The Daytrader Stigma

Originally posted by Brandonf


One of my biggest regrets in life is having dropped out of college when I started making money in the market. I just stopped showing up if there was much going on. World Affairs test today, screw that BAMM is on the move baby! Now that I have been out of school for 5 years and have a hundred other things going on, going back to school is prooving to be a real pain in the ass. If I could do it over again, I would have finished school though, the market is always there.

Brandon
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its still worth improving yourself, where others can measure you by degree.

funny choice of wording, however, it sure shortens the conversation when you're trying to convince someone else of your accomplishments, because no matter how we denegrate education, its still a "measure" of accomplishment.

consider a hiatus, and get yours!
 
tell whoever is asking what you do for a living that you are a "third world debt trader". that should change the subject quickly... LOL

best,

surf
 
Originally posted by Corso482
From what I hear, trading is all about psychology. Given that, how do you guys deal with being in a profession that most assume guarantees your failure by its very nature. I'd say 99% of academia, the media, and the general public think it's impossible to make money as a daytrader, and all who try will eventually go broke. How do you deal with that look people must give you when you say you're a daytrader? How do you deal with your parents thinking you've entered into a career akin to jumping off a cliff? How do you get through a drawdown period when everyone around you thinks that the inevitable is happening-- you're going broke like they always knew you would. How do you deal with the daytrader stigma?
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Corso, I agree with everything you said. I don't know yet what others have written about it, but I agree with you. The real problem, though, is not how do you deal with people who look down on you or try to discourage you or pity you when you say you want to make a living out of trading. The minute you start making money consistently (I haven't yet), that problem is gone. The real problem then becomes, how are you supposed to treat people who used to look down on you when you were struggling, and now admire you because you were successful. Not only do they admire you, but they might ask you to teach them, or "just" ask you for money. I am getting ready for that event. The day I will succeed, and they will come to me for advice, or money, I'll tell them: "Why would you want my money? Didn't you say it's immoral to speculate? Why would you want to learn, if it's immoral? Oh, I see - it's immoral only if I do it, and without succeeding, but if you can do it, then all of a sudden it's ok..."
 
back in 1992-93, i had a real job. you know the kind of job that you sit in a cubicle, push paper and talk on the phone. i started earning more money in a side business and trading than my meager salary. i ( being stupid ) went out and bought a new mercedes, a new corvette and a rolex to show off my success to my co-workers. in a matter of a week, i went from being fairly well liked by my fellow workers to being HATED and DESPISED. jeolusly reigned supreme. i was called "selfish", "egocentric" and a host of other not so complimentary words. i had one guy just start screaming at me for wasting money. it was sick !! my point is that be ready for strange and unexpected reactions when you start showing your success---- this is something not many people expect.

enjoy !!

surf:)
 
I tell people that Daytrading carries an unfair stigma. The term Daytrading merely means that you cash out of your positions by the end of the day. You don't carry overnights and don't Swingtrade. The strategy is clear to me and means that I am not at risk of overnight events affecting my NAV.
 
Money won't change how you feel about yourself. If it does, you won't be able to hang on to it. When you get to the point that no matter how much you lose, it won't change who you are, then you can make it.
 
Originally posted by bobcathy1
I tell people I am an executioner.......I execute trades......or I tell them I work on the computer......:D
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lol, I'm into murders and executions....I mean mergers and aquisitions. (American Psycho reference)
 
I try to avoid feeling like a stigmatized daytrader by not reading long threads about the stigma of daytrading. I'm still working on it.

Actually I have found that for me, the best way to stay feeling good about speculating is to never discuss it with anyone. Don't let anyone know if you are up or down.

Sometimes it seems like there is a direct relationship between not discussing the work, and doing it well. That's is one of the things that attracted me to it in the first place. Most of the time there is no need to talk or communicate with anyone while involved in it.

Why muck it up by talking about it with people that don't understand it.

Its hard enough to control my own emotions about trading. These people always hit you with the raised eye, head tilted back look.

They hate you because you are good.
They hate you because you are free.

Those people.......

Lifers

They drive me to trade.

But I don't really feel stigmatized



:eek:
 
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