Anyone ever try to explain their trading career choice to family?

Quote from rufus_4000:

That's surprising, my experience is almost the exact opposite. I have family that once learned what I am doing, want to "invest" (and they shouldn't play with their retirement money like this!), I have to spend hours explaining risk and time horizon to them, not just look at the simple rate of return. Their thinking was completely, "why should I keep my money in a bond fund earning 4% when I can ...", it got to a point of me having to show them the bad daily drawdowns to scare them off (even then, a portion of them persisted).
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Yup, they wanted a piece of the action as well, after several years of insane returns. Late to the party, really. I took a couple $k of their "mad money" and put it to work for them. After the continued comments, and constant questions of "how'd you do???" (worried tone) after a semi big up/down day in the overall markets --I cut 'em loose with a hellofa return. I've explained fully what I do, but I might as well have never explained anything, as they haven't retained any of it.

Best to keep family, family...and business as business I guess.
 
ignore. make some real $, then buy them a car and say, "what's up"


Quote from fatrat:

I'm basically a software engineer who left Silicon Valley to trade. I've recovered most of my losses, and I'm on track to becoming profitable. The income isn't quite there yet, but it's enough that I don't bother with part-time jobs anymore. I live on savings, and I expect trading to cover 1/3 to 2/3s of my expenses by around February/March, given current performance.

However, everytime I explain my progress to family, they keep pushing for me to go back to real jobs. No conversation happens where some reference to getting a real job with a salary doesn't take place.

Anyone else ever encounter this fierce resistance to career choice? What gives? Do I just dimiss family and tell them off, or what? It is not easy to explain that losses are a part of this game, that losing is part of the equation, and that it takes losses to learn and test new strategies.

Should I just give up hope trying to convince these people that it is a good career path, and just trudge onwards?

Surely, I am not the only one?

If I am the only one, ... then damn.
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Quote from Mike805:

I still relatively young <30. But given my experiences, it is best not to discuss finances with friends and family in too much detail. I answer most questions w/ ok, I'm fine. Some things are better left unspoken.

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I think I agree with you. I guess I've just always been in the habit of telling mom and dad what's up. So, it's always nicer when I have their blessing.

I'm not married. My thinking is that when someone does get married, it's nice to have mom and dad's blessing. Trading as a career, to me, is like getting married to a girl my mom doesn't approve of. They'll always call (her|trading) names and maybe never understand (her|trading), but I still love (her|trading.)

Onwards and upwards.
 
You are going against the grain. You are supposed to get a job with MOT, or JPM or JNJ or some other big corp. You have an asshole for a boss, tons of paperwork, go to the Christmas party and end up boning an executive assistant and then catching hell the next day wait for your year end bonus and it turns out to be a semi-frozen turkey because profits are off and they need to cut back.

My point is, you have to do what makes you happy. Most people don't understand what trading is all about so as a result they want you to stay away. If I would have listened to my family back in '96 I wouldn't have gotten into business for myself. I sold the business earlier this year and now I do what I want including learning how to trade.

Good luck to you and follow your heart.
 
I'm prolly older than some of you guys, 42, old enough to have grand parents that died, great aunts and uncles and been there for the moments. They ranged from asswipes to wealthy sopisticated people. There is a thread that ran thru them all. To a person they all babbled on about what they whished they had done, always about what was missing, not about what they had done. They also all had some advice about following your heart and doing what I found valuble and not what others wanted me to. Why should I have no life and somebody else two because they have me playing theirs out thru some degree of emotional blackmail.

Re: the mkts. The mkts are in a very real sense gambling. The art of the game is to make it controlled gambling, if you are successful remove funds and aquire hard assets, income real estate, genuine hard assets. To people just starting I would say avoid the myth of compounding to zillions. Keep your operating funds at a static level $100k, $500K, whatever, the point is to sweep profits off the table every mo. and invest in hard assets. This way the success is invested for the well being of your family and the risk is properly limited. The idea is to always make more than your peer age group so in time you are way ahead of the groups fiscal norm which general living expensis will be geared to.
 
The questions never change no mater how much money you make or how long you've made it..... i.e. Funds-of-funds assholes. I swear they're as dumb and as scared and as uninformed as your aunt or uncle. They're basically administrative assistants.
 
somewhat of an irony....its not a big deal whatsoever for a kid to spend, easily, $100,000 at college between, tuition, room and board, books, etc....do very little studying and alot of binge drinking. Nobody bats an eye.

But even someone passionate about trading, willing to risk a stake of say, $20,000...there will be many more naysayers. I imagine a big part is because of the gambling comparisons, and the fact most don't understand trading.

In defense of the majority, the shittiest degree from a terrible college will probably help more in getting the next job. Still, a lack of knowledge/understanding is the biggest factor I believe.

Just my 2 ticks.
 
I started doing business when i was 19
Well i am 27 and have failed in couple of business all this time
I am planning to start day trading but when i tell my family ( father mother brother aunty ) that i am starting day trading the only answer i get is don't GAMBLE U don't KNOW HOW MANY PLL HAVE LOST MONEY, FAMILY AND FEW suicide ALSO )
Well i have been reading thing about risk management , trends , money management etc and i have been following the market from past 5 years
But day trading as a career is very difficulty to make your family understand i know what u r going through.
I know that nothing is easy i have been in wholesale garment electronics E-commerce etc and nothing is easy and u have to work you ass off.
While in day trading if you can succeed nothing like that
9-5 u r your own boss that the greatest thing :)
Only that i see a lot of pll want to make 10k to 50k in the start which is not possible u have to work your way up.
Hopefully good luck to every one who is starting day trading :)
my best wishes
 
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