Why traders get no respect
- Thread starter Epiphany
- Start date
I guess I jumped the gun and summed up 100% of the world. I apologize. Money can buy anything 99% of the people on the planet want. Those with excess amounts of money have a tendency to seek other things... love... truth... genuine beauty. But the majority of the world.... those living in 3rd world countries could give a rats ass about it. Love and truth, doesn't keep your stomach full at night.
I think we are getting a little off topic here.. lol
xbrxx
Well, you can always tell people you are in the investment business, or a financial consultant, even if you are your only client.
I have never called my self a 'trader' in fact never even thought of using the term. Being very comfortable in my retirement, I trade because I love it, and there is nothing more rewarding than a hobby that generates a lucrative income.
Respect of others is good, but it is not a need. Self respect is a must and is surely a need. So why fret over others that have no concept of what you are doing?
I have never called my self a 'trader' in fact never even thought of using the term. Being very comfortable in my retirement, I trade because I love it, and there is nothing more rewarding than a hobby that generates a lucrative income.
Respect of others is good, but it is not a need. Self respect is a must and is surely a need. So why fret over others that have no concept of what you are doing?
when you tell ppl that you are a daytrader and trade for a living, they wont give you any respect. that is because they have absolutely no clue what it is all about.
but then when you show up with some kind of 'status symbol' when anybody else cant because of a recession, they´ll get suspicious.
the first half with zero brains will say sth like 'what this guy is doing must be illegal'. the second half with some brains will ask you questions about your profession, although it is highly probable that they´ll come up with sth like 'this guy makes a ton of money with just sitting in front of the computer the whole day through? I can do that!'. bottomline: they still have no clue.
take my uncle-in-law (he has been a lifelong asshole and will always be an asshole, but anyway): he tells my grandma all the time that I am a loser. I didnt go to university as I was supposed to. I didnt learn a right job. I chose the stockmarket. he doesnt know anything about my business, nor does he know what I earn. but driving a BMW causes envy in him and he´s pissed off big time (which makes me laugh about him).
bottomline is:
ppl wont give you respect, because most of them dont know anything about you job. I dont care about it. you gotta respect yourself and that is what I do. you shouldnt be concerned too much with what the world is thinking about you, but you should try to become the best and most perfect trader you can be. set yourself reasonable goals and admire yourself for a for reaching them. advance step-by-step. and dont forget: survival is key, anything else will come with time.
kev
_______________
go with the flow
but then when you show up with some kind of 'status symbol' when anybody else cant because of a recession, they´ll get suspicious.
the first half with zero brains will say sth like 'what this guy is doing must be illegal'. the second half with some brains will ask you questions about your profession, although it is highly probable that they´ll come up with sth like 'this guy makes a ton of money with just sitting in front of the computer the whole day through? I can do that!'. bottomline: they still have no clue.
take my uncle-in-law (he has been a lifelong asshole and will always be an asshole, but anyway): he tells my grandma all the time that I am a loser. I didnt go to university as I was supposed to. I didnt learn a right job. I chose the stockmarket. he doesnt know anything about my business, nor does he know what I earn. but driving a BMW causes envy in him and he´s pissed off big time (which makes me laugh about him).
bottomline is:
ppl wont give you respect, because most of them dont know anything about you job. I dont care about it. you gotta respect yourself and that is what I do. you shouldnt be concerned too much with what the world is thinking about you, but you should try to become the best and most perfect trader you can be. set yourself reasonable goals and admire yourself for a for reaching them. advance step-by-step. and dont forget: survival is key, anything else will come with time.
kev
_______________
go with the flow
Who says Traders get no respect???
Two months ago my wife cashed out her mutual funds..gave me the money and asked me to swing trade it within my own account.
Last year my Father in Law had me set up a charting package for him and asked me to e-mail my trades. He is grinning from ear to ear.
I am up over 170% in the past 9 months. (I have been trading for 20 years, mostly quite profitably, more so in the latest years with software and hi-tech stuff)
My Father tells me "stay away" from the stock market...He is a retired professor with a Phd who held Nortel from 5 bucks to 100 and back down again.
I have put in thousands of hours into my charts-indicators-mechanical trading systems-books-forums etc.... I live, breath and dream about the markets...
I (and most others) respect what I have been able to accomplish and the only person that I know of that doesn't is a professor with a Phd, who lost big in the markets. Perhaps an attitude problem, perhaps jealousy...maybe a little bit of both.
Don't worry....be happy!
Two months ago my wife cashed out her mutual funds..gave me the money and asked me to swing trade it within my own account.
Last year my Father in Law had me set up a charting package for him and asked me to e-mail my trades. He is grinning from ear to ear.
I am up over 170% in the past 9 months. (I have been trading for 20 years, mostly quite profitably, more so in the latest years with software and hi-tech stuff)
My Father tells me "stay away" from the stock market...He is a retired professor with a Phd who held Nortel from 5 bucks to 100 and back down again.
I have put in thousands of hours into my charts-indicators-mechanical trading systems-books-forums etc.... I live, breath and dream about the markets...
I (and most others) respect what I have been able to accomplish and the only person that I know of that doesn't is a professor with a Phd, who lost big in the markets. Perhaps an attitude problem, perhaps jealousy...maybe a little bit of both.
Don't worry....be happy!
The stigma of "traders getting no respect" comes from the day trading boom of the tech bubble. You had Joe plumber (FYI the average plumber makes 6 figures ) and housewives sitting in a trading room with the kids college tuition and retirement funds......we all know the end of that story. The fact is MOST traders in the entire world go home flat, whatever the instrument. The average person just does not know that. Remember the 80`s? WE WERE FUCKING HEROES!!!
) and housewives sitting in a trading room with the kids college tuition and retirement funds......we all know the end of that story. The fact is MOST traders in the entire world go home flat, whatever the instrument. The average person just does not know that. Remember the 80`s? WE WERE FUCKING HEROES!!!Well, as the saying goes, "Money bring's out the best and worst of people".
Financial gain has brought about some of the most spectacular and ingenious inventions and institutions man-kind has to offer, but in balance is the corrupt and misguided crowd that must go along with the system (capitalism). The question is how many losers can we stand to have an extraordinary winner? How many joe-schmoe's blow up for every 6-7 figure private trader?
In general outsiders (and I include brokers who think they are traders, gamblers who think they are traders, etc..) will never understand if they don't wan't it (trading success) more than anything else (more than ego, pride, WEALTH, social standing, etc...). They will look at the 98 people slaughtered, 1 person wearing a decent suit but with some serious scars on the body, and the 1 devil with money coming out his rear end, and a combination of jealousy and fear will cause them to say and think
things that will seem irrational to the two people alive mentioned above. This is the way it is in a bear market, but in a bull market people are generally more apt to believe pig's are flying, so the average sheep is not quite so skeptical.
To sum it up: It is to your advantage to keep a low profile, and be guarded with the exception of that rare person who has a real drive to learn and understand this game. As elitist as it may sound, the vast majority of outsiders will not understand this profession. If you accept that as the case, then their opinions and biases are not operating in the framework of reality, and thus they carry no weight.
Goodluck,
-TD80
Financial gain has brought about some of the most spectacular and ingenious inventions and institutions man-kind has to offer, but in balance is the corrupt and misguided crowd that must go along with the system (capitalism). The question is how many losers can we stand to have an extraordinary winner? How many joe-schmoe's blow up for every 6-7 figure private trader?
In general outsiders (and I include brokers who think they are traders, gamblers who think they are traders, etc..) will never understand if they don't wan't it (trading success) more than anything else (more than ego, pride, WEALTH, social standing, etc...). They will look at the 98 people slaughtered, 1 person wearing a decent suit but with some serious scars on the body, and the 1 devil with money coming out his rear end, and a combination of jealousy and fear will cause them to say and think
things that will seem irrational to the two people alive mentioned above. This is the way it is in a bear market, but in a bull market people are generally more apt to believe pig's are flying, so the average sheep is not quite so skeptical.
To sum it up: It is to your advantage to keep a low profile, and be guarded with the exception of that rare person who has a real drive to learn and understand this game. As elitist as it may sound, the vast majority of outsiders will not understand this profession. If you accept that as the case, then their opinions and biases are not operating in the framework of reality, and thus they carry no weight.
Goodluck,
-TD80
Have you actually observed that fact? Where I live, I can witness first hand how the American consumer is holding up despite of a recession. I guess they just put more and more on their credit cards or refinance their homes or something, but they still get a new Mercedes and 128 inch LCD TV every couple of months, and the richer ones also keep acquiring the same tasteless pseudo-art, which I presume costs at least an average yearly salary per piece.
Maybe I have too little life experience, but does a recession like the one we are apparently having actually impact people's lives? Maybe if you lose your job, but if you had an average job and depended on an average salary, you were a loser in the first place. Well, perhaps that's not true, because if you don't have a job you might not be able to get a new BMW financed, so you suddenly can't buy what you used to be able to "afford".