How can struggling daytraders cope with the social stigma of being called losers?

[Red_Ink_inc]

Quote from EMRGLOBAL:

I am a failed day trader. Traded for 6 years. Woke up and now make far more than 99% of the Traders I knew, who still trade.

Some people can make it .01% as far as 7 figures plus. Most can't even make 6 figures as net profit by end of year.

Trading is a dying living. There are some who may make it through all the changes happening and regulations soon to be, but most will have no choice but to move on.

However, that does not mean he cant "Invest" and pull a few swing trades with the money he makes. I do it all the time. But if I loose, it does not effect my bottom line. I know I will make far more at the end of the month when my commissions roll in. I'm actual far more relaxed and able to put my money to work with profits over all.

Trading is a dying living? As long as prices change there are opportunities to profit from it. I do not see a day coming when prices do not change.

Why do the vast majority of your posts include descriptions of how well you're doing? A lot of your posts make me think I am reading a resume. It's like you have something to prove.

The point you miss about trading for a living is the trader is not beholden to anyone. Could you get on a plane to Greece this evening and piss off for a month without a word to any business people?

I bet at this very instant your cell phone is no more than 3 feet away from you. You may make tons of money but it does not sound like you own your own time. The trader may make less than you but he/she owns their own time and answers to no one. That is worth more than money.

 

[jinxu]

Quote from Red_Ink_inc:

Trading is a dying living? As long as prices change there are opportunities to profit from it. I do not see a day coming when prices do not change.

Why do the vast majority of your posts include descriptions of how well you're doing? A lot of your posts make me think I am reading a resume. It's like you have something to prove.

The point you miss about trading for a living is the trader is not beholden to anyone. Could you get on a plane to Greece this evening and piss off for a month without a word to any business people?

I bet at this very instant your cell phone is no more than 3 feet away from you. You may make tons of money but it does not sound like you own your own time. The trader may make less than you but he/she owns their own time and answers to no one. That is worth more than money.

Can you write one more post here to get that 2027th post? Thanks.

 

[CET]

It is not a social stigma. It is a lack of self-esteem that one cares what others think. If you need others' approval, then you'll waste most of your life. Most people will be failures at many things if they attempt enough of them. The goal is to find those things at which you excel.

 

[RCG Trader]

Quote from latinotrader:

An acquaintance of mine is a daytrader. Unlike most daytraders he lives in a nice big house. He got this house with no down payment during the bubble.
He did not bring home the bacon for a long time a few years in fact.
His wife supports the household. He even sold his 2 cars to keep trading and lost it all.
Now he's trying to get funds to trade again by trying to get hired at micro hedge fund which many people think it's actually a ponzi scheme.
His wife gets a ride home from a male coworker who is "just a friend" she says. I suspect his wife is actually dating this guy.
His house is almost empty with no furniture as he only was able to get the house but he never actually had the income to live in such neighborhood.

Of course people call him loser. Even the condo watchmans and janitors treat him badly. People mock at him when he's walking to the public transport station.
Even his wife spends long hours "just talking" in her coworker car at the condo entrance, after he gives her a ride home.

What would you advice to such a guy? What would you do if you were him?
I suggested him some jobs he could apply for but he was not interested.
BTW told me he has blown up 3 six-figure accounts.

1. Get a divorce.
2. Liquidate the house.
3. Get a studio apt or whatever it takes.
4. Begin to trade forex.
5. Get a job, on second shift.
6. Develop a sizing plan, and start very very small.
7. Brag to the ex-wife and the ex-friends by returning to the scene of the liquidation, with you financial house in order because he refused to quit.

 

[Fireplace]

The DIFFERENCE is, of all those you are the ONLY one who bashes trading.

Oh and your opening post also mentions JANITORS while bashing trading, just like Crgarcia's posts.

Quote from latinotrader:

Or deadbroke:
http://www.elitetrader.com/vb/showt...86&highlight=bring+home+the+bacon#post3027686
http://www.elitetrader.com/vb/showt...34&highlight=bring+home+the+bacon#post3010134
http://www.elitetrader.com/vb/showt...89&highlight=bring+home+the+bacon#post2911789
http://www.elitetrader.com/vb/showt...46&highlight=bring+home+the+bacon#post2643946

or ~~~
http://www.elitetrader.com/vb/showt...90&highlight=bring+home+the+bacon#post2856090

or stock777
http://www.elitetrader.com/vb/showt...40&highlight=bring+home+the+bacon#post2787840

or loza
http://www.elitetrader.com/vb/showt...50&highlight=bring+home+the+bacon#post2621750

or pod11432
http://www.elitetrader.com/vb/showt...56&highlight=bring+home+the+bacon#post2569056

or LEAPup
http://www.elitetrader.com/vb/showt...31&highlight=bring+home+the+bacon#post2477831

or bighog
http://www.elitetrader.com/vb/showt...28&highlight=bring+home+the+bacon#post2458828

or circadian
http://www.elitetrader.com/vb/showt...70&highlight=bring+home+the+bacon#post2403270

Definitely you don't know what bringing home the bacon means?
It means to provide support to pay the bills
comprende amigo?

 

[Red_Ink_inc]

Quote from Fireplace:

The DIFFERENCE is, of all those you are the ONLY one who bashes trading.

Oh and your opening post also mentions JANITORS while bashing trading, just like Crgarcia's posts.

Come on man. 'crgarcia' 'latinotrader'. The guy isn't even bright enough to disguise himself as a different minority.

 

[ElecEquity]

Quote from Red_Ink_inc:

Trading is a dying living? As long as prices change there are opportunities to profit from it. I do not see a day coming when prices do not change.

Why do the vast majority of your posts include descriptions of how well you're doing? A lot of your posts make me think I am reading a resume. It's like you have something to prove.

The point you miss about trading for a living is the trader is not beholden to anyone. Could you get on a plane to Greece this evening and piss off for a month without a word to any business people?

I bet at this very instant your cell phone is no more than 3 feet away from you. You may make tons of money but it does not sound like you own your own time. The trader may make less than you but he/she owns their own time and answers to no one. That is worth more than money.

+50,000

 

[Larson]

Quote from RCG Trader:

1. Get a divorce.
2. Liquidate the house.
3. Get a studio apt or whatever it takes.
4. Begin to trade forex.
5. Get a job, on second shift.
6. Develop a sizing plan, and start very very small.
7. Brag to the ex-wife and the ex-friends by returning to the scene of the liquidation, with you financial house in order because he refused to quit.

This is actually good advice.

 

[Fireplace]

I didn't want to get into the whole ethnic thing but of course I noticed it....I just figured the other evidence was good enough

Quote from Red_Ink_inc:

Come on man. 'crgarcia' 'latinotrader'. The guy isn't even bright enough to disguise himself as a different minority.

 

[Handle123]

Quote from latinotrader:

An acquaintance of mine is a daytrader. Unlike most daytraders he lives in a nice big house. He got this house with no down payment during the bubble.
He did not bring home the bacon for a long time a few years in fact.
His wife supports the household. He even sold his 2 cars to keep trading and lost it all.
Now he's trying to get funds to trade again by trying to get hired at micro hedge fund which many people think it's actually a ponzi scheme.
His wife gets a ride home from a male coworker who is "just a friend" she says. I suspect his wife is actually dating this guy.
His house is almost empty with no furniture as he only was able to get the house but he never actually had the income to live in such neighborhood.

Of course people call him loser. Even the condo watchmans and janitors treat him badly. People mock at him when he's walking to the public transport station.
Even his wife spends long hours "just talking" in her coworker car at the condo entrance, after he gives her a ride home.

What would you advice to such a guy? What would you do if you were him?
I suggested him some jobs he could apply for but he was not interested.
BTW told me he has blown up 3 six-figure accounts.

It is obvious to me he needs Major counseling and walk away from this way of life. Needs intervention. He is no longer trading to make money, he is just a losing gambler and as a friend, you might want to take him to a Gamblers AA group.

Long term trading for me makes the most money using the least hours to do it, on the other hand - day trading is total concentration, huge amounts of hours to get good but the reward to risk is usually inverse when you get to the bottom line of profit per trade. Day trading works best when you have disregard for money when you are trading, but sticking with your rules, and always taking out profits out of your account and funneling them into more conservative trading ideas.

But as far as price = human emotions, and I doubt people will ever change. People react and trade differently when markets rise and intense fear comes to play when markets drop. One of many reasons trades lose so often is cause they cannot see prices are emotions, some signals only work when price rises and different ones work when they drop. Different money management rules also applies of what the trend is.