Better to Keep Quiet

And the otherside of the unknowledgeable...

I'm a futures day-trader...

1) without fail, people ask for opinion of XYZ company.

2) DOW is up 50 pts or so on any given day, neighbor says "You must be making bank!". Has no conception that market gapped 40 pts in the AM, then slopped and chopped in a narrow range with few, if any, low risk setups for the remainder of the day.

3) As a futures trader, NEVER talk about taxes with these people. The mere mention of the 60/40 or SE treatment/advantage, causes extreme emotion. Kinda like telling a bubble-boob that MTM stock traders write off losses 100%.


Osorico
Fun thread :)
 
Quote from FaderTrader:

So, when hanging out with some aquaintences this evening, the convo inevitably turns to what everyone does for a living.

I told them that I trade and then it began. Everyone who is not a participant in the markets not only seems to have a strong opinion about things (based on no information), but also no clue about the structure and movement of the market.

It always ends badly because it's hard to explain how stocks move in the short term and how leverage works in daytrading, etc.

From now on, I'm just going to respond with, "I work in finance." They'll likely assume I'm toady in a cubicle and I'll be off the hook at that point.

Anyone have similar experiences?
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Try being 19... and all your friends saying "James.... you still don't have a job yet... what is wrong with you????" & "You need to go get a job, when i was 16, I had a job, what makes you so special?"

I don't like discussing what I do. My parents don't even know what I do.

My sister and her husband know, but everyone else doesn't have a clue. I only told them because my sister's husband owns a business of his own and figured he would understand.

I tried explaining it to a friend, back when I was in school. He seemed pissed because he acted like I was making money easily, and he had to go to college and work hard to make a living.

A lot of people around here don't believe in owning a business, and all that, I guess that is common in a lot of places. Some people just dispise trading, and don't have a slight idea of what it is.

I'd lose my mind if I could yap on ET all day long, because there certainly isn't anyone around here I can discuss trading. I also fear if I tell everyone around here that I am a trader, I'll have random people starting to ask me to teach them how to do it. I am not a good teacher, I don't claim to be.

It's just completely confusing, especially when it comes to friends and family.

It's tough.
 
So what is the answer? How can you gain respect while telling the truth about what you do? By the way I agree with you. Electric states he does not care anymore, as he has lost all credibility, and is thought to be crazy anyways.

Quote from jerryz:

nobody respects personal trading unless you have actually become a millionaire doing it. even then they will most likely just be envious and think you got lucky.
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It's quite simple really. All you have to do when people ask what you do is come up with a complex explanation of what you do.

CEO of my own trading account.

I create complex models for markets.

Market analyst

quantitative/statistical market specialist

Or you can tell them you are a trader only when you are both driving in your 100k car :)

I think when you get defensive, it is a sign you are not confident in your career. Just say "I am a trader" and keep a sly smile on your face, never lose your cool.

-Kastro
 
How has Electric arrived to a place where he honestly does not give a crap? I have heard him tell people he pumps cesspools. I swear he has done crazy things and I am sworn to keep my mouth shut. He once told an innocent he was an IRS investigator. You would not believe how the conversation turned...One time two men were fighting terribly and Electric jumped in and told them a crazy story and they forgot what they were beating each other about. The satirical world Electric has chosen to deal with life, is simply not healthy...or is it?

Last week we drove to a prominent side of town in our 1990 Plymouth Voyager with Simulated wood-grain siding and went to some open houses in Cherry Creek...Several million dollars. You should have noticed the realtors faces when they looked at Electric in his Gym sweats and his car, Electric is oblivious to this and he is the most classy guy I know, when he wants to be.

I think the point here is the problem lies in your heart..not with others.

Wifey

do not judge a book by it's cover, just read it if it interests you
 
Quote from Steve Tvardek:

My aunt and uncle just yesterday emailed me saying that they heard that I was doing well in the markets and wanted me to help them in their long term investments and financial planning. I tried to explain that I am a "daytrader" and really only understand how to capitilize on intraday movements but they didnt seem to understand the difference. Just requires too much effort to get into the details :)
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Keep doing as well as you are, and guaranteed you'll have more than family members clamoring for your services...

Not that there's anything wrong with that. :D


Gotta give you props man, you are one consistent moneymaker.
 
Hey Wifey,
I think you two should take a picture of that famous 1990 Plymouth Voyager with Simulated wood-grain siding and post it on here :) I would love to see it....

-Kastro


Quote from MrsSavant:

How has Electric arrived to a place where he honestly does not give a crap? I have heard him tell people he pumps cesspools. I swear he has done crazy things and I am sworn to keep my mouth shut. He once told an innocent he was an IRS investigator. You would not believe how the conversation turned...One time two men were fighting terribly and Electric jumped in and told them a crazy story and they forgot what they were beating each other about. The satirical world Electric has chosen to deal with life, is simply not healthy...or is it?

Last week we drove to a prominent side of town in our 1990 Plymouth Voyager with Simulated wood-grain siding and went to some open houses in Cherry Creek...Several million dollars. You should have noticed the realtors faces when they looked at Electric in his Gym sweats and his car, Electric is oblivious to this and he is the most classy guy I know, when he wants to be.

I think the point here is the problem lies in your heart..not with others.

Wifey

do not judge a book by it's cover, just read it if it interests you
More...
 
What I usually do in a conversation like that is before I open my mouth I start reading my Account statement and make a small comment like "Woo, that's good" , then everyone else reads the balance and says "WAHOO , that's good chunk of money!.

By the way I'm short the ZB from 115-00, on 40 contracts, and I'm only a "Financial Trader"( my hobbie)
 
Although I am not in the same exact position as you I also run into the same conversations. Bottom line is you have no need really to convince anyone of what you do. Those with pre-dispositions against daytrading will not hear one thing you say no matter how many account statements you show them or how well you explain it. It is so not worth the effort lol.

Usually when I say I trade options and futures and the person responds with "Wow that is very risky" or "Isn't that very risky?" I just turn the conversation eslewhere. Afterall everything has risk. All investments are risky to one extent or the other. However people have their own perceptions as to risk and lack of knowledge of a subject makes it seem too risky even to have an intelligent conversation about.

When people want to preach to me about the risk of options or futures I simply ask them if they ever traded those products (the answer is almost always no) and then say "ok" and change the subject. Most polite subtle way to say, "Since it is quite evident you do not know what you are talking about, how about we switch to a subject you have some knowledge on."
 
Years ago they sold something called "contact paper" to line the inside of your silverware drawars in the kitchen. Do they still sell some of that? I need it, as the sim wood is peeling...and if I am going to take a picture, I need to fix it :)

Wifey




Quote from Kastro_316:

Hey Wifey,
I think you two should take a picture of that famous 1990 Plymouth Voyager with Simulated wood-grain siding and post it on here :) I would love to see it....

-Kastro
More...
 
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