How do full-time traders handle awkward situations when they reveal they trade for a living?

i'm an IT consultant by trade, told my riding group that, thoughI must be stupid from the reaction, they where reaaly dumb asses, another bloke worked selling tweed clothes what ever that is, he was the best thing since sliced bread.

People in general are stupid and anything they don't understand to keep there belief that there smart, is instantly labelled stupid, arrggghhhhhh!
 
well, the problem is that most people will think that you are just a gambler and a liar. that making money as a trader is not possible so you must be a loser. you get no respect most of the time. the solution is to get a ferrari. until then dont expect much. :)
 
Gueco said:
well, the problem is that most people will think that you are just a gambler and a liar. that making money as a trader is not possible so you must be a loser. you get no respect most of the time. the solution is to get a ferrari. until then dont expect much. :)
More...


I get the, if it worked you'd have a ferrari, you dont instant go from loser to millionaire, it boosts my income but thats about it so far, get over it.

Better than play WOW like most people do in there spare time.
 
The 'not a contributor to society' thing is ridiculous. A lot of professions that are generally regarded to be good for society (cop, lawyer, doctor) can be disastrous to society in the wrong hands. Look at Raymond Tensing. Whether someone contributes to society has more to do with what kind of person you are than your job title
 
Daal said:
The 'not a contributor to society' thing is ridiculous.
More...

It may be ridiculous, but for me, personally, it is how *I* feel. I'm not ashamed or embarrassed about being a trader. It is the lack of contribution to anyone or anything but myself that causes the (ridiculous)unsatisfying feeling.

For the past few years in an effort to combat, I donate 5 trading days a year to charities. This year I stepped up my philanthropic activity and now I also offer some direct support to specific persons or families. It is amazing and extremely gratifying for me to play a part in transforming someones circumstance or environment. It doesn't take much, a few hundred bucks a month, basically one or two trades a month (I trade futures) to change lives!

Im not interested in being Buffet. And I do just fine thank you very much. Philanthropy rounds out my success as it, money, is really the only thing that being a trader is able to offer(give)back.

My .02c
 
tiddlywinks said:
Im not interested in being Buffet. And I do just fine thank you very much. Philanthropy rounds out my success as it, money, is really the only thing that being a trader is able to offer(give)back.
More...

Actually, you can give your time to people, which can be more precious than money.

I used to think that my trading was not contributing to society, but I realized that it sure has contributed to me, my immediate family, and others I have chosen to help. It has also given me the time to pursue other activities that might be deemed more socially acceptable. So now I think that no other job would allow me to contribute to society as much as trading has.
 
BONECRUSHER said:
I never feel awkward about it. In fact, I kind of enjoy making them feel awkward about it. I've noticed I look them in the eye when I tell them and then I always look away briefly. When I then look back at them I read their eyes to find signals of intrigue. No signal... it ends. If intrigue...I wait for that first question. Most of the time the signal is confusion and they don't ask...I'm fine with that. If I talk about it I keep it vague, and if I do make them feel awkward it's because I feel sorry for the 9 to 5 people and the 80 hour a week high income professional!
More...
you probably tell people that you are the BONECRUSHER. what is their reaction?
 
d08 said:
There really is no shame in trading for a living. The problem is that some people will say "oh, I'm interested in that, can you teach me what you do?" and of course I'm not into revealing my methods to someone whom I just met.
Then there are the people who just don't understand what it is I'm doing and their questions can be tiring.

Some would argue that soldiers do much more bad in the world than good. What about advertising people? "Yeah, I'm designing another ad for Philip Morris that is targeted at 20 year olds and after than I'm doing one for Coca-Cola to sell kids addictive sugar water that will destroy their health". Yet these people are rarely ashamed of their profession.
I do respect most farmers, supermarket clerks, garbage collectors and janitors though as what they do is very much needed.
More...


I agree. I honestly have never felt any kind of shame or embarrassment. Even when I started out in the biz and clerked for traders who spent half their day trying to find new ways to screw with the new guys. Once in a while when out with friends will run into someone who will question what I do as far as "doing good for society". Again....to me the really good people are the doctors,firefighters,military,teachers...etc. But without traders at hedge funds,prop firms,retail traders,etc there would be problems for anyone who invests in any market. Liquidity would dry up. Good luck to the guy who has money in a 401k in a fund when the fund manager he invests in has to dump 200k shares of AAPL. Without other traders out there that fund manager would have to send out a search party for a bid to hit. That and deal with insane spreads.....AAPL last trade is 420......no liquidity out there......market is now 415 bid 425 offer. Good luck. People who don't understand what liquidity is should go back and see what happened on flash crash day. You don't appreciate having speculators/traders out there then get used to days like that. The general public as investors hate volatility. Take us traders out for a week and you will be begging us to come back.

As far as revealing methods, I agree with you. I rarely bother telling anybody. For one I work my ass off so why give it away? Also most people outside the trading world do not understand the concept of buying something and selling it a half hour later for profit. Even more do not understand selling it for a loss. "Why are you selling it....you are losing money". I tried teaching a buddy of mine years ago a little about short term trading. He bought a few stocks, pulled some nice base hits out of them. Then one day had to deal with a losing trade. He held on and decided this short term trade was now a longer term investment. Stock went down 70% over 2 months. Wiped out a nice part of his account. I had told him he must have an "out" in case it went south. Didn't listen.

Overall when meeting new people the husbands are like "wow...that's cool as hell" when I tell them what I do. The wives roll their eyes and try to change the subject......
 
helpme_please said:
It is socially embarrassing to reveal that one is trading for a living. How do elite traders here cope with this?
More...

it maybe embarrassing only when one does not have money to show for it, which in fact indicates that he is not a trader (yet), but a wannabe trader

traders have plenty of money, and nothing to be embarrassed about
 
You must log in or register to reply here.
Back
Top