The thing about "day trading"

but I've assessed the whole "becoming a day trader" path and it just seems like there is no substance behind the job.
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But just a couple of weeks ago, maha had such aspirations and visions of grandeur.......looks like another victim of the forex market looking for a place to vent/play the blame game.

Maharaja
Senior Member

Registered: Feb 2004
Posts: 127


04-24-04 05:31 AM

My "ultimate" goal is to run my own hedge fund. Currently I am a soon to be graduate with a BS in Computer system engineering. My plan is to work and trade the forex markets for a few years while attempting to study for the CFA. Hopefully it will give me enough knowledge and credibililty to run such a thing. Either way, I believe studying for it will be beneficial.
 
Quote from s0Lo:

Well, I'm not a trader of any sort... more of an aspiring one. So dont quote me on this.

However, i think you are forgetting that if the last 100 years showed us anything, it is the failure of societies where people are forced to do things for the common good. People are motivated by one thing, and one thing only - self interest.
So in your analysis of ...
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This is probably the best answer yet... Thank you.
 
Maharaja and your ilk,

How quickly you discount the element of my freedom in your life.

The taxes on the considerable profits of my freedom to make money in whatever medium I see fit help pay for your inadequacy to provide richly for yourself. Ask yourself where you would be if not for me. Tax me too much and you will surely see.

If you are feeling discontent about not making money while trading...seek another endeavor better suited to your ability and take your thinly disguised communistic cancer elsewhere. I hear the squalor in Cuba is beautiful this time of year.

Allen

--- To each to the extent of their ability.
 
Quote from Tauvros:

>>>but I've assessed the whole "becoming a day trader" path and it just seems like there is no substance behind the job<<<

But just a couple of weeks ago, maha had such aspirations and visions of grandeur.......looks like another victim of the forex market looking for a place to vent/play the blame game.

Maharaja
Senior Member

Registered: Feb 2004
Posts: 127


04-24-04 05:31 AM

My "ultimate" goal is to run my own hedge fund. Currently I am a soon to be graduate with a BS in Computer system engineering. My plan is to work and trade the forex markets for a few years while attempting to study for the CFA. Hopefully it will give me enough knowledge and credibililty to run such a thing. Either way, I believe studying for it will be beneficial.
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The check I sent to Oanda has yet to be credited to my account...

And I never said I'm stopping my trading... "My plan is to work AND trade the forex markets "
 
Quote from Maharaja:

Don't you "day-traders" or any kind of full-time (NOT part time, or people that trade as a second job) traders feel like your not accomplishing anything? I'm not trying to offend anyone, but I've assessed the whole "becoming a day trader" path and it just seems like there is no substance behind the job. Yes, it gives you freedom, you can work naked in your bedroom, etc... but even if you are immensely profitable what have you done for society? Buying and selling of a company/currency/future/etc for a quick profit, but what is the higher end result? If you are a day trader your whole life, what have you accomplished? What will people remember you for? If your a low level engineer, at least your building things, a doctor cures people, an investor helps a company grow, a hedge fund manager makes money for people, a janitor keeps place clean, a hit man kills people (at least it is something!)... What does a day trader do for society? Does this bother any of you? Maybe it doesn't matter. Just wondering how everyone else feels...
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When others say this topic has been discussed many times before...

Here's a typical example...

http://www.elitetrader.com/vb/showthread.php?s=&threadid=20180&perpage=5&pagenumber=1

By the way...are you still attending ASU?

Did you actually take the proprietary trader position?

To see a post like what you just posted sounds like something didn't work out so well and your looking for something to blame.

I know many that work within the business of trading (retail, institutional et cetera)...

Traders pay taxes, put their children through college et cetera...

Heck, on Saturday I'm going to be ordering about $100 dollars worth of roses for Mothers Day...

I'm sure that flower shop I've gone to for the past several years could care less that I'm a daytrader.

I'm just one of their clients like everybody else that comes to them and buys their products...

Keeping them in business...maybe they are financing their own children's college education.

Simply, don't be so closed minded because this is the wrong business to be walking around with such a dismal outlook.

It always catches up with those with such a negative view.

Last of all, next time you talk to someone that trades (retail or firm)...

Do this type of research...ask them to write down on a piece of paper where they've gone shopping or spent their money (groceries, gas, clothing, restaurant, college tuition et cetera)...

Next...go visit those places that trader spent his/her money.

Take a long look at those places.

Then go inside to talk to the owner.

Ask what value does a trader has in society that just spent some of his/her money in that place of business.

Hopefully that helps with your question...

...what have you done for society?

Therefore, continued with your assessment and hopefully you'll start seeing the substance...

If not...this is not a job you want to be involved in.

NihabaAshi
 
a friend of mine once told me he was leaving trading because he was "a zero to society" (this happened about the same time he stopped making money). i asked him what is he going to do instead? he told me law school. I said"if trading makes you a zero to society law in 90% of all cases makes you a negative number.
 
Quote from ig0r:

they provide liquidity :D
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Except for ig0r, everyone is missing the point. Traders benefit society by taking on risk from others looking to offset it. If there were no traders, people would not be able to quickly and easily enter or exit their capital assets at the best possible price. Just look at what the influx of traders did to spreads and commissions over the last decade.

Now a more legitimate question may be "are there too many traders?", and I think the market does a good job of answering that in the success rate. Its the same as what happens when there are a surplus of people in any profession.

And to the sports analogy. Athletes provide entertainment...that is a product like any other. They are rewarded on the total contribution they make to society (hence the large payoff to so few people). Same with actors. Any "job" you can think of that will pay you for your labor/time is producing a benefit to society..otherwise it would not pay and you would soon be looking elsewhere for work. Now some careers may be more humanitarian than others, I will not debate that, but in an economic sense there is no free lunch.
 
Quote from Trend Fader:

Dude.. u have your head in the toilet.

Good morals are worth a lot.

I think a lot of the younger traders like myself dream of getting to a point where they feel they have the confidence to start managing other people's money professionaly.



--MIKE
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You're only a few posts away from my ignore list which only consists of 2 ppl.

This society glorifies Wall Street, I-Banks, Lawyers and executive management like CFOs & CEOs. You know, these are "good" and "moral" jobs while in reality these are nothing more than schemers and thieves. Particularly I-Bankers which are equated with good moral fiber due to the very hard work and "intelligence" required. I-Banks do nothing more than break up companies and put them back together for a fee. Either way you add it up, money is schemed out.

I forgot to add religion which is one of the biggest scams of the world.
 
Quote from NihabaAshi:

When others say this topic has been discussed many times before...

Here's a typical example...

http://www.elitetrader.com/vb/showthread.php?s=&threadid=20180&perpage=5&pagenumber=1

By the way...are you still attending ASU?

Did you actually take the proprietary trader position?

To see a post like what you just posted sounds like something didn't work out so well and your looking for something to blame.

I know many that work within the business of trading (retail, institutional et cetera)...

Traders pay taxes, put their children through college et cetera...

Heck, on Saturday I'm going to be ordering about $100 dollars worth of roses for Mothers Day...

I'm sure that flower shop I've gone to for the past several years could care less that I'm a daytrader.

I'm just one of their clients like everybody else that comes to them and buys their products...

Keeping them in business...maybe they are financing their own children's college education.

Simply, don't be so closed minded because this is the wrong business to be walking around with a chip on your shoulder...

It always catches up with those with such a negative view.

NihabaAshi
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Yes, still at ASU, took two finals today... I haven't taken a prop postion yet, I haven't even been trading that much because of school. I dont want to go prop. I'm making the transition right now from index options to forex so I can have a job during the day and trade at night. Forex starts getting active at 5pm AZ time here...so it works out well.

I'm not saying full time traders are bad people or that it's a bad job, just wondering if that particular aspect of it bothers them. I just like being able to know that I do "something" in my line of work.
 
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