Thats right, like the dingleberries that created a value app that makes a gun noise, worth 1 million+
The Honey Badger of course. <iframe width="425" height="349" src="http://www.youtube.com/embed/4r7wHMg5Yjg" frameborder="0" allowfullscreen></iframe>
It is not everyone's goal in life to play the markets. Some people wonder more about the world around them than figuring out ways to rob others.
Well, I would say smart is foremost the ability to know where to put your focus before what you actually know, In this case its making money. This means developing strategies and looking for patterns. Its not so much how much you know as far as indicators. But more about being able to develop your own ideas. Full of information and strict risk management, a good trader knows every indicator, every buy signal every thing he or she has read in a book. (which is not really duplicable or there we would all just copy the on book that has the formula) A smart trader on the other hand, I would say is some one that does something that makes you say "Thats smart!". This is not usually things that are easy to learn or have been done before. Usually, we say "Thats smart !" when some one finds a new way of taking advantage of a situation. Sure the information in books is useful, but focus isn't on memorizing these things, Rather understanding the idea behind the knowledge and using the data to make a new or adjust your way of trading. I hope this is right or I will have to rethink my stratagy
Well 80k for working with no risk is not necessarily a bad deal-depends where you live. Sure, more can possibly be made. But I have learnt that not everyone strives to walk down the path we choose. And sometimes having a stable job gives you access to mortgages and loans which then can be used to increase your income. These hard assets are often not as risky - not in todays economy. I've seen it a lot. I think I'm ahead of the game, then some guy goes out buying hard profitable assets and starts to catch up. If we assume that their asset will actually hold its value- usually the case. When we look at the long term, they may be ahead as we cant say we will make a X amount per year. I understand your issue, but a good smart friend is hard to come by. If you both respect each other I would not hire him-but thats just me. In the odd event you convince him and it doesn't work, even if he won't blame you, IT WILL EFFECT THE FRIENDSHIP. Everyone has a different way to attain their goals. Few are on the right path. Just be glad hes not flipping burgers not knowing his potential. When money starts to pile up smart people tend to take risks that pay off.
You have it all wrong. These fine folks are liquidity providers, without which the entire system would come to a halt, leaving impoverished masses to starve.
Very true. Trading is an emotional game, not necessarily an intellectual game. The way I see it, the formula for winning is (emotional stability) x (the system you use). Let's say the system represents 100% on a scale of 1-100. No matter how emotionally stable, the limit of the trader is the limit of the system. On the other hand, the best system in the world, when used by someone unstable may only work at a 5% capacity. Emotional instability comes from things like needing to be right, needing to feel smart, needing to prove yourself, etc. And those needs have a hugely detrimental impact on usefulness of one's IQ. IQ may solve problems, but it doesn't solve implementation.
My experience is that it was emotional until it became intellectual. Now it's all puzzle-solving and optimizing. If my strategy ever started to fail, I suppose it would become emotional to me if I couldn't fix it. I have learned to love being right ~60% of the time.