Do you feel guilty because of your profits? | Forex Factory

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Do you feel guilty because of your profits?

  • #1
  • First Post: Dec 19, 2011 3:32pm Dec 19, 2011 3:32pm
Hello,
here is a little issue i want to propose to forexfactory members, i understand this is not something that everybody may have deal or is dealing with, however here we go.

The subject is:
Do you feel guilty about the profits you make out of trading?

Of course it may seems a weird concept, but i think it may happen to some traders on a certain point of their trading career to experience this kind of issue, and i'm curious about have some feedback about it from the experienced members who may have or are currently dealing with this thing.

Any comment or experience will be very appreciated, or if you know some good book that cover this subject please feel free to contribute to this thread as you wish.

Thank you!
  • #2
  • Dec 19, 2011 4:12pm Dec 19, 2011 4:12pm
It's not a weird concept at all. It's a good question, and in fact several traders I spoke to mentioned this - aren't we supposed to feel guilty because -

1. we're making money out of "nothing" 2. we're taking somebody else's money away

The answer is, hell no! If you feel you've worked for your profits, by developing and testing a strategy, you've put your time and effort in it, then why should you ever feel guilty?

Too bad that it's so easy to feel guilty these days. Your coffe is not fairtrade? You're a cruel slaveholder.
You got no coins on you when that beggar asks for money in the parking lot? -You ruthless beast!!
You don't really like the new neighbours, not because they're from abroad, but because of their habits? -You racist!!!
Are a few of your lightbulbs still one of those old-fashioned non-eco types? -How about the future of the earth, you irresponsible fool?

Bottom line is, you worked it, no need to feel guilty, just enjoy it!
Quoting tunera
Hello,
here is a little issue i want to propose to forexfactory members, i understand this is not something that everybody may have deal or is dealing with, however here we go.

The subject is:
Do you feel guilty about the profits you make out of trading?

Of course it may seems a weird concept, but i think it may happen to some traders on a certain point of their trading career to experience this kind of issue, and i'm curious about have some feedback about it from the experienced members who may have or are currently dealing with this thing.

Any...
forget about tomorrow, just steal away into the night
  • #3
  • Dec 19, 2011 4:35pm Dec 19, 2011 4:35pm
No.
  • #4
  • Dec 19, 2011 4:37pm Dec 19, 2011 4:37pm
Yeah, a good question. I've thought about this in two ways:

1. Money from nothing. It's empty, it's not producing anything useful, it's not a valuable thing to be doing with my life. Yet, I think about all the useful and productive things I'm currently doing being semi-retired, and all of the additional useful and productive things I will do once I am retired, which aren't and wouldn't be possible without trading income. So what I earn from doing something which has no value goes directly towards things which do have tremendous value.

Most people under 30 won't be able to relate to that.

2. Wealth transfer. A lot of traders believe that if you have a profitable trade, automatically someone else has a losing trade. Not true. If this was the case I couldn't trade, I wouldn't feel right, I'd lose sleep over it.

The reason it's not true is that people trade for different durations and people exit trades at different times from when they enter. If I buy, looking to hold a position for a few days, and the price initially drops 20 pips, the guy short selling to me has a good 20-pip move and closes for a profit, then eventually the price goes in my direction and I have a good trade as well. Yes, at some point someone will lose, and it may be the guy on the other side of my trade, but it isn't that way by default.

As far as the sheer amount of money goes, whenever I buy a product it helps that business survive, which helps keep people employed. It's the millionaires and billionaires who keep our economy working.
  • #5
  • Dec 19, 2011 5:25pm Dec 19, 2011 5:25pm
If you still can't get over your "guilt" and you're not doing much with your profits, give a portion of your profits to a worthy charity
  • #6
  • Dec 19, 2011 5:49pm Dec 19, 2011 5:49pm
yes, lets give all our profits to the 99 percenters. they deserve all our profits as they want all handouts given to them.
  • #7
  • Dec 19, 2011 5:52pm Dec 19, 2011 5:52pm
usually your trades are vs brokers or liquidity providers which bet on general population losing so since they are crooks its ok to take from them
  • #8
  • Dec 19, 2011 5:53pm Dec 19, 2011 5:53pm
treadline, that's the spirit!
</sarcasm>
  • #9
  • Dec 19, 2011 5:57pm Dec 19, 2011 5:57pm
Ok .. here is how i think about it and that takes your and most traders issue about that feeling away..



a lil story i like to come up everytime someone tells my iam not doing any productive work...



a farmer who plants seeds , lets say apples and harvest its wants to sell it
right ? .. so he ist most probaly not going to sell each apple to a single person.. he want to get rid of his work as fast as possible,, as his stock may rott..

so he goes to the market where severa l tarders will buy his apples in huge stocks ie.. the traders will take the risk of sitting on rotten apples ..

and the farmer can go back to work.. he sold all his apples instantley..
and hi got rid of his risk.. and therefore is able to produce apples again next seasone.. if that wouldnt be the case .. he got broke.. ie no apples for us..

back to the tarders .. teh bought the apples.. and distribute them.. they are facing two risks.. ie not selling all apples till they rott.. and that they may sell it for less money then they bought.. and they may trade apples among themselves .. as everyone has its own thoughts of the future price.. etc..


so well yea .. we arent productive.. but we keep the productivity alive..
we are the veins and heart of the economy ...

we take risk off and we are the liquidity.. as teh farmer doesnt have to be scared to get rid of his apples.. as ther is enough liquidty all the time..


and its fair to make some profits out of that service we provide..
yea where money is to be made there will always be soem crooks about...

even in the productive industry! .. there wher several scandals .. for example.. a meat factory wich bought grade F meat .. and proccesed food for us people.. just to gain more profits.. does that mean that every butcher is bad or a crook ?..


no!

same goes for traders..





apologies. for my bad english.. but i think u got the point
  • #10
  • Dec 19, 2011 6:01pm Dec 19, 2011 6:01pm
I only feel guilty when i dont make profit....

If you feel guilty, think of it this way: its either you or the market, the market will take your money until the last penny is gone and not care
  • #11
  • Dec 19, 2011 6:05pm Dec 19, 2011 6:05pm
Hey guys,

I'm a new trader - but understand that the person/firm taking the other side of the contract could be hedging positions, and in that case would not incur a
"loss" per say.

For instance, a government/company wants to buy 20 expensive military boats over the next 10 years, but has to budget a definite cost into its forecasted spending. Therefore, it hedges against currency risk by shorting a couple of hundred million contracts of the AUD/USD to mitigate currency risk of the AUD dropping. Therefore, a contract loss or gain is not necessarily a "loss" in the true sense. I believe hedge funds do the same... therefore, retail traders are providing liquidity to allow these transactions to occur.

Is this a rose coloured view on the market? Sure people lose profits as well, but I think there's a bigger picture coming from the major players.

Can anyone confirm or debunk this?

Jd
  • #12
  • Dec 19, 2011 7:37pm Dec 19, 2011 7:37pm
No. If people can't afford to lose they shouldn't be playing the game.
  • #13
  • Dec 19, 2011 9:02pm Dec 19, 2011 9:02pm
Quoting the-game
treadline, that's the spirit!
</sarcasm>
i too was being sarcastic!!!
  • #14
  • Dec 19, 2011 9:18pm Dec 19, 2011 9:18pm
Quoting the-game
If you still can't get over your "guilt" and you're not doing much with your profits, give a portion of your profits to a worthy charity
This.

Once I have all of my retirement purchases made through the year (Roths, Bonds) etc.. I try and give some to charity. It also helps with the taxes. Of course some of that retirement savings comes from the Full Time Job as well.
  • #15
  • Dec 19, 2011 10:34pm Dec 19, 2011 10:34pm
Guilty...Question is directed to wrong group of people...You should ask this quistion those who can move the price...Kindly move this thread in junk or trush folder.
The Market pays you to be disciplined
  • #16
  • Dec 19, 2011 11:50pm Dec 19, 2011 11:50pm
Traders provide liquidity for the market. That is why banks hate the opening up of retail Forex.

It used to be a gold mine ripping of commercial dealings when they needed to move money from country to country, now that everyone can have a MT4 on their PC the price is far more transparent than it used to be.

In the USA the banks tried to close retail FX down completely didn't they ?

The bank CEO are not happy making $145M in wages each year, they wanted more !

Greedy ..................
Money grows on the tree of persistence
  • #17
  • Dec 20, 2011 12:41am Dec 20, 2011 12:41am
Quoting ozmacca
Traders provide liquidity for the market. That is why banks hate the opening up of retail Forex.

It used to be a gold mine ripping of commercial dealings when they needed to move money from country to country, now that everyone can have a MT4 on their PC the price is far more transparent than it used to be.

In the USA the banks tried to close retail FX down completely didn't they ?

The bank CEO are not happy making $145M in wages each year, they wanted more !

Greedy ..................

actually its not the banks that would like forex to close its the goddamn US government that would like to shut down forex in this country. take for example all the rules and regs that the dodd frank act have enacted. it just brings forex underground with all the prohibition. we as a US citizen cant even trade metals.
  • #18
  • Dec 20, 2011 12:45am Dec 20, 2011 12:45am
Quoting tunera
Hello,
here is a little issue i want to propose to forexfactory members, i understand this is not something that everybody may have deal or is dealing with, however here we go.

The subject is:
Do you feel guilty about the profits you make out of trading?

Of course it may seems a weird concept, but i think it may happen to some traders on a certain point of their trading career to experience this kind of issue, and i'm curious about have some feedback about it from the experienced members who may have or are currently dealing with this thing.

Any...
I am not feeling guilty as almost 50% of my profits are taken as tax every year. Tax => should be good for community.
  • #19
  • Dec 20, 2011 1:55am Dec 20, 2011 1:55am
Quoting tunera
Hello,
here is a little issue i want to propose to forexfactory members, i understand this is not something that everybody may have deal or is dealing with, however here we go.

The subject is:
Do you feel guilty about the profits you make out of trading?

Of course it may seems a weird concept, but i think it may happen to some traders on a certain point of their trading career to experience this kind of issue, and i'm curious about have some feedback about it from the experienced members who may have or are currently dealing with this thing....
So it is you who is taking all the profits from the FF members who are alwasys losing. shame on you..

...
....
....

Lol , just kidding...

Have a nice Christmas and New year..., also don't forget to send presents to FF members..
  • #20
  • Dec 20, 2011 3:20am Dec 20, 2011 3:20am
Not in the least. If you feel guilty, then you are either failing to make money, or failing to build your life successfully around your trading. If you feel you are taking money for nothing, then you have probably forgotten how much hard work you have put into getting you where you are today, the sort of commitment and perseverance few in this business are able to sustain. If you have made it as a successful trader when so few do, and are somehow feeling guilty that you are not making a healthy contribution to society, then do something about it by using some of the money and the freedom that trading has given you, and there are plenty of ways to do that.
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