Family has negative perception about trading

CaptainObvious · Jul 24, 2006

Quote from fframe38:

You know what's funny is when somebody gets "laid off", "fired", or "downsized" from a corporate job - the family never question whether the corporate system is a scam or if you should stop pissing away 40 hours of your life working for a company that rewards your loyalty and efforts with survival income, and zero actual security. It sure is funny how when people get within 1-2 years of collecting significant retirement benefits / pensions / bonuses, that they are somehow put out of the position ( downsized, "right-sized", eliminated ) before they can actually receive it. Just ask any 50+ year old person whether any "age-bias" exists when attempting to get another job.

Right on the money and it's similar to my story. Laid off, downsized, right sized and generally shown the door 4 different times over a 25 year period. Job security is an illusion as is 401K invesment security, along with company funded pension programs. All can go bye-bye at the whim of people that couldn't give a rats ass about you.
My advice to any younger person is simple. You'll be happier living in a trailer doing something you enjoy than you will be living in a 400K home doing something you hate. Anyone that doesn't support your choices...show em the F'N door. They are a cancer that will kill your hopes and asperations, whatever they may be.

syrre · Jul 24, 2006

Quote from a529612:

Wifey just thinks daytrading is not a respectable way to make a living.

What does she do for a living that is so much more respectable?

Good post by optioncoach.

Optionspoet · Jul 24, 2006

I recommend getting into the business of clubbing baby seals to death and then selling their hides on Ebay.

After a few months, get back into trading and see if she finds it more acceptable.

Or go into gay porn. But then you may never get back into trading

romik · Jul 24, 2006

Quote from Optionspoet:

...Or go into gay porn. But then you may never get back into trading

LOL, that would receive a warm welcome from family members - Ma, u're right, day trading IS for losers, I wanna be a gay porn star instead, is that OK with u?...

Ticketwatcher · Jul 24, 2006

It is all about one's world view. I see the world broken down to two groups. There is the group that when the going gets tough look to kiss ass. And then there's the group that when the going gets tough look to kick ass. Successful traders are of the second group, they are fugitives from an ass kissing world. If you trade you will either take some money out of the market or get mugged, you cannot run in place very long. I came from a family of ass kickers who thought it was neat to be able to enter the market every day and take some money. You are looking to finesse this issue rather than confront it. You cannot take a defensive kiss ass position with your family any more than you can make money trading by playing defense. You have to be pscyhologically constructed to confront your family just as you have to be pscyhologically constructed to confront the market. If you are not strong enough to confront your family, then you are not strong enough to successfully confront the market on a daily basis. If you like to finesse, negotiate, and compromise those things which you find uncomfortable, maybe you have the skills to be a shyster, a bureaucrat, or a politician.

osorico · Jul 24, 2006

You can always get your license and go prop... tell them you're a licensed broker.

I'd bet they even offer to pony up a grubstake to be your client; a nice cover to ride YOUR (newly perceived) coat-tails.

fh2000 · Jul 24, 2006

Quote from a529612:

Wifey just thinks daytrading is not a respectable way to make a living. It's nothing more than being a compulsive gambler going in and out of a casino daily. The thing is I'm getting trade confirms and statements in the mail everyday. When she picks up the mail with a whole pile of obvious correspondences from the broker, she knows some unusual account activity is going on. Another thing is I did well last year but this year has been tough. I need some justification to show her that I know what I'm doing.

a5....

Hope you don't mind me asking. Are you a full time trader at home, or do you keep a day job also?

cashmoney69 · Jul 24, 2006

You could just tell people that you're a private money manager. After all that's what trading is..money management.
--

I respect those of you that are married and are still able to trade, but I think the best situation is to be single...a hermit, isolated from society since they dont like us, and dont want us around anyway.

-nathan

Traveler · Jul 24, 2006

There are direct corollaries to issues I have experienced with my family over quitting a lucrative career to become a professional gambler.

1. Some people aren't wired to believe you can play/trade with an edge. Don't bother to argue with them. They will always just think you were lucky rather than smart.

2. They will eventually leave you alone when they realize you are happy at it and making a comfortable living. My sister is a physician and I have made more $$ than her just about every year. Parents left me alone after that.

3. Treating it like a business will give it more legitimacy. Pay taxes, contribute to a 401k or SEP, buy your own health insurance, etc.

4. It is nice to have the approval of your family but ultimately it doesn't really matter. People who need that kind of support are not really cut out for the solitary life of trading/gambling. You have to be 100% reliant on yourself.

RichardRimes · Jul 24, 2006

Quote from optioncoach:

Fear - people are afraid of risk. They run from it or are afraid to lose $1.00 ]

I live in a neighborhood of people who were NOT afraid of risk. They believed in themselves and put a viable plan together and MADE it. NO ONE makes money without risk.

edit. I get tired of friends that say "oh...your a day trader...NOoooo I trade daily BUT I'm not a day trader! NOT that there is anything wrong with it!