Will you be cold and hungry if you don’t make money trading?

Will you be cold and hungry if you don’t make money trading?

  • Total voters
    61
new_trader

new_trader

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I see many people boasting about the fact that they are a full time trader. I also notice that many of those also mention ‘the wife’ or ‘the girlfriend’ they are living with has a job. I suppose it would be much easier making the transition to full time trading if people had a cushion to land on if for one reason or another, they didn’t make a success of full time trading.

It will be interesting to see who votes.
 
I Voted as Yes, we are a group of several forex traders who traded in the market and learned it inside out very well for over 7 years now.

We can't afford to lose here. -- we gained more then +100% in less then the last 2 months! and thats great! :)
 
I voted NO.

Reasons:

My partner is very understanding and would never let be cold and hungry so therefor I could depend on her support unconditionally.

I have a close nit of a few good friends who I could also depend on.

I have an account which has come from trading profits, I always pay myself a set percentage or earnings, some for me, a small amount for my trading account and some for my savings account. Thats incase I blow up, can no longer trade (for whatever reason) or retire.

And lastly without the above:

I would find a job cleaning the sh1t from the back of toilets to support myself if I had none of these. (I've done it before and I could do it again if I had to)

Part of C.V:
1 year cleaner
6 months at Onyx (recycling plant, I seperated all the sh1t in the bags that we throw out to recycle the stuff thats in there, dirty nappies, broken glass and dirty needles where not an unusual find).
Amongst some other jobs that are at the bottom of the pecking order.
 
new_trader said:
I also notice I suppose it would be much easier making the transition to full time trading if people had a cushion to land on if for one reason or another, they didn’t make a success of full time trading.

It will be interesting to see who votes.
Click to expand...


Just to add to my post and comment on yours.

I didn't have all the above when I first started trading and went boom to bust all on my own, the cleaning and working for onyx happened AFTER my first trading experience and ruined me financially and emotionally.

Financial ruin was 75% of net worth
Emotional ruin was 100% of self worth.
 
Lees post is quite scary reading. I can appreciate the desire to be a trader is quite addictive, but his post is quite an eye-opener.

I should theoretically have the option to return to IT, although I suspect my skills may be considered rusty, so I voted NO, as I believe there are always options available, but this depends on whether you seek to be a trader from a young age, or whether you are coming to trading later after a first career in something else. (n which case you should be able to call upon contacts to get you something)
 
trendie said:
I should theoretically have the option to return to IT, although I suspect my skills may be considered rusty, so I voted NO, as I believe there are always options available, but this depends on whether you seek to be a trader from a young age, or whether you are coming to trading later after a first career in something else. (n which case you should be able to call upon contacts to get you something)
Click to expand...


I suppose, but that really wasn't really the 'spirit' of the thread. By what you are saying, anyone can quit work and call themselves a full time trader and for some idiotic reason only then are their opinions afforded a higher degree of credibility over those trading part time.

It is interesting to see the votes so far. Especially those that haven't voted...what are they hiding?
 
What do you hope to determine from the answers to your question??

You make the implication that deriving your income from trading => you don't have any money to support yourself if you have a rough patch - ergo anyone who can support themself through difficult conditions isn't really a trader... "then for some idiotic reason only then are their opinions afforded a higher degree of credibility over those" who grasp the concepts of capital management and contingency planning...
 
Isn't it reasonable to assume a full time trader has more understanding of the subject, all other things being equal?

I wouldn't like to be operated on by someone who was only a surgeon at weekends.
 
I voted yes, maybe exaggerating a bit, but if they close markets down for years, I really would suffer.
 
MrGecko said:
What do you hope to determine from the answers to your question??

You make the implication that deriving your income from trading => you don't have any money to support yourself if you have a rough patch - ergo anyone who can support themself through difficult conditions isn't really a trader... "then for some idiotic reason only then are their opinions afforded a higher degree of credibility over those" who grasp the concepts of capital management and contingency planning...
Click to expand...

There is nothing I hope to determine. Basically, if I don't work - I don't eat, the bills don't get paid, etc..etc..I have a full time job and that is my 'cushion' until I am as proficient at trading as I want to be. However, if I was living with someone who had a job and they were supportive enough (emotionally and if needed financially) I would be a full time trader tomorrow...do you see?
 
arabianights said:
Isn't it reasonable to assume a full time trader has more understanding of the subject, all other things being equal?

I wouldn't like to be operated on by someone who was only a surgeon at weekends.
Click to expand...

No, absolutely no. Surgery isn't the same thing at all, and you are looking at it from the wrong angle. Have you ever taken your car to a dodgy mechanic? Ever heard of a builder or plumber who does a bodge job? These are people who work full time in their profession. I wouldn't trust my house or car to these people. I know many others who would rather do their own decorating, renovating and car repairs and do a much more professional job.

How many people have wanted their money back after buying a ‘professional’ trading system?
 
I thought of creating a poll for the bitterest, most egotistical poster on T2W. That said, a poll with only one option would be pretty pointless.


UTB

PS - just to **** on newt's parade, I voted no because I've already generated enough wealth to satisfy my (albeit very small) needs, not because the wife would support me.
PPS - Newt having a wife is one "problem" he wont have to deal with.
 
Last edited:
wasp said:
Busy trading...
Better things to do with their time...

I only voted to pass the time as I just finished my book and I'm drunk.
Click to expand...

Yeah woteva, I just hate boasters.

Well I'll be drunk later so stick that one up your a5re, in fact, I'll be more drunk than you, sooooo drunk I'll be admitted for a stomach pump.


:)
 
Ahh yeah but can you do it with the tightest smallest amount of alcohol needed?!

Oh **** hold on, thats not such a great thing!
 
I voted "no" because most of us, as Lee said, could just go out and get a full time job and while I looked for one could probably rely on support from family. But that hardly changes things. This is what I do for a living. If I cannot make it then I must look for another means of employment. Not sure who new_trader is "attacking" but people should be aware that prop traders do in a way have it harder than the average retail trader from home. Yes, we have lower comissions (not that, that helps me in the slightest) but we have to pay a £2,000 per month desk fee. Combined with that, at first you only get to take home 50% of your profits.

That means I have to make £24,000 per year trading just to breakeven.

And to pay myself a measly £21,000 per year salary I would have to make £66,000 trading.

So I think it is fair to assume that a prop trader that survives in this environment has an edge. Whatever that may be.
 
new_trader said:
I see many people boasting about the fact that they are a full time trader. I also notice that many of those also mention ‘the wife’ or ‘the girlfriend’ they are living with has a job. I suppose it would be much easier making the transition to full time trading if people had a cushion to land on if for one reason or another, they didn’t make a success of full time trading.

It will be interesting to see who votes.
Click to expand...

I've just filled up my oil tank - get some now while it's cheap if you use heating oil.
When you ring your supplier mention the price on the website and they will be obliged to match it.
oilpricecheck - an easier way to check home heating oil prices

Also buy up as much firewood as you can or just go out into the forest and chop your own.

I've got enough lentils in my larder and veggies in my garden to last out this depression and the next.

A friend of mine and I have just made a vat of beer from a home brewing kit so I'm sorted!:D
 
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