society has a 50% divorce rate, and numerous other problems.
    #32     Dec 11, 2002
  3. we help the specialists buy summer homes and send their kids to fancy schools.
    #33     Dec 11, 2002
  4. qdz


    I second that. We made special interest groups richer. I really think that is harmful to the society and who honestly should stop doing what we are doing.


    #34     Dec 11, 2002
  5. exactly. sound economies are so dependent on morality it's scary.

    the soviet union collapsed after 70+ years of state enforced 'amorality (no such thing, really).' With no moral compass, no understanding of the divine doctrine of private property and proper social order, no social compact of the rule of law, free enterprise was simply another way for thug regimes to loot and oppress there.
    #35     Dec 11, 2002
  6. There is nothing immoral about trading.
    It is not theivery because it happens between consenting
    adults. If a lose to my poker buddy, he didnt steal
    anything from me.

    What good does it do for society?
    Not much. But the same argument can be made for a CEO.

    But this very short sighted.

    Some people dont think Company owners deserve all
    their wealth. Well guess what.. its a free world, go
    start your own company then. Take all the risk.
    Eat the 90% failure rate, over and over and over, and
    after busting your ass and finally making it, go have
    a chat with the guy who says you didnt deserve it.

    Now your providing a ton of jobs for people.
    Your drive for success or greed made the world a better

    How are traders any different? We dont actually produce,
    anything, much like a CEO, but guess what? How many
    jobs do we generate? An entire industry exists because of us.

    Same deal.

    If your not one of the guys actually manufacturing products
    on a factory floor line somewhere, your probably in the same
    boat as traders, entertainers, pro athletes, secretaries, brokers,
    all kinds of paper pushers, and just about every other job
    you can think of which doesnt really produce anything.


    #36     Dec 11, 2002
  7. take away liquidity and markets vanish, wealthholders hoard, and economies die.
    #37     Dec 11, 2002
  8. bone

    bone ET Sponsor

    Daytraders and futures scalpers hit bids, lift offers, and then in turn bid and offer so much that retail and institutional customers get orders filled. Remember, their timeframe is different than ours. We need each other.
    #38     Dec 11, 2002
  9. maxpi


    In the Asian crisis a few years ago, I had a list of Asian economies arranged by how corrupt the society was, most corrupt to least corrupt, the economic troubles were arranged exactly in the same order, most depressed to least depressed.

    Corrupt societies are weak societies, they can be very happy for awhile but they are very weak when trouble comes along, like an economic downturn. That is exaclty what finally killed the Roman Empire, a once in 400 years economic downturn, they were so weak internally that they collapsed, the underclass killed off the corrupt ruling class (read that "professional class", attorneys and politicians). The only institution left standing after that was the Christian church leadership and the corruption followed there too.

    Trading is so hard to do that I don't think we have to worry about a lot of people "corrupting" the society by not producing anything because they trade, most people in this society don't produce anything. The public sector budgets add up to 45 or 50% of the GNP, most of that money produces nothing, a lot of it pays people to produce nothing as well but the economy still struggles along, probably because of the contributions of Bill Gates and other computer pioneer-techies in increasing productivity. Watch out if the increases in productivity stop coming along!! We will all work at something for a living after that for sure, most likely hired gun or farmer!!

    If somebody rants at you or despises you for being a trader, kick the s##t out of them and rant at them for being a weakling! That will change most people's opinion. I work with an enviro-nut that despises traders, rants on about people that don't work for a living, etc. He can't wait for me to fail but it looks like I will soon enough be driving the high end car and he will still be in his used truck, probably complaining bitterly about people that don't produce anything and drive sports cars with V12's.

    People's opinions are worth what you pay for them.

    #39     Dec 11, 2002
  10. Babak


    price discovery -- an incredibly valuable necessity in a market economy.
    #40     Dec 11, 2002