Why traders get no respect

Epiphany · Sep 13, 2003

Because trading is not considered a 'profession'.

Here is the definition of a profession: (I got this from my insurance training book)

1. Body of technical subject matter.

The subject matter must be complicated so the average layperson cannot understand it.

But people believe traders possess no knowledge of the stock market or the economy and gamble on luck.

2. Academic study

There is no 'formal' academic study necessary to become a trader. A HS dropout can become a successful trader.

But people fail to understand that significant time and energy must be focused on trading psychology, and developing a trading strategy and employing risk management. These things can be just as rigorous and intensive as formal training. And learning how to trade can be much more expensive than getting a formal education!

3. Entrance barriers

Anyone with capital can enter into the capital markets. A poor person can sweat away at McDonalds to amass trading capital. Whereas in sports you have to pass training camp and get signed, in law you have to pass the bar, in medicine you have to finish residency.

Open access to all is one of the great things about trading. In some professions, notably singing and acting, many talented people are unable to get a contract or a tryout because they don't have the connections or the looks.

But open access also makes trading more competitive. In the NBA, you are only competing against the people who are talented and were given the opportunity to play. In trading, you are competing against all the skilled traders.

4. Independence

Professionals are supposed to gather facts and make independent, objective, and calculated judgments.

The lawyer must analyze the case and choose the most suitable defense. The doctor must consider all the facts when deciding whether to perform an operation.

The trader is made out to be someone who just invests on a whim. Or a person who just takes huge risk and hopes to win. But haphazardly taking on risk obviously does not ensure profitability. Insurance companies take on risk and are respected because they have a winning strategy: the law of large numbers.

Traders who take on risk and have a profitable strategy should be given that same level of respect.

5. Professional titles or designations

While there are CFPs, and CFAs, there is no such thing for traders. Well, the closest is CTA.

Important question: do girls look down on traders even if they are profitable? after all, don't girls want status?

I just graduated from college so I don't really know any girls in their mid or late 20s.

Lobster · Sep 13, 2003

Quote from Epiphany:

Important question: do girls look down on traders even if they are profitable? after all, don't girls want status?

This is America. Girls don't care whether you speak 20 difficult languages or cannot even form a single correct English sentence, they don't care if you are a doctor, professor, General of the Army, CEO, they don't care how small you thing is or how many seconds you last in bed, they don't give a hoot about your honor, honesty, humility, goodness of your heart.

What girls want from you can be summed up in one symbol (usually found on the upper half of the 4 key).

RAMOUTAR · Sep 13, 2003

You began an interesting thread. As we all know, trading for a living is something that very few people understand. Frankly, I don't care whether people respect me.

Remember, most of the people who don't respect traders, neither know what trading is, nor can they do it. The only place where respect plays a role in my trading, is having respect for myself.

I spend my time looking to earn a living trading, not earning respect for it.

xbrxx · Sep 13, 2003

People respect SUCCESSFUL traders. As people also respect SUCCESSFUL gamblers. Ask anyone. If you could be a professional gambler, bringing in 200k+ each year, living at posh hotels all the time... would you? I dunno about your friends or family, but everyone I know would go for it! However, the problem is that most gamblers or traders don't succeed as we all well know. They either go broke, or become addicted and keep flushing money down the toilet. So I mean, in our PROFESSION, we have the good seeds and the bad seeds. Too bad, the majority are bad seeds! But no matter what... people respect SUCCESS. Bring home the bucks, and you can get whatever you want... girls.... boys(if that floats your boat).... whatever... and RESPECT!!

xbrxx

fuf · Sep 13, 2003

Quote from RAMOUTAR:

You began an interesting thread. As we all know, trading for a living is something that very few people understand. Frankly, I don't care whether people respect me.

Remember, most of the people who don't respect traders, neither know what trading is, nor can they do it. The only place where respect plays a role in my trading, is having respect for myself.

I spend my time looking to earn a living trading, not earning respect for it.

Totally agree with this.

Trading is a key to freedom for me. If people have a problem with it, then so be it. It's interesting though, I don't hear too much complaining about my profession when I pick up the dinner tab.

Casey30 · Sep 13, 2003

Quote from Lobster:

This is America. Girls don't care whether you speak 20 difficult languages or cannot even form a single correct English sentence, they don't care if you are a doctor, professor, General of the Army, CEO, they don't care how small you thing is or how many seconds you last in bed, they don't give a hoot about your honor, honesty, humility, goodness of your heart.

What girls want from you can be summed up in one symbol (usually found on the upper half of the 4 key).

I loved this post. I thought it was funny and quite appropriate.

Lobster · Sep 13, 2003

Quote from xbrxx:

Bring home the bucks, and you can get whatever you want... girls.... boys(if that floats your boat).... whatever... and RESPECT!!

There are things money can't buy (as we all know from the MasterCard commercial), so just to be on the safe side, maybe one should say "money can buy everything I want" because the person you are addressing might long for irrelevant or false ideals like truth, love, genuine beauty, wisdom, a higher level of awareness. In this international context, you never know what kind of person you might be talking to. There ARE other philosophies out there than the one that currently has the greatest military power.

qwiktrade · Sep 13, 2003

respect is something that most people feel has to be earned in one way or another.. the act of opening a brokerage account and printing a business card just doesnt mean much..

personally, i could care less if people respect me because im a trader.. trading is the hardest thing ive ever attempted and ive been around long enough to see alot of nasty blow-ups, including one of my own.. successful people notice things like diligence and persistence, and over time those qualities will win their respect regardless of ones profession..

and the girl.. ive read that girls have a need to feel secure.. even career oriented women tend to want to know that if it was necessary, the man could provide for her and the family.. because of this, i doubt many women will ever look at trading and its high turnover rate with respect..

-qwik

Lobster · Sep 13, 2003

Quote from Casey30:

I loved this post. I thought it was funny and quite appropriate.

Thank you. Always doing my best to entertain while at the same time trying to slip in some perspective.

Lobster · Sep 13, 2003

Quote from qwiktrade:

and the girl.. ive read that girls have a need to feel secure.. even career oriented women tend to want to know that if it was necessary, the man could provide for her and the family.. because of this, i doubt many women will ever look at trading and its high turnover rate with respect...

Never underestimate the stupidity of the average human!

Seriously, you have business cards? What do they say, "securities liquidity provider"?