Characteristics of a Successful Trader

Quote from saxon22:

Then why do it?
Most people try to make it in this business to attain freedom to be able to do what they always want it. If one is pushing let say 1 million a year then why live in the place where libraries suck, houses do not look all that attractive and 50% of the population get a stiff one over a football game. (just an example). What is the reason for making all this $$$ if nothing changes (financially that is)? What is the motivation? I mean nobody trades because they actually love being by themselves surrounded by 10 monitors listening to the hum of their computers' ventilators.

As for Sam. Do you really think that having billions and living the way he did is a way to go through life? I understand a trader who has a couple good years and is able to put away 1 or 2 million and not spending it knowing that in this business anything can happen, but when a guy sits on top of billions and lives his life as if he were poor, that is just sad.
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I can only speculate for people like Sam Walton, but I assume he was happy with his life. To me, that's the goal for a 'successful life', to be happy.

Another thought regarding spending... You've probably heard a quote (Market Wizards?) that for the most successful traders, money is merely a means of 'keeping score'. For them, trading is not about the money, or what they can buy. Instead, money is the scorecard by which they measure their success.

In addition, in addition to personal financial security, financial success in trading provides the means to help others, whether it be charity donations or perhaps funding college savings for relatives, etc. Those sorts of things can bring a lot of personal satisfaction, IMO.

Lastly, we can't underestimate the personal satisfaction associated with knowing that your excessive tax payments are bailing out the automakers, the financial firms, the over-spending state and local governments, and the homeowners that lied about their incomes and put no money down to buy that huge house they couldn't afford. :)
 
Eric... you must start a church...

If you truly believe so why not just donate all your money to some dumb mooching charity and make all your money back via trading.

You MUST have the skills.
 
Eric,

I have read market Wizards and I doubt they (successful traders) drive beat up cars and live in their old neighborhoods but I digress.

As for Sam being happy, perhaps he was but by the same token there are many people "happy" in Bangladesh. Just because somebody is happy does not mean he is living an exciting or interesting life. I cannot fault the poor peasant in SE Asia for not being able to do much more than survive, but for somebody like Sam to piss life away in Arkansas, .... like I said it is just sad.

Since in order to get bold answers one must ask bold questions, so here it comes?

Do traders of your statue really live a working Joe the plumber lifestyles? and if so then why?
Aren't you interested in how things are in Tahiti, Indonesia, Argentina? Wouldn't you want to take one of those cruises around the world? I mean is life really about hoarding it and then dying?
 
Sorry, saxon22 and Eric. I have an issue when it comes to teach and dealing with newbies. It was never easy... But what's ironic is ironic....

I understand that none of your friends walk around with a name sticker saying hello my name is _________ I make 20K/day. So how humble does one get in that department? Does being humble require not displaying confidence?
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EricP, why do you post your results on ET? How does that relate to being humble?

Even if you have me on ignore.... Other people will read it, and if they're interested in hearing it, they should just quote saxon22 and wait for your reply.

I've been trying to be nice... that ain't my style.
 
Quote from saxon22:

Eric,

I have read market Wizards and I doubt they (successful traders) drive beat up cars and live in their old neighborhoods but I digress.

As for Sam being happy, perhaps he was but by the same token there are many people "happy" in Bangladesh. Just because somebody is happy does not mean he is living an exciting or interesting life. I cannot fault the poor peasant in SE Asia for not being able to do much more than survive, but for somebody like Sam to piss life away in Arkansas, .... like I said it is just sad.

Since in order to get bold answers one must ask bold questions, so here it comes?

Do traders of your statue really live a working Joe the plumber lifestyles? and if so then why?
Aren't you interested in how things are in Tahiti, Indonesia, Argentina? Wouldn't you want to take one of those cruises around the world? I mean is life really about hoarding it and then dying?
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Sorry, saxon22... he sidelined your original question and I may have helped him do it.

Don't bother with this. Just get back to your original doubt.
 
Eric,

I take back all the msgs I've mentioned in PM. My original instincts were correct. You are a one hit wonder. Seriously, I'll give you another year, and you'll be a lighter-weight Dan Zanger living off his past success.

Not to mention, most of the bashing I've done is pretty much an act to divert some of Eric's "ironic material" , for his sake. I'm a moron, mentioning this but who cares. It's actually great not to care what people think of you in ET.

Phew... great that I cleared that off my chest.

So... continue discussing...

I'm out.
 
Saxon, in this game the money can go as quick as it is made and sometimes even quicker if you are not careful. All it takes going on tilt one time and you could piss away years of gains or worse yet end up in the hole on a margin call. Living within your means does not mean you have to hoard it all and never spend. I'm from the school of practicality. Do you really need a 5000 square foot house when you can be just as happy in a 2500 square foot one ? In the end, you will be remembered for the lives you touched and the people you helped, not for your net worth.
 
Quote from osorico:

So very NOT true.

You have provided us with YOUR definition of success. My definition of success has nothing to do with "becoming rich". Yet, by my standards, which are the only standards that matter to me, I am rich, in many ways, and therefore according to you I am wealthy, therefore I am a success. You really should re-read the "humble" attribute.

Success is a result.
Failure is a result.
A winning trade is a result.
A losing trade is a result.
A break-even trade is a result.
No result is better or worse, nor easier or harder to attain than any other result. They are just results. You may "want" one result over another, but that does not make the "wanted" result any more valid. The result itself is "wealth".

Cliche I know, and generally thought of in a financial sense, but ... being poor is a temporary condition. Poverty is a state of mind.

Good thread
Osorico
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beautiful...
 
Regarding lifestyles of those in question...

-Of the guys that are married most of them have been with their wives since before they made much $. Now most of the wives don't work, or at least don't have to. This goes for my situation also. There's a big difference between living a great/healthy lifestyle, and showing all of your neighbors that you make multiples of their income. My friends and family would probably guess I make 1/4 of what I do and that would go for most of the guys I know.

-The more you make, the less you want to spend. It's more exciting to see your money grow than to have a nicer car imo. I would rather have my (future) kids college accounts, 401ks, and IRA's funded then take vacations and stock my wifes closet with Prada.

-I can vouch for the fact that Eric would be happier eating at McDonald's than just about anywhere else. He sees value there :-)
 
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