What would you tell your child if....

[trendmomentum]

cashmoney99, I assume you consider yourself a successful proprietary trader. If so, you sure understand than long term success in this business, as in any other entrepreneurial activity, can only be achieved by your ability to adapt and change with your business environment.

Understandably, given your success, you want your child to follow your steps. However, you know that there could be a million reasons of why he might not be able to replicate it.

So, the best you can do is guide him towards it. If he has an inclination for business, primarily, you want him to be an entrepreneur, and for that the only thing you can do now, is give him access to the best tools available to facilitate him to become one by his own choice.

In our increasingly competitive world the initial set of these tools are acquired with the best education one can afford. After that, education never stops.

Once your child is no child anymore and can make decisions by himself, understands how to get access to priceless knowledge and information, and develops an ability to put all this together into a business plan, then he will be free to carve for himself the road to success.

There is more to success than the simple pursuit of money and rarely money reaches those who need it most. That is why most people never make it.

 

[FaderTrader]

I think this entire thread is BS. The guy was bored and just made the whole thing up.

 

[dividend]

Quote from lilboy716:

ROFL
as far as job goes, this is the best job market i've ever seen. all the tech companies are hiring left & right. in 2002, i've been told that the CS enrolledment in my school dropped like 25% compared to my year. i just got an internship for the summer with a very popular tech company.

one positive thing that came out of the tech crash was that it eliminated those that came into CS with a 'get rich quick' scheme... in 97-99 it was not uncommon to come out of undergrad straight into a 100,000$ salary job. imo the 25% dropout were those that came in with this idea.

 

[MajorUrsa]

Quote from FaderTrader:

I think this entire thread is BS. The guy was bored and just made the whole thing up.

Yes, but your remarks were very wise and worthwile anyway:

With that said, don't give him any money to get setup. He won't be able to distill the necessary lessons of the market until it's his own dough. Just be prepared to help him out if he has a false start - of course, don't let him know this ahead of time.

Also, his skipping college is tantamount to trading with scared money - it WILL affect his trading because his fallback options are either completely absent or unappealing. But, taking a year off to check out daytrading sounds reasonable - and if he makes good money - then he'll be able to look at things pretty clearly.

Ursa..

 

[Grob109]

Quote from cashmoney69:

Lets say you have a son in High School who's 18, starting his last

year until graduation. He has a few hobbies (mostly computer

related), and rather than being with "Friends" he enjoys his own

company. One day after coming home from school, you notice he

brings home a book about day trading. You know he know's little

about the markets in general and you thought that he wanted

to be a computer programmer or some other career in technology.

At diner that night, you bring up the book he brought home from

school. He says: "Well dad, you know with all these jobs going

overseas, I dont think my chances are that great anymore. He

opens his book "Trading for a living" and reads a passage from

pg 48:

We wake up in the bed each morning, eat the same breakfast and drive to work down the same road. We see the same dull faces in the office, and shuffle papers on our old desks. We drive home, watch the same dumb shows on tv, have a beer, and go to sleep in the same bed. We repeat this routine day after day, month after month, year after year. It feels like a life sentence without parole.What is there to look forward to? Perhaps a brief vacation next year? We'll buy a package deal, fly to Paris, get off the bus with the rest of the group, and spend 15 minutes infront of the Triumphal Arch and half an hour going up the Eiffel Tower. Then back home, back to the old routine. Most people live in a deep invisable groove. No need to think, make decisions, feel the raw edge of life. The routine feels comfortable, but deathly boring. And then you open a trading account and punch in an order to buy 500 shares of intel. Anyone with a few thousand dollars can escape the routine and find excitement in the markets. Suddenly the world is in living color! Intel ticks up half a point-- you check quotes, run out for a news paper and tune in for the latest updates. Intel is up a point! Should you sell and take profits, buy more and double up? Your heart is pounding--you feel alive!. Now its up three points, you multiply that by the number of shares and realize that your profits after just a few hours are close to your weekly salary. You start calculating %'age returns. If you keep trading like this, what a fortune you'll have by Christmas!. Suddenly you raise your eyes from the calculator and see that intel has dropped two points. Your stomach is tied in a knot, your face pushes into the screen, you hunch over compressing your lungs, reducing the amount of blood to the brain. You are flooded with anxiety, like a trapped animal. You are hurting, but you're alive!

and besides, programming is something I do as a hobby. I want

to be a trader like you , it sounds so much more exciting!"



What would you tell him (if BOTH you and your wife are traders)?

1. Get a real job

2. You tell him "I dont want you to wind up like your mother and I"

(Even though you and your wife have been making 6 g's a day on average for the past 4 years and just tell him that to discourage him for being a trader)

3. Go for it son!, you can make more $$ in ONE DAY than most people make in a month!, and you become his mentor.

4. You ignore/ change the subject


What would you tell him (if JUST you were a trader?)?

1. Get a real job
2. I dont want you to gamble away your life
3. You ignore/ change the subject
4. You show him some things, but tell him to do good in school after which you give him 10-25k to set up his own account.

- nathan

I've observed sixth formers earn enough money to start college (a year or mores tuition) and go to college.

They were in an atmosphere in class where the standard S&P brockerage service was there daily as they took a course. One wall of the room also had annual reprorts in cubby hole shelving for tons of corporations.

None of the tudents ever decided to skip college. It wqs always known which students had their trading accounts (via their parents) and that they were successful.

The difference in your case seems to be that for whatever reason their is a choice on the table.

Students I had contact with had a common understanding that investing, etc. was just part of a normal life and it was expected as pert of their existance and was also a greater source of capital than their soon to be professional incomes.


show your business plan to your kid. He can see college is not expensive and that he can start doing the trading , etc., after he has done what you and your wife did (go to college to grow up and become educated). he can plan to join you in trading after school and gradually go off into his own.

I have full time groups of college kids doing trading during the summers as an adjunct to the Tucson IBD meetUp group. during the school year they come to meetings. Two (grad students who finished up) have gone up to Chicago to start their careers.

So none of your four initial choices have to be used. Step up to the higher ground. You are making 50 grand a month; he can see that he needs to go to college and then just work with you in the summers.

Give him 25K now and to take to take to college and use it for trading just as the atttendees in the Tucson group do.

The mom of one of the attendees here says she talks to her son much more nowadays (he has his own campus apartment) and on more topics and interests than ever before. He likes making money too and the dad/father observes that everything is super all around.


Why didn't your son peruse all your books and stuff by five years ago??? Why didn't he know all about it and be a ring leader at school? i have never seen a class go by in any formal ed setting where there wasn't a kid who had the poop from his parents one way or another. Really strange, indeed.

 

[Algorithm]

O.P.

First thing I'd tell him is that when he's an adult (legally 18 here in the U.S.) he can do anything he wants to do. Some things I will support and other things I will not. Personally I am a HUGE believer in education. Education for the sake of learning, not earning. If you want your young grasshopper to get an education, then tell him that. If he insists on becoming a trader and you don't really have any problems with that, then tell him that you don't really have a problem with him becoming a trader after he gets his education. Support from parents is important and should be expected if the pursuit has merit, but free lunches aren't. In other words let junior become whatever he wants as long as he bankrolls himself.

Support junior financially as much as you can with his education but not his trading. Junior should build his own bankroll and continually work towards educating himself on whatever he is interested in. There is nothing wrong with junior going to college and getting a degree in anything (computers, math, drama or biology), but junior should and must support himself post graduation. How that is done, really shouldn't matter as long as it is legal.

Basically, help pay for the college education if you think that has merit, but don't pay for his trading. I believe the best education comes from experience and if you're given your money and don't respect it, then it's easier and more likely to be lost.

Having the aspiration to become a trader, there's NOTHING WRONG THAT, it's the how you do it that's important. Personally, I believe a person of strong character is built not made. I have found the traders I consider to be of strong character are more successful. Free lunches don't build anything but expectations. The trader lifestyle and success is maybe on of the hardest things to achieve and there is a long road of toil and disappointment ahead of anyone that takes it.

Good Luck!

 

[danoXP]

Quote from Longhorns:

Answer your own questions...

1)What good have you done?

2)Is mankind better off because of you?

3)Do you regret the "selfish orientation of your career"?

Not flaming....just wondering.

1) Not enough
2) Not yet
3) Sometimes, but it passes quickly.
danoxp

 

[nononsense]

Quote from nkhoi:

let him learn writing some script, then start him on some strategy and make him back testing, back testing until he has some positive result, who know he may be able to ebay his script for living.

If after 10+ years he would "get some positive result", you would have to be out of your mind to tell him to peddle this on ebay.
By that time he should know for himself about squeezing dough out of the market for his own account.

 

[MorganSys]

An excellent beginning for a trader is a top-notch education. It provides you with a good analytical toolbox. It also allows you to be selective in your role in the trading process, should you choose to join a major firm. I would suggest that to him.

If he changes his mind, he can probably do something else with his education.

Best,
Morgan