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Life After Trading
- Thread starter Kensho
- Start date
Quote from 2steps:
I know some people who did trading/investing for over 20 years, and still have no clue about trading.
Wow that's a shame for them...
I guess I know of people who have been playing slot machines at the casino for 20+ years . entertainment is the value they seek, the same for traders who have lost for years yet kept going .
"the market gives everyone exactly what they ask from it"
Quote from Zr1Trader:
Wow that's a shame for them...
I guess I know of people who have been playing slot machines at the casino for 20+ years . entertainment is the value they seek, the same for traders who have lost for years yet kept going .
"the market gives everyone exactly what they ask from it"
Guys here like Lescor and RedInk and others have openly stated they struggled for years and years before finally putting all the pieces together for themselves. Whereupon they made six and/or seven figures yearly afterwards.
There is zero shame in trying this profession and moving on to something else if it doesn't suit. The world is full of many other noble professions besides the j.o.b. of trading.
But for those who haven't created their own success yet and still strive to, the results you seek are possible. Others have struggled long & hard before you that inevitably found success, and others will to come.
Quote from austinp:
Is that the type of colorful you mean? The unfamiliar shade to all of the grumbling losers here would be what we call "green"
Anyone who decides to figure out how it's really done and works hard enough to make that happen, can damn sure do it themselves.
Can I ask why someone who has supposedly been trading profitably for over a decade, is trading all of five e-mini contracts?
Not to mention running a fee-based room and education service.
Quote from Specterx:
Can I ask why someone who has supposedly been trading profitably for over a decade, is trading all of five e-mini contracts?
Not to mention running a fee-based room and education service.
I thought the exact same thing but you beat me to it......hell my five year old kid trades more contracts than that....
....it is also a blazingly clear sign of his lack of confidence in his own touted methods......
Where do the 90% of people don't make it as actors, professional athletes, or professional poker players end up?Quote from Kensho:
I wonder where the 90% of traders that eventually quit end up? Where would you end up? Keep in mind daytrading experience on your resume will instantly lead to the resume being trashed.
I ask because I'm thinking of joining the 90%. I haven't blown up but I'm burned out. And I'm 33 yo so I figure I only have a small window of opportunity to quit because age discrimination is very pervasive.
Quote from Specterx:
Can I ask why someone who has supposedly been trading profitably for over a decade, is trading all of five e-mini contracts?
Not to mention running a fee-based room and education service.
Well, I've been trading for more than a decade and in one of my accounts I currently trade 1 contract. It's for my 4 year old nephew and he doesn't get an allowance.
I don't run a chat room or education service though.
I have no idea why anyone would want to deal with knuckleheads all day if he can avoid it.
And I don't buy the crap about wanting to help people. Do it for free if you want to help people. Hell, cover their losses while learning from you if you want to help people.
If someone loses money while learning from you while you make money off that person, that ain't helping anyone but yourself. There's too much bullshit in this business.
Quote from Specterx:
Can I ask why someone who has supposedly been trading profitably for over a decade, is trading all of five e-mini contracts?
Not to mention running a fee-based room and education service.
It's quite possible he only has a profitable few set-ups, so there will be days or even periods of time that he will not be making any trades. In order to generate consistent income, he sells his services. it's perfectly plausible. It also serves as a hedge against any unintended consequences that might arise from the act of trading.
There really is a type of person that genuinely wants to help people make money. Now, what they do to earn that trust is different for all people. I prefer 3rd party verification but then if you've only been doing it a few months, nobody subscribes, or they find out you have a linkedin profile, twitter feed, and facebook page, and think it's unusual so I won't do business with them.
There is no reason to think losing money for people through your advice is what any advisor wants. They want money so that their subscribers or clients keep paying, but since Wall Street is not built to give upside to the individual, most of the profits are made by middlemen underwriting deals. The economic profit is pure if you can find somebody to subscribe, and there's no reason to think if someone does subscribe that you don't want to do well. The motivation for subscription revenue is not to get a few months of fees and have them quit. The motivation is to have subscribers for a number of years and make lots of money for all parties involved in the mutually beneficial relationship. There's no shame either in being one of those providers and as long as everyone's aware of the risks involved it is a fair trade for most people to make to trust in a professional's confidence and opinion.
I will say the luck factor is non-existent after 1 year, so most wait that long to see how you fared against the market during that time.
There is no reason to think losing money for people through your advice is what any advisor wants. They want money so that their subscribers or clients keep paying, but since Wall Street is not built to give upside to the individual, most of the profits are made by middlemen underwriting deals. The economic profit is pure if you can find somebody to subscribe, and there's no reason to think if someone does subscribe that you don't want to do well. The motivation for subscription revenue is not to get a few months of fees and have them quit. The motivation is to have subscribers for a number of years and make lots of money for all parties involved in the mutually beneficial relationship. There's no shame either in being one of those providers and as long as everyone's aware of the risks involved it is a fair trade for most people to make to trust in a professional's confidence and opinion.
I will say the luck factor is non-existent after 1 year, so most wait that long to see how you fared against the market during that time.