MONK traders
- Thread starter marketsurfer
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The most important thing in life is to be doing something you want to be doing, something you really enjoy and find fascinating. It will naturally evolve into "more" as you learn more and gain confidence in your developing abilities. Don't waver from the course. This developes strength of purpose which will be neccessarry to continue reaching new plataeus. Never overplay your hand, arrogance, as there is always somebody stronger and more knowledgeable that can squash you like a bug. It's oft been said that nobody is doing anything that some one else isn't allowing them to do. Don't worry about women, they will sense the strentgh and conviction and find you, it's built into the dna.
Re: friends. Don't let people hold you back, if people you know now don't like you gaining success, accomplishing something outside their expectation/perception of who you are, it's their decision. They change, not you. You will find new circles of friends with a different set of perceptions/ expectations of life.
Banjo
Re: friends. Don't let people hold you back, if people you know now don't like you gaining success, accomplishing something outside their expectation/perception of who you are, it's their decision. They change, not you. You will find new circles of friends with a different set of perceptions/ expectations of life.
Banjo
Banjo:
Thanks, that's where I am now. After many years in a wirehouse, I made the decision to pursue my other interests as that was not where I wanted to be - for all the previous reasons discussed. I was becoming someone that I am not. Now, it's kinda scary as well as exciting, because I now have the time to really consider my options.
Trading is my main career desire, however, I am looking at ways to fortify it with my other interests as well as determing where I want to live. In the meantime, i am patiently trying to use my time to explore hobbies and spend time with family, until the road becomes a little more clear.
The current trading environment has me apprehensive about taking too large a steps. My big anxiety, is being overly excited and jumping the gun, having to do another ten years as a drone in the corporate world. This is the first time in a long while that I can be myself and breath, not have to be superficial. That's what I plan to continue.
Not to wander too far off topic, but these are some fundamentals that got my attention with this thread. Always, a sincere thank you to all for the experienced feedback.
Gordo
Thanks, that's where I am now. After many years in a wirehouse, I made the decision to pursue my other interests as that was not where I wanted to be - for all the previous reasons discussed. I was becoming someone that I am not. Now, it's kinda scary as well as exciting, because I now have the time to really consider my options.
Trading is my main career desire, however, I am looking at ways to fortify it with my other interests as well as determing where I want to live. In the meantime, i am patiently trying to use my time to explore hobbies and spend time with family, until the road becomes a little more clear.
The current trading environment has me apprehensive about taking too large a steps. My big anxiety, is being overly excited and jumping the gun, having to do another ten years as a drone in the corporate world. This is the first time in a long while that I can be myself and breath, not have to be superficial. That's what I plan to continue.
Not to wander too far off topic, but these are some fundamentals that got my attention with this thread. Always, a sincere thank you to all for the experienced feedback.
Gordo
Threads like this one are refreshing - love it.
I didn't vote on the poll however, because both answers are both true and false, depending on how I look at it. (yes I'm a discrentionary trader
- maybe I should change my handle from plumlazy to *undecided*)
While on the one hand I know that money cannot buy happiness, to be honest, I sure as heck wouldn't mind giving it a try. If I'm not happy with it, then I can always revert to living with the struggle of the last 46 years. But I'm all for the rich, because the way that I see it is, that if the rich can't make it then the poor don't stand a chance.
Let's say that I trade my way to profits that provided great wealth. On my scale of looking at things - I define great wealth as to be making enough dough to be living in a decent house (currently renting old house that the wind seems to blow right through on a cold night) with several acres of land for horses (4 horses would be nice- 2 that we have now plus 2 more for invited guests to ride) - about 10 or 20 acres would be plenty. (currently feeding lots of hay, for lack of good pasture) At least 2 good vehicles - one would be a nice diesel dually pickup truck,(currently one 96 model full size truck V-8 gas) the other a nice car - not necessarily flashy - not necessarily expensive - just something that I wouldn't be afraid to set out on a long trip with. One of those big fords like the cops drive would be plenty.
I would also want a decent nest egg to cover medical expenses for myself and my wife and some real good medical insurance policies. (for you 20 and 30 year olds - this is something that you start to think about, after you come to the realization that you have passed the halfway point of your life expectancy) This usually happens right about the time that you realize that you now look at an *all-nighter* as a night that you didn't have to get out bed and go to the bathroom.
My handle *plumlazy* is actually an opposites handle that I would love to live up to. I have worked hard all my life at blue collar work (still don't have a lot to show for it). I now have some medical problems that don't allow me to hustle anywhere near like I used to. I've had angioplasty surgery for blocked arteries twice in the last 3 years. I also have chronic back pain (always there) but not acute (always screaming). So great wealth for me would include getting some good medical care for my back also without being concerned about how to pay for it.
As for giving money to those that need it more than I. I do that to a small degree now and would love to do more. I agree with 'no pm' that it is wise and prudent to remain anonymous whenever possible.
I try very hard to keep a positve mental attitude about this and life in general and try to keep in mind that I am probably already part of the top 20% of the richest people in the world. (not sure about this math - but you most likely know what I'm saying)
I believe that laughter is the best medicine and that the internet may become one of the best tools for world peace and prosperity that has ever been available.
I try very hard not to envy those that have done well financially in life. To me that is plain bullshit attitude. In turn, I don't look down on someone who flips burgers for a living and I consider all work to be honorable (as long as it is moral of course). It's not what cards you were dealt - it what you do with the cards that matters and if you are working and not stealing then you have my repsect. So the lower rated jobs are definitely still quite honorable from my point of view.
When I find myself comparing my self worth to what others have or have not achieved in material worth, I'm setting myself up to be influenced by either jealousy, if I think that they are doing better than me or false pride, if I think that I am somehow doing better than them. Life is too short and if I allow this to happen between my ears I am surely going to miss out on some gifts that others have to offer.
Everyone has a gift to give, if I sit still, am willing to listen and am patient enough to look for it. (get my ego out of the way long enough to truely listen to what they have to tell, rather than become so consumed with thinking about what my response will be to what they are saying, that I miss out on some part or most of what they are trying to convey to me)
My ego can damage myself and others, if I don't stictly keep it in check. While it is ok for me to strive for perfection, (being the virgo that I am...lol..) I have to be willing to settle for progress or else I can drive myself and those close to me to the brink of insanity.
I like nice things. I would like to have more nice things. I'd love to have an HDTV too. If I can aquire one someday through the rewards of my work then so be it. If not then so be it also. What's more important is an attitude of gratitude for all the blessings that have already been bestowed to me in life.
Good conversation with good people (no matter what they have or don't have) is one of my greatest enjoyments in life. My mamma always said that I would stand there and talk to a fence post as long as that fence post was willing to stand there and listen.
But to say that material possessions aint important to me, well that's just not true. Proof of that can be had when the electricity goes out for several days after a storm.
And with that I will now hush.
Best regards to all of you folks,
plumlazy
I didn't vote on the poll however, because both answers are both true and false, depending on how I look at it. (yes I'm a discrentionary trader
- maybe I should change my handle from plumlazy to *undecided*)While on the one hand I know that money cannot buy happiness, to be honest, I sure as heck wouldn't mind giving it a try. If I'm not happy with it, then I can always revert to living with the struggle of the last 46 years. But I'm all for the rich, because the way that I see it is, that if the rich can't make it then the poor don't stand a chance.
Let's say that I trade my way to profits that provided great wealth. On my scale of looking at things - I define great wealth as to be making enough dough to be living in a decent house (currently renting old house that the wind seems to blow right through on a cold night) with several acres of land for horses (4 horses would be nice- 2 that we have now plus 2 more for invited guests to ride) - about 10 or 20 acres would be plenty. (currently feeding lots of hay, for lack of good pasture) At least 2 good vehicles - one would be a nice diesel dually pickup truck,(currently one 96 model full size truck V-8 gas) the other a nice car - not necessarily flashy - not necessarily expensive - just something that I wouldn't be afraid to set out on a long trip with. One of those big fords like the cops drive would be plenty.
I would also want a decent nest egg to cover medical expenses for myself and my wife and some real good medical insurance policies. (for you 20 and 30 year olds - this is something that you start to think about, after you come to the realization that you have passed the halfway point of your life expectancy) This usually happens right about the time that you realize that you now look at an *all-nighter* as a night that you didn't have to get out bed and go to the bathroom.
My handle *plumlazy* is actually an opposites handle that I would love to live up to. I have worked hard all my life at blue collar work (still don't have a lot to show for it). I now have some medical problems that don't allow me to hustle anywhere near like I used to. I've had angioplasty surgery for blocked arteries twice in the last 3 years. I also have chronic back pain (always there) but not acute (always screaming). So great wealth for me would include getting some good medical care for my back also without being concerned about how to pay for it.
As for giving money to those that need it more than I. I do that to a small degree now and would love to do more. I agree with 'no pm' that it is wise and prudent to remain anonymous whenever possible.
I try very hard to keep a positve mental attitude about this and life in general and try to keep in mind that I am probably already part of the top 20% of the richest people in the world. (not sure about this math - but you most likely know what I'm saying)
I believe that laughter is the best medicine and that the internet may become one of the best tools for world peace and prosperity that has ever been available.
I try very hard not to envy those that have done well financially in life. To me that is plain bullshit attitude. In turn, I don't look down on someone who flips burgers for a living and I consider all work to be honorable (as long as it is moral of course). It's not what cards you were dealt - it what you do with the cards that matters and if you are working and not stealing then you have my repsect. So the lower rated jobs are definitely still quite honorable from my point of view.
When I find myself comparing my self worth to what others have or have not achieved in material worth, I'm setting myself up to be influenced by either jealousy, if I think that they are doing better than me or false pride, if I think that I am somehow doing better than them. Life is too short and if I allow this to happen between my ears I am surely going to miss out on some gifts that others have to offer.
Everyone has a gift to give, if I sit still, am willing to listen and am patient enough to look for it. (get my ego out of the way long enough to truely listen to what they have to tell, rather than become so consumed with thinking about what my response will be to what they are saying, that I miss out on some part or most of what they are trying to convey to me)
My ego can damage myself and others, if I don't stictly keep it in check. While it is ok for me to strive for perfection, (being the virgo that I am...lol..) I have to be willing to settle for progress or else I can drive myself and those close to me to the brink of insanity.
I like nice things. I would like to have more nice things. I'd love to have an HDTV too. If I can aquire one someday through the rewards of my work then so be it. If not then so be it also. What's more important is an attitude of gratitude for all the blessings that have already been bestowed to me in life.
Good conversation with good people (no matter what they have or don't have) is one of my greatest enjoyments in life. My mamma always said that I would stand there and talk to a fence post as long as that fence post was willing to stand there and listen.
But to say that material possessions aint important to me, well that's just not true. Proof of that can be had when the electricity goes out for several days after a storm.
And with that I will now hush.
Best regards to all of you folks,
plumlazy
I agree PlumLazy....good health is a blessing if you have it, and enough money for health insurance if you don't. Bob is one big medical mess and his insurance has paid out far more than he has paid in. 30 operations in a life time and still more to go. 24k a year in heath insurance and costs alone is no easy task. We have a really cheap lifestyle otherwise.
Both of us always wanted to live on a boat, and now it is 12 years we have lived on one. It is a very relaxed lifestyle. We put all our spare money and time into the darn thing though. Bob enjoys his orchids on the back deck, working on the boat and we both love to cook. Once a year we used to go on a month's voyage. We haven't now for 7 years, so we plan on taking a trip for 7 months to make up for the lack next year. Go up the east coast and down the Mississippi.
I enjoy trading. Gives me some excitement in my life. It is a lot of fun most of the time, and we both can do it together rocking on the boat. If I did not enjoy what I did, I would just start another service business. I have been my own boss way too long to go back to working for someone else.
Salude....
Both of us always wanted to live on a boat, and now it is 12 years we have lived on one. It is a very relaxed lifestyle. We put all our spare money and time into the darn thing though. Bob enjoys his orchids on the back deck, working on the boat and we both love to cook. Once a year we used to go on a month's voyage. We haven't now for 7 years, so we plan on taking a trip for 7 months to make up for the lack next year. Go up the east coast and down the Mississippi.
I enjoy trading. Gives me some excitement in my life. It is a lot of fun most of the time, and we both can do it together rocking on the boat. If I did not enjoy what I did, I would just start another service business. I have been my own boss way too long to go back to working for someone else.
Salude....
And, if you decide to say give a property to your children so as to help them along, do you give it to them exclusively or do you put it in both your daugher's (or son's) name AND their spouse ?
Usually not in either name. It's typically better to place the house in a living trust, where the parent is the sole trustee. A few of the advantages (while the parent remains as sole trustee):
In the event of the child's divorce, the property is not touched.
In the event the child dies intestate or otherwise, the property remains with the trustee.
It is not subject to the child's creditors.
If the parent dies, the child (who would be the beneficiary of the trust) inherits the house at that time and so gets the stepped up tax basis.
BTW, there's an excellent book available written by an experienced attorney about setting up trusts/estate/wills and what makes this book so much better than others of that genre is that this book's slant is on what happens with families - in real life - after the deceased's last wishes are enacted, and how best to avoid these things that despite our best intentions, commonly go wrong:
Beyond the grave : the right way and the wrong way of leaving money to your children (and others) / Gerald M. Condon, Jeffrey L. Condon.
Usually not in either name. It's typically better to place the house in a living trust, where the parent is the sole trustee. A few of the advantages (while the parent remains as sole trustee):
In the event of the child's divorce, the property is not touched.
In the event the child dies intestate or otherwise, the property remains with the trustee.
It is not subject to the child's creditors.
If the parent dies, the child (who would be the beneficiary of the trust) inherits the house at that time and so gets the stepped up tax basis.
BTW, there's an excellent book available written by an experienced attorney about setting up trusts/estate/wills and what makes this book so much better than others of that genre is that this book's slant is on what happens with families - in real life - after the deceased's last wishes are enacted, and how best to avoid these things that despite our best intentions, commonly go wrong:
Beyond the grave : the right way and the wrong way of leaving money to your children (and others) / Gerald M. Condon, Jeffrey L. Condon.
I have been trading since 1999 full time since 2001. I have had the priviledge of being exposed to very wealthy people and some of the most successful traders in the country and some of the most humble( financially) people as well. here is my take. It seems that the very wealthy(that flaunt it) bottom line are very selfish. Some may donate to good causes etc, but most wont help a friend in need. Converse to this is the basic struggling person who many times will give you the shirt off of his/her back. They usually can identify with problems so dont mind giving what they have. After getting to know both economic classes, I think the best way to be is a combination of the two. Old money usually drives a used car, lives in a modest home, even if they have a beachfront vacation home in hawaii, dress simply, shops at the goodwill. and if you ever ate dinner at their house you might never know what type of cash they had. This gives them a TREMENDIOUS advantage. First they have the money to do whatever they want without the social pressure to spend it. Consequently they have alot of cash in reserve for the bad times. They raise kids that know how to keep their mouth shut, therefore keeping predators away. Dont have the social pressure to look/drive/act in a certain way but the freedom to do so if they choose. think of how much we would all have if we lived way beneath our means. last but not least think of how JFK Jr. used to be. If you saw him in NY riding his bike or catching the subway you might never know that this was the step son of a billionaire. There is alot to be learned from this example. When you make it, dont spend it.
>>When you make it, dont spend it.<<
Money is meant to go around.
Yes, it is a good idea at one stage to secure one's future by acquiring income producing investment but to scrounge, not spending more than the bare essentials, (after having reached a certain level of capital) is downright stupid.
I mean, to continue building capital after having reached a certain level and not enjoy one's money is absurd.
I have known a few people like that. One party, after having acquired an estate of some $ 12 M continued to live in a most frugal manner. spending as little as possible on himself. Only when he became very ill and was on his deathbed did he realise how stupid he had been. He said "If I get better, I will change my lifestyle."
Unfortunately for him the end result was that he died after all and his brother's two sons whow ere his beneficiaries were happy to piss the money up against the wall.
In your case it may not be your brother's sons, it may be your sons in law who will go and have the time of their life
freealways
Money is meant to go around.
Yes, it is a good idea at one stage to secure one's future by acquiring income producing investment but to scrounge, not spending more than the bare essentials, (after having reached a certain level of capital) is downright stupid.
I mean, to continue building capital after having reached a certain level and not enjoy one's money is absurd.
I have known a few people like that. One party, after having acquired an estate of some $ 12 M continued to live in a most frugal manner. spending as little as possible on himself. Only when he became very ill and was on his deathbed did he realise how stupid he had been. He said "If I get better, I will change my lifestyle."
Unfortunately for him the end result was that he died after all and his brother's two sons whow ere his beneficiaries were happy to piss the money up against the wall.
In your case it may not be your brother's sons, it may be your sons in law who will go and have the time of their life
freealways
Food for thought:
"It is a disgrace to die rich." -- Andrew Carnegie
"It is a disgrace to die rich." -- Andrew Carnegie