What do you say you do for a living?

[JRP2891]

Sorry for the lack of clarity,
From my experience,when stating that I trade for a living,those are the common responses I hear from most,and in that order.Skeptical,curious,excited,envious,then the final,"will you do for me ,what Im not willing to do?"

I now am "looking for work",suddenly leeches are not around,and girls from the gym look elsewhere for free dinners .lol.

No problem, i understand what you mean now. Yeah i think that's just the way of most people, not wanting to put the work in, or themselves on the line. Even the effort to back-test a system for a couple days is too much for most, seems ridiculous when you think about how long that system could be profitable for you.

The way to keep the leeches away is not to say to the randoms what you do, although in these times i think the job "trader" has a bit of a different meaning to people since last year.

What you said about Anna risking 100% i couldn't agree with more, everyone needs a get out price where you admit you're wrong. And please, no more than 5% equity on a single idea, this will keep you in the game Anna when you have a bad run which will undoubtedly happen at some stage.

 

[AtlanaAnna]

I've lost track of who I'm replaying to on this post but whoever it is sounds quite aggressive over this e-mail post. When I first started trading, I had no idea what risk management was. My dealer opened the account and they encourage new traders to use a practice account until they learn the market as well as risk management. However, I was so eager there was no holding me back. I jumped in and chose to learn by doing. I doubt there is any respected analyst that doesn't teach risk management and there was nothing in my post that said the analysts I like to follow don't teach risk management.

 

[JRP2891]

Well i hope you don't mean me. I am just happy for you your first try worked out, however without using stops i don't think you knew how dangerous a place the markets can be. Make sure you hold onto your winnings. Relatively speaking, being profitable for 4 months is not very much really, but good going so far. I'm glad you're thinking more about risk management though, it's a must if you want to be around in a year or more.

 

[Ponce]

Sorry Anna,

No offense was meant,but I beg to differ.Turn on CNBC any time.The experts that pump that show use this logic. In 5 years you will be happy you bought such and such,the fundamentals are too good,valuation is so cheap.Even the Fast Money crew which Is entertaining make the worst trades.Guy Adami not long ago reasoned $80 was the floor on oil.With USO so popular,how many still hold that ETF because in 5 years it might be a good trade.lol. When these clowns stop calling the bottom,maybe it wil come in.

 

[AtlanaAnna]

Okay. I understand you guys better. J.R., you're right. I had no idea of the risk involved in the market. I still know just enough to be dangerous. I have learned things the hard way. I am still profitable in my earnings but I've also blown out my account 3 times....... Talk about being thick-headed! Now, I have developed mentoring relationships from people that know the market well and don't have a problem chastizing me if I don't keep my position sizing in check. As long as I'm winning, they don't bother me too much about not using Stops but they don't like it. However, I'm in a situation where I can check the status of a trade all day long. I also get incredible education from LearningMarkets.com. That site has turned me into a smarter trader and I highly reccommend it. I also have a friendship with the guy that opened my account for me and he has been wonderful in good times and bad. He has been able to refrain from saying things like, "I told you so" when I've lost. He has also been so helpful with the psychology of trading when I've lost confidense in my ability to trade. This is a complex market but it seems to suit my personality.

 

[JRP2891]

Ok well that's good that you're getting some help in that department. We've all blown accounts but it's how you learn from it that counts as with all mistakes. However i would say that forex can move very far and very quickly and it can only take a few minutes to be 200/300 pips offside if something is announced. Just because it hasn't happened to you it doesn't mean it won't. Also by having stops you can free up your capital if it's not working out to use for a more profitable trade. "Opportunity cost" and missing out on the best moves is something you'll experience by not getting out of losing trades.

 

[Ponce]

Okay. I understand you guys better. J.R., you're right. I had no idea of the risk involved in the market. I still know just enough to be dangerous. I have learned things the hard way. I am still profitable in my earnings but I've also blown out my account 3 times....... Talk about being thick-headed! Now, I have developed mentoring relationships from people that know the market well and don't have a problem chastizing me if I don't keep my position sizing in check. As long as I'm winning, they don't bother me too much about not using Stops but they don't like it. However, I'm in a situation where I can check the status of a trade all day long. I also get incredible education from LearningMarkets.com. That site has turned me into a smarter trader and I highly reccommend it. I also have a friendship with the guy that opened my account for me and he has been wonderful in good times and bad. He has been able to refrain from saying things like, "I told you so" when I've lost. He has also been so helpful with the psychology of trading when I've lost confidense in my ability to trade. This is a complex market but it seems to suit my personality.

Anna ,

I will assume you do not work for the site you mention.In the above post,some glaring statements stand out that are impossible to hold on to,and trade consistently green.I will not say anymore unless you want to hear it.

 

[EmergentFungus]

I've been using this one recently whne I'm out bar hopping;

Them: So what do you do?
Me: I work on a market.
Them: Oh really, which one?
Me: Paternoster Square. It's not far from here.

I then move to another topic.

Its true, 99% have never heard of it and I become a humble market trader on the street. Who drinks champagne.

 

[Black Swan]

I've been using this one recently whne I'm out bar hopping;

Them: So what do you do?
Me: I work on a market.
Them: Oh really, which one?
Me: Paternoster Square. It's not far from here.

I then move to another topic.

Its true, 99% have never heard of it and I become a humble market trader on the street. Who drinks champagne.

yep the "I'm a market trader" is a top answer, I did get the reply once "well John Hargreaves of Matalan fame started on a market in Liverpool so you never know..." :whistling

 

[yacarob1]

Professional Gambler

It raises eyebrows and I don't care what people think.

I actually feel sorry for most of them because they are trapped in the slavery system of employment.

 

[theroguetrader]

i say im a " FREE MAN " ....... !!


When you work, you exchange " TIME ".. for " $$ " - (in the form of salaries and wages)..!! NOT ever having a " BOSS " - has got to be one of the most empowering concepts to get your head around, especially when you realize that " YOUR TIME "- is one of THE most precious things .. !! Time that could be spent actually enjoying YOUR LIFE, with family / friends - the sense of "total freedom " is actually more important than the money..!! (as im sure lots of people on here will testify)

How dare anyone say they will pay you so and so, whether it be by the hour or by the month or Yr.. !! Who are they to judge what YOU are worth...!! AND as people realize in the current climate - LOYALTY means NOTHING... !!


worth aiming for.. !!

 

[wallstreet1928]

Professional Gambler

It raises eyebrows and I don't care what people think.

I actually feel sorry for most of them because they are trapped in the slavery system of employment.

well said

It is economic slavery ..............

 

[MrGecko]

I just started trading about a month ago and am very successful. What do you tell people you do to make all this money? What is your job title?

Nothing useful to add, but this thread has popped up now and again, and whenever I read the OP my response is to tell them that you are a comedienne.

 

[Dacamic]

The easier it becomes to answer the subject question to yourself, the easier it seems to be to answer it for others.

 

[hazelj80]

I trade foreign currencies. Therefore I tell people I trade foreign currencies. What a bizarre question.

Basically!

 

[shadowninja]

What with everyone hating traders because they are evil shorters (isn't that heightist?) I now tell them I teach martial arts (if it's a bloke) or I'm a therapist (if it's a single, hot chick).

 

[shadowninja]

Relevance?

 

[Jbat001]

Nothing useful to add, but this thread has popped up now and again, and whenever I read the OP my response is to tell them that you are a comedienne.

Oh no. Then you'll get the usual crap question from someone - "Tell us something funny then?".

That's not easy even for a genuine standup artist, and it would bore the t1ts off me constantly being asked to do it.

 

[elitejets]

Oh no. Then you'll get the usual crap question from someone - "Tell us something funny then?".

That's not easy even for a genuine standup artist, and it would bore the t1ts off me constantly being asked to do it.

I think the sarcasm might have been lost on you. Read post #1 again

 

[Mr.J-Arthur]

I say I'm unemployed. Nobody needs to know what I do... (evil grin, muhahaha)

But seriously, people either think you have a lot of money (and want some) or knock our line of work by saying, "Oh that's not work.."