why do people laugh when I mention day trading?

people ask, i say "i trade stocks for myself".

sometimes, they ask if i trade with other people's money. sometimes, they ask if i work for a firm. no, just for myself.

about half the time, they ask if i'm a daytrader, i say yes. most comments at that point are of a curious nature, rather than derogatory. even the "risky" one, more of a curious nature.

i try to temper responses, no matter what they go. "wow, that must be so easy" - no, lots of work, several years not sure if i could make it, and it's not easy having a bad day and LOSING money (as opposed to not making it). "that must be hard" - well, it's difficult not having people contact, and trading isn't for everyone, but at this point, it's mostly psychological.

then again, i've been doing it for a while, so i must be doing something a little right.
 
Why do people laugh....?

It would seem to me that they are laughing because it doesn't sound like you have a consistently profitable edge, which leads to the risky comment.

I have three jobs, as well as trading. I've automated my trading, and it allows for a lot of freedom. Get to that point, and you might actually enjoy having a career. Why not both? Corporate America, Self-Employed, and Trader all at the same time? That's the route I've gone anyway. I don't sit in front of computer screens. I may watch quotes, but as far as taking action, I'll let my algorithms decide that.

The biggest problem I see with why people laugh is because they also know things are automated these days, and how can anyone from home watching TV while trading on their computer beat that level of automation? The answer is by automating your own trading. If you can't do that, I'd say you probably should get a job, because you should make it your business to work smarter, not harder, and the way you do that is by learning the tools of big investment houses. Think portfolio managers don't have an automated process either? Well think again, their screens dictate their universe of possible purchases, and they buy based on that, which is still an automated process developed over the years through research, possibly backtesting, and trial and error. Eliminating the periods of trial and error through automation will get you out of that awkward question of "What do you do?" I personally say, "I'm an RIA Rep, Trading Strategist, and help manage the back office of a major corporation." Said that way adds credibility, and it should, but without really the trading strategist part, people can't tell or distinguish whether you're actually succesful as a trader.
 
Quote from bwolinsky:



The biggest problem I see with why people laugh is because they also know things are automated these days, and how can anyone from home watching TV while trading on their computer beat that level of automation? The answer is by automating your own trading. If you can't do that, I'd say you probably should get a job, because you should make it your business to work smarter, not harder, and the way you do that is by learning the tools of big investment houses.
More...

Not necessarily. Many edges cannot be automated. More importantly, a large number of traders exploit algo bots day in and day out.
 
Quote from bwolinsky:

"I'm an RIA Rep, Trading Strategist, and help manage the back office of a major corporation."
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I'll bet you get a lot of blank stares ....
 
I think a rational person would probably laugh. It might be part ignorance on their part. It might be that they don't know any better. Or it could be they saw that late night infomercial with the green light/red light thing. "It's so easy, anyone can make alot of money", just sign up for our $5,000 seminar!!! :D

On a more serious note, if a person asks, I tell them I am retired. They then look at me, realize that I am relatively still young, have 2 nice cars in the 3 car garage, live in a nice house in a very nice neighborhood. They kind of look puzzled and don't ask for any more details....
 
The irony is that our society places high value on the quantity of money that one has, yet simultaneously fears taking the risks (e.g. quitting a "secure" job to trade) that may be required to earn large quantities of money. People often fear what they do not understand and/or could not possibly accomplish themselves.

With the exception of a few professions (doctor, lawyer, dentist, accountant), one is far more likely to be "successful" as a self-employed individual than working for others...
 
Quote from Chagi:

The irony is that our society places high value on the quantity of money that one has, yet simultaneously fears taking the risks (e.g. quitting a "secure" job to trade) that may be required to earn large quantities of money. People often fear what they do not understand and/or could not possibly accomplish themselves.

With the exception of a few professions (doctor, lawyer, dentist, accountant), one is far more likely to be "successful" as a self-employed individual than working for others...
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"I won't be the one left behind
Can't be king of the world
If you're slave to the grind"

The following lyrics sum it up pretty well.

***********************************************

Slave To The Grind

You got me forced to crack
my lids in two
I'm still stuck inside this rubber room
I gotta punch the clock that
leads the blind
I'm just another gear in the assembly
line - oh no

The noose gets tighter around
my throat
But I ain't at the end of my rope 'cause
I won't be the one left behind
Can't be king of the world
If you're slave to the grind
Tear down the rat racial slime
Can't be king of the world
If you're slave to the grind

Get it?

A routine injection, a lethal dose
But my day in the sun ain't even close
There's no need to waste
your prayers on me
You better mark my words
'cause I'm history
Yes indeed

You might beg for mercy to get by
But I'd rather tear this thorn
from my side

I won't be the one left behind
You can't be king of the world
If you're slave to the grind
Tear down the rat racial slime
Can't be king of the world
If you're slave to the grind

They swallowed thier daggers by
turning their trick
They tore my intentions apart
brick by brick
I'm sick of the jive
You talk verbal insecticide

I won't be the one left behind

You can't be king of the world
If you're slave to the grind
Tear down the rat racial slime
You can't be king of the world
If you're slave to the grind

I said slave to the grind
Slave to the grind
Slave to the grind
 
Quote from bwolinsky:

Why do people laugh....?

It would seem to me that they are laughing because it doesn't sound like you have a consistently profitable edge, which leads to the risky comment.

I have three jobs, as well as trading. I've automated my trading, and it allows for a lot of freedom. Get to that point, and you might actually enjoy having a career. Why not both? Corporate America, Self-Employed, and Trader all at the same time? That's the route I've gone anyway. I don't sit in front of computer screens. I may watch quotes, but as far as taking action, I'll let my algorithms decide that.

The biggest problem I see with why people laugh is because they also know things are automated these days, and how can anyone from home watching TV while trading on their computer beat that level of automation? The answer is by automating your own trading. If you can't do that, I'd say you probably should get a job, because you should make it your business to work smarter, not harder, and the way you do that is by learning the tools of big investment houses. Think portfolio managers don't have an automated process either? Well think again, their screens dictate their universe of possible purchases, and they buy based on that, which is still an automated process developed over the years through research, possibly backtesting, and trial and error. Eliminating the periods of trial and error through automation will get you out of that awkward question of "What do you do?" I personally say, "I'm an RIA Rep, Trading Strategist, and help manage the back office of a major corporation." Said that way adds credibility, and it should, but without really the trading strategist part, people can't tell or distinguish whether you're actually succesful as a trader.
More...

I'm with you--automate my trading...set up several test accounts also to work on new strategies. Also do consulting work and I control my schedule. No more cubicles.
 
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