new_trader
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According to the U.S. Department of Labour the federal minimum wage for employees is $6.55 per hour effective July 24, 2008. If you become proficient at making an average of 1 tick profit/trade per day with the ES contract you will make around $6.55 profit (after commissions) per trade/contract. You would only need to scale up your trading to 8 contracts and you will be earning the same as someone working for the minimum wage.
Some of the main advantages being:
Some of the disadvantages:
However, the main problem with those who enter the trading profession is that they want to earn enough to buy a brand new Ferrari and Gold Rolex watch within 3 months. In other words, most see trading as a quick and easy ticket to a fortune and refuse to accept anything else in the interim, or worse, refuse to do what is necessary to get there.
Some of the main advantages being:
- You are effectively working for yourself
- You (in principle) get to work your own hours
- You don’t always have to work a full day to make the same amount
- You increase your wages whenever YOU feel ready
Some of the disadvantages:
- Income is not guaranteed
- Money is lost
- You get no other benefits ie/ sick pay, workers compensation, holiday pay
- Boredom, isolation
However, the main problem with those who enter the trading profession is that they want to earn enough to buy a brand new Ferrari and Gold Rolex watch within 3 months. In other words, most see trading as a quick and easy ticket to a fortune and refuse to accept anything else in the interim, or worse, refuse to do what is necessary to get there.
new_trader
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What if EVERYONE on earth wanted to be a Doctor? There would be no plumbers, electricians, street sweepers, accountants etc.
You can't always get what you want. But if you try sometimes, well you just might find,
You get what you need!
What if EVERYONE on earth wanted to be a Doctor? There would be no plumbers, electricians, street sweepers, accountants etc.
You can't always get what you want. But if you try sometimes, well you just might find,
You get what you need!
Im a doc. Well, the more people want to do the doc, the less we earn
new_trader
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I can't see how this works. The amount you earn as a Doctor is dependant on the number of patients who come to see you and not on the number of Doctors, surely? You could argue that the more Doctors there are then the fewer patients there are to go around, but that isn't strictly a direct relationship. You could double the number of Doctors and quadruple the number of patients. But this is an academic argument anyway. The real issue is about those who want Vs those who can.
Trading isn’t a direct comparison in any case simply because the money pool grows with the increase of traders, it doesn't get diluted. Just like a poker game where the more players there are the bigger the money pool gets.
When everyone trades forex, the few will get richer and poverty will become more widespread.
I believe that The Holy Grail, where everyone seeks a winning formula, is not, in fact that, but the desire for all traders to become fulltimers and not have to work at some other job, ever again.
When they do that, they will think that their life's ambition has been fulfuilled.
Livermore, in spite of the classic that was based on his early life as a trader, finally, shot himself. Why was that? The man should have had it all. Even when things were going so badly for him, he died leaving many millions.
Split
new_trader
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The real issue is that 'EVERYONE' believes (or is made to believe) that they have what it takes to make money trading, whereas the very same 'EVERYONE' doesn't believe they have what it takes to be a Doctor.
Go figure...
It does not seem to take much to encourage "EVERYONE" that he has the required ability to trade successfully. That is why we become part time traders, instead of part time doctors.
