Don't tell your friends that you're interested in trading?!

[Crap Buddist]

Do you guys also get the impression that if the person you talk to about trading has a finance (accounting/economics) background then they tend to be the most abrasive?--maybe because they learn about and emphasis fundemental analysis so much in their university degrees?--Ofcourse, I only generalise .

Well, its no different probably when an accountant speaks to someone about accountancy probably. The layman will not have the detailed knowledge or understanding of terminology unlike the 5 year trained accountant. Now accountants are supposed to be able to communicate accountancy in terms their client will understand.

But a lot of traders will have put in similar time just studying one concept. How to **** over that guy in the market. Scary, these traders will make forensic accountants look like Stevie Wonder at Specsavers. And I think accountants know how Stevie feels when talking to a trader. Now traders wont be too fussed in explaining to an accountant in detail about trading, because they don't have to (not been trained for that) and its not always in the traders(or the long term recipients) interest to divulge detail .

In short, pip counters don't care what bean counters think!

When it comes to speculation, unless the finance guys have sat down for a few years and studied a chart day in day out, they wont have a clue. Thats just a fact, and maybe they don't like it or they are not interested,or ???

 

[timsk]

The next worst thing is those premium bonds. At least you get your money back. I have tried both the national lottery (I'm breakeven at the moment so not so bad!) and premium bonds (I have a significant amount; this year I've won £100).

Bu88er me, I can't believe it - I didn't bleedin' well win. Now I feel soooooooooo stupid! Still, I did get a few rep' points out of it, so it's not a total disaster. Thanks shadow'!
Tim.
P.S. Mrs. timsk has maxed out on Premium Bonds and, so far, the return is on a par with building society deposit rates.

 

[Splitlink]

Bu88er me, I can't believe it - I didn't bleedin' well win. Now I feel soooooooooo stupid! Still, I did get a few rep' points out of it, so it's not a total disaster. Thanks shadow'!
Tim.
P.S. Mrs. timsk has maxed out on Premium Bonds and, so far, the return is on a par with building society deposit rates.

I got 100 quid for 40 about a year ago. That and 25 sometime in the past is the first time I have won in 20 years.

Split

 

[ColinRiche]

yea Accountants make to worst traders in general

by the time they have analysed the balance sheet and the company report...

the trade has gone !

its unlikely they can accept the concept of TA without returning to type.

 

[Paul71]

Don't tell your friends that you're interested in trading?!

Do you find that people in general are not very receptive to discussing trading? I have an accountant friend who even told me he was interested in trading but when I started talking about techncial analysis and speculation instead of basing trades on the fundamentals of a company, I basically got the 'cold shoulder' and some very bad advice.

I'm starting to realise that I should just keep my mouth shut about trading. I'm only a newbie studying it for the last two months.

I was just wondering if it's just me and my situation or if this is a more common thing when learning about trading? Were your friends really supportive or did they keep telling you about the 95% failure rate?

This friend of mine just suggested that I 'give it a go' with a small about of money. That may work for some people but for me it was a very bad idea. I don't even have a criteria set up for determining when to enter and exit a trade let alone a fully specified trading plan or paper trading.

From now on I'm just going to keep my mouth shut about trading

Have you generally had positive experiences when discussing trading with your friends?

I tell my friends i'm gonna be a f*ckin lawyer,...and they laugh!

Trading is a profession that doesn't come easy, but every Tom, Dick and Harry needs a dream i suppose.






Snooker is easy, but it's hard to make money playing it when you are sh!t at it!

 

[trader_dante]

The best advice I can give is keep the RESULTS of your trading confined to those that "need" to know such as the tax man

Whether you choose to tell others that you are trading is up to you but when they invariably ask how you are doing, keep tight lipped and smile.

If you say you making a small loss, or managing to break even, or even making a small gain, you will find that even the best intentioned friends will adamantly inform you, with no real knowledge of what they are talking about themselves, that it is almost impossible to make a living from trading unless you have a huge amount of capital or that you have inside information etc.

Big wins or big losses will result in being told that you are gambling.

If you fail in your endeavour they will always say "I told you so".

If you become consistent and earn more money than they ever dreamt about they will say "I always knew with persistance one day you would do it...now can you tell me how?".

 

[Paul71]

The best advice I can give is keep the RESULTS of your trading confined to those that "need" to know such as the tax man

Whether you choose to tell others that you are trading is up to you but when they invariably ask how you are doing, keep tight lipped and smile.

If you say you making a small loss, or managing to break even, or even making a small gain, you will find that even the best intentioned friends will adamantly inform you, with no real knowledge of what they are talking about themselves, that it is almost impossible to make a living from trading unless you have a huge amount of capital or that you have inside information etc.

Big wins or big losses will result in being told that you are gambling.

If you fail in your endeavour they will always say "I told you so".

If you become consistent and earn more money than they ever dreamt about they will say "I always knew with persistance one day you would do it...now can you tell me how?".

Hi Tom.

Trading as, or for a living, seems too sureal to most, unless a person is actually going out and 'doing' 'something' then it just doesn't exist.

The way i try to 'trick' the layman into thinking that trading 'is' a doing job, is to wear overalls and toecapped work boots.

I bought a power drill the other day from B&Q, i press the trigger when i hear some dumb ass f*cker in the vacinity of my office,... this then acts as a calmer, it let's them believe that trading is actually a 'doing' 'job'.

I hate workers, but, they are needed for the treadmills,......tw*ts!

Good trading!

 

[Crap Buddist]

I never ask people what they do for a job because I know most? ( a lot) hate the job they are doing. So I dont want to open a can of worms when they are perhaps after a bit of R n R. especially if its their round next .

What I do try and support is people doing what they want to be doing, I take interest in that, no matter what the doing part is for them. There is a lot of fear pressure / peer pressure holding people back it seems.

Also peoples partners seem to be a huge blocker for the individual concerned. More often than not I come across people who say, well I would but my partner !!!//???? aint too keen or, whatever... Hearing that makes me slump slighlty. Becuase you can sense a person wanting to go for it but being held back for them considering (being ruled by) other peoples opinions.

People can suddenly stop loving people for all that they are and want to be and impose limitations on them by transferring/displacing their own insecurities. So double the work required for the budding go getter....

I feel there is a solution though. Especially after a few beers like

Rule number 1, Aim to do something you really like doing, no matter what anybody else thinks and be proud in yourself that you have the courage to do whats right for you at that time, if you ever want to change, do it, change. Often you dont need convincing, no, biggest headache for some people is convincing close ones that what you want to do meets with their approval, you have to sooth away any fears they may have, with reason,logic and a good dose of Bullsh!t!

I do encourage all people to cook a bit more at home, that gives me the greatest pleasure when someone says "oh I'm off home to bake a quiche this afternoon" That rocks. I'm shamelessly looking to steal family recipes at that point.

 

[mr_cassandra]

Negative, limiting beliefs

For being a trader or any other form of 'outside the box' thinking you need to make peace with the fact that a large majority of the population thinks you have to fit the mold, just work for the man. Etc. Study the standard things, have a normal life.

Anyone who was ever succesful at anything beyond that had to 'drive around' the negative programming and make their own path.

The majority of the indicators and methods by which I trade were told to me again and agin how they would not work.

It took a few years before I realized that many of the people who were chock full of reasons some indicator would fail or some idea wouldn't work, had never actually even tried to set up a system of their own. Instead they are just quoting some popular book they read or a commentator or TV.

Think for yourself, drive around naysayers...............

Don't tell your friends that you're interested in trading?!

Do you find that people in general are not very receptive to discussing trading? I have an accountant friend who even told me he was interested in trading but when I started talking about techncial analysis and speculation instead of basing trades on the fundamentals of a company, I basically got the 'cold shoulder' and some very bad advice.

I'm starting to realise that I should just keep my mouth shut about trading. I'm only a newbie studying it for the last two months.

I was just wondering if it's just me and my situation or if this is a more common thing when learning about trading? Were your friends really supportive or did they keep telling you about the 95% failure rate?

This friend of mine just suggested that I 'give it a go' with a small about of money. That may work for some people but for me it was a very bad idea. I don't even have a criteria set up for determining when to enter and exit a trade let alone a fully specified trading plan or paper trading.

From now on I'm just going to keep my mouth shut about trading

Have you generally had positive experiences when discussing trading with your friends?

 

[0007]

Rule number 1, Aim to do something you really like doing, no matter what anybody else thinks and be proud in yourself that you have the courage to do whats right for you at that time, if you ever want to change, do it, change.

Couldn't agree more.

I count myself as one of the most fortunate people because I've always had jobs / work that I've believed in and enjoyed doing. Partly through my own choice and efforts and partly through luck. I do feel sorry for those who are unable to be in this situation or who have tried and failed through no fault of their own - I call it the "wasp in a jam jar syndrome" - it can never escape no matter how hard it tries. And I've seen this happen to people (even though it may be due to their own, perhaps unperceived, shortcomings).

As CB says, do something you like - even successful highly paid professionals do this to get away from it all.

Always go for change if things aren't right.

 

[simcom]

Think for yourself, drive around naysayers...............

I agree. As someone who is one year into a three year degree, I tend to find that I have to keep tight-lipped about my intentions to support myself financially.

When I have told the occasional person, I normally get either a sympathetic look ("You're in for it now", etc.) or an incredulous one ("What, you don't want to take those brilliant graduate jobs that will be on offer?"). Thankfully my parents have been very supportive though.

It can be pretty denting to confidence at times, which is why I now prefer to immerse myself in conversations with like-minded people, at least when talking about these issues

 

[mr_cassandra]

Its actually worse than that

many times they have been heavily programmed as to how things must be and are unaware of the many different ways to make money in the markets, all successful. If they tell you mechanical systems don't work, ask them which ones they have created and/or tried or analyzed. The answer will tell you a great deal about their depth of knowledge.
I've been working on and using my own system for years and have been entreated to a staggering array of armchair system critics with all sorts of canned cliches or sound bites why it can't be done. Took me ahile to learn to ask them about their own work or for a constructive suggestion. Thats where you learn the most about their opinion.

Do you guys also get the impression that if the person you talk to about trading has a finance (accounting/economics) background then they tend to be the most abrasive?--maybe because they learn about and emphasis fundemental analysis so much in their university degrees?--Ofcourse, I only generalise .

 

[normbeef]

Brilliant thread... this is why I decided to join up on these forums... personally I think the trading game is natural conlusion for a particular "brand" of people.. (i.e. those how will not be controlled by other peoples fears and belief systems..)

Personally I dont really discuss my activities with anybody else, but people do have some idea what I do because its fundamentally my occupation so I have tell them something... I tend to tell people the I am a "consultant" (which I am) and I work in the City from time to time...

This is were I usually stop the conversation dead.. and an uncomfortable silence begins :| this is usually enough for them to keep off the subject and go back to talking about football and tits...

My feeling is that I am philosophical about the uncertainties of Life in general, and am happier living in uncertainty than fooling myself that I am safe from "real life"...

It always makes me smile when I see people on these forums who are looking for "consistent" profits... and trying to build a "standard" weekly wage from trading.. Why ? surely this is counter intuitive as to why they want to be a trader in the first place... living under and understanding uncertainty and the opportunites it presents are the key... (whenever and wherever they come)

Most people cannot, or are too afraid to admit that the world is a very uncertain and dangerous place... so they Hide under the vail of a perminent employment (slavery)and "sensible" choice's... its a sad life in my opinion..

 

[mr_cassandra]

negative and/or limiting beliefs

We live in a world where many times, institutions, govts, school, churches are laying out a dogma, direct or more subtle that you should be a good cog in the wheel. Try and fit in, don't take chances, follow the system.

No one who ever made it big cared about such limiting programming.

Jack Canfield, author of the worldwide multiple bets selling chicken soup for the soul books, was turned down by over ONE HUNDRED <expert> publishers who didn't think his book would sell.

IBM turned Bill Gates down on an offer to partner with him on Windows.

Edison tried over 2,000 versions of the light bulb before he succeeded.

All succesful people share one trait, they don't buy the party line.

I'm am not in their league and am not implying such but in the 7 years I've been working on my own program for mechanical trading, I heard all the same stuff.

and IGNORED it

I agree. As someone who is one year into a three year degree, I tend to find that I have to keep tight-lipped about my intentions to support myself financially.

When I have told the occasional person, I normally get either a sympathetic look ("You're in for it now", etc.) or an incredulous one ("What, you don't want to take those brilliant graduate jobs that will be on offer?"). Thankfully my parents have been very supportive though.

It can be pretty denting to confidence at times, which is why I now prefer to immerse myself in conversations with like-minded people, at least when talking about these issues

 

[forexmilio]

Don't tell your friends that you're interested in trading?!

Do you find that people in general are not very receptive to discussing trading? I have an accountant friend who even told me he was interested in trading but when I started talking about techncial analysis and speculation instead of basing trades on the fundamentals of a company, I basically got the 'cold shoulder' and some very bad advice.

I'm starting to realise that I should just keep my mouth shut about trading. I'm only a newbie studying it for the last two months.

I was just wondering if it's just me and my situation or if this is a more common thing when learning about trading? Were your friends really supportive or did they keep telling you about the 95% failure rate?

This friend of mine just suggested that I 'give it a go' with a small about of money. That may work for some people but for me it was a very bad idea. I don't even have a criteria set up for determining when to enter and exit a trade let alone a fully specified trading plan or paper trading.

From now on I'm just going to keep my mouth shut about trading

Have you generally had positive experiences when discussing trading with your friends?

believe me they are not always so bad
they can benifit sometimes