Laid off traders seek shrinks
- Thread starter TorontoTrader2
- Start date
No surprises here. When I started in the City of London in 1986 I was a kid intimidated by the culture and reputation. But what I found amazed me - an old boys network full of "traders" who couldn't cut if they were thrown out. The only trader worth his salt is one who doesn't care if the company sacks him as he can make it with or without them. When the bear markets came traders would go to an expensive lunch and come back only to be stopped at the door by security holding a cardboard box with their desk contents.
Black Boxes terrify such traders. But a black box is written by a trader and if you can't beat it you can try to match it or at least follow it. All that's happening is companies don't need these guys to convince the investor because in reality most were never that good.
The reality is trading is like combat and day trading is close quarter battle. These guys talk like they can cut it, and this is their chance.
How did I fare in the City? I worked my butt off. I phoned the top traders in Barrons Quarterly Championships and traded ideas (my ideas 1st so they were willing). I became a hot trader and went from power dressing suits and red braces to a string vest, denim shorts with holes in the arse and multi coloured gutties. But my clients wouldn't have anyone else trade their accounts. When you can cut it, you don't give a stuff and you sure don't fear a computer.
Black Boxes terrify such traders. But a black box is written by a trader and if you can't beat it you can try to match it or at least follow it. All that's happening is companies don't need these guys to convince the investor because in reality most were never that good.
The reality is trading is like combat and day trading is close quarter battle. These guys talk like they can cut it, and this is their chance.
How did I fare in the City? I worked my butt off. I phoned the top traders in Barrons Quarterly Championships and traded ideas (my ideas 1st so they were willing). I became a hot trader and went from power dressing suits and red braces to a string vest, denim shorts with holes in the arse and multi coloured gutties. But my clients wouldn't have anyone else trade their accounts. When you can cut it, you don't give a stuff and you sure don't fear a computer.
yoohoo... Very well said.
I have a friend who trades stocks only on NYSE, he told me that he losing his age with floor being gone, but he is doing fine as he adopts. The interesting thing though, he told me about one guy who was on NYSE floor for almost 30 years and now is crying that his days are numbered. When, he was asked by my friend to join his team, he said that he can not do it over the screen. Adopt or be annihilated.
Evolve or die.