What should you do when your family keeps telling you to quit trading and stop pissing your life away like that? They think all traders are the stereotypical daytrading losers who have nothing better to do than to sit in front of their PCs all day scalping pennies. I can't trade like that when there's someone at your back trying to discourage you from doing what you love.
Family has negative perception about trading
- Thread starter a529612
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As long as they're not paying your bills and you're not neglecting your spouse/kids, I think you can be content to agree to disagree with them about trading and do your thing.
Let's be honest........you are going to have a tough go making without the support of your family. How mentally strong, comitted, and confident in your trading? What is more important to you? Your trading or marriage, I am serious. If you say marriage can you negotiate a trial period to see if you can make it, if not go back to 9-5?
I ask because I have had a tough go making money this last year day trading, but I have the full support of my wife. Without it I might pack it in or become single.
I ask because I have had a tough go making money this last year day trading, but I have the full support of my wife. Without it I might pack it in or become single.
a5..., since we don't know your age, marital status, etc., a clarification might help. Are you talking about your spouse, or your parents/siblings? I wouldn't really care what the latter thought (unless you're unemployed and living in their basement); however, I think spouses do need to agree on the what and how of satisfying family cash flow needs.
The answer is simple.
If you are pissing your life away without making progress in trading, then stop.
If you can't trade because of family hassle, wait until you're grown up and free but only then trade if you've done all the study and preparation needed to know how to operate successfully in the market.
My spouse thinks daytraders sweat bullets over every trade and eventually lose everything and go to vegas to try to get it back. Nothing can dissuade her from this and the old father in law feeds her with more of the same so I have to keep things separated from them. I work on systems constantly and don't trade at all. When the systems are working I will trade them. I don't want to go through the learning curve with some know nothing opinionated people breathing down my neck. When the money is coming in I am never going to let them in on how much it is. No support on the way up, no support in return, screw 'em all.
a couple things are key here...
1. If they dont like it....dont talk to them about it. change the subject...keep things amiable. My father in law is a minimalist and thinks it is stipid that i have 3 cars (only one is family type car..the others are toys really)...and a racecar. I think he is an irresponsible alcoholic loser. We keep the peace..he doesnt drink around us, and I keep my cars where he cant see them. we get along much better now.
DONT TALK ABOUT TRADING, MATE!
2. Are you losing money and sacrificing your financial stability trading? If not, it shouldnt be a problem. If they have mutual funds, or any type of retirement plan...they are in the same game. You just control risk in a different way.
3. dont use the term "daytrader". To be honest...i occasionally do it and I still have a negative image about day traders...95% ARE losers (sorry guys...it is true). use different terminology without a negative conotation. Say you run a small private fund that you would like to show good results for a few years and then attract investors. That is what i have done (i really do have a small fund...multiple investors), and it is has worked out well. if people ask if i day trade I say "rarely, I often make much more money on the longer term movements". no negative connotaion anywhere.
verbage counts.
1. If they dont like it....dont talk to them about it. change the subject...keep things amiable. My father in law is a minimalist and thinks it is stipid that i have 3 cars (only one is family type car..the others are toys really)...and a racecar. I think he is an irresponsible alcoholic loser. We keep the peace..he doesnt drink around us, and I keep my cars where he cant see them. we get along much better now.
DONT TALK ABOUT TRADING, MATE!
2. Are you losing money and sacrificing your financial stability trading? If not, it shouldnt be a problem. If they have mutual funds, or any type of retirement plan...they are in the same game. You just control risk in a different way.
3. dont use the term "daytrader". To be honest...i occasionally do it and I still have a negative image about day traders...95% ARE losers (sorry guys...it is true). use different terminology without a negative conotation. Say you run a small private fund that you would like to show good results for a few years and then attract investors. That is what i have done (i really do have a small fund...multiple investors), and it is has worked out well. if people ask if i day trade I say "rarely, I often make much more money on the longer term movements". no negative connotaion anywhere.
verbage counts.
Sadly people who are interested in the markets..and don't want work for someone else - this is an unpopular option - for the entrprenuerial outlet.
Conventional-minded people just don't get it, that you can become proficient at this.
People interested in food open restraurants, people interested in flowers open florists, etc, but people interested in the markets have to suffer in silence, produce results or take that interest to a part - time level, and get a Real Job for which they have zero interest.
Been there, not easy.
Most people prefer security over freedom.
Conventional-minded people just don't get it, that you can become proficient at this.
People interested in food open restraurants, people interested in flowers open florists, etc, but people interested in the markets have to suffer in silence, produce results or take that interest to a part - time level, and get a Real Job for which they have zero interest.
Been there, not easy.
Most people prefer security over freedom.