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Profitable traders: Would you quit trading for your career?

  • #1
  • First Post: Sep 3, 2013 11:28am Sep 3, 2013 11:28am
Would you quit trading to focus on your career ....
.
Let's be honest here guys ..
.
We Are Not Doing any good to our countries economies Nor adding any value to the community we live in ... by trading ... Do we ?
.
Please correct me if I'm wrong.
Winners never quit and quitters never win. Vince Lombardi
  • #2
  • Sep 3, 2013 11:42am Sep 3, 2013 11:42am
i would take your signature as my reply to this
The risk is what gives value to an investment.
  • #3
  • Sep 3, 2013 12:09pm Sep 3, 2013 12:09pm
I think this is irrelevant issue Sir. Let me rephrase my question ... Do you feel like you add any value to the community by winning some trades ?
Winners never quit and quitters never win. Vince Lombardi
  • #4
  • Sep 3, 2013 12:21pm Sep 3, 2013 12:21pm
Quoting cristiano7
Not Doing any good to our countries economies Nor adding any value to the community we live in
Tell that to bureaucrats.

In a sense any business is trading. One hopes that their skill set will result in a gain. By trading you facilitate trade. You are a money changer (http://en.wikipedia.org/wiki/Money_changer). There are often intermediaries and agents in any trade or merchandise flow. While some volume is pure speculation it is made possible by the needs of international trade and liquidity it requires. People who write that for each winner there is a looser are ignorant. If Toyota has to shift their USD reserves into JPY they will try doing it most efficiently, but they will still do it as they need JPY to pay their workers once cars were sold.

As for career, not every activity appeals to everyone. Various people choose to get involved into different things for different reasons and circumstances. Good for you that you have opportunity to choose or balance various activities.
  • #5
  • Sep 3, 2013 1:44pm Sep 3, 2013 1:44pm
Quoting cristiano7
I think this is irrelevant issue Sir. Let me rephrase my question ... Do you feel like you add any value to the community by winning some trades ?
Speculating / trading is a lot like prostitution.
If you are NOT a losing trader, you are not doing your job. Bad on you.
To be of benefit to a society in a free market economy speculators MUST LOSE.
90 % of traders (the losers) are doing their job to help the economy -- they facilitate price discovery, bear the risk and provide liquidity for the benefit of the producers: the REAL CONTRIBUTORS TO SOCIETY.
Speculators / traders are a necessary evil. They are the whores of the financial world. And in the same way as in prostitution, a market economy must tolerate traders -- as long as they fulfill their role, that is, to lose to the producers.
Without this grease on its many wheels the free market would grind to a halt.
  • #6
  • Sep 3, 2013 1:53pm Sep 3, 2013 1:53pm
Quoting Mingary
{quote} Speculating / trading is a lot like prostitution. If you are NOT a losing trader, you are not doing your job. Bad on you. To be of benefit to a society in a free market economy speculators MUST LOSE. 90 % of traders (the losers) are doing their job to help the economy -- they facilitate price discovery, bear the risk and provide liquidity for the benefit of the producers: the REAL CONTRIBUTORS TO SOCIETY. Speculators / traders are a necessary evil. They are the whores of the financial world. And in the same way as in prostitution, a market...

Yes and when you get a diease is like blowing up a account, the more money it is the worse the sickness.
All posts are my personal opinion
  • #7
  • Edited 5:43pm Sep 3, 2013 2:51pm | Edited 5:43pm
Quoting Mingary
{quote} To be of benefit to a society in a free market economy speculators MUST LOSE.
It is the same as saying that to be beneficial to society or economy bank or other businesses must be losing. Will you ever say this?

Rates will change no matter what in order to balance existing money flows or anticipation of the effects the various events will have on money flow.

Buying ABC stock or starting ABC as a business, you bet that ABC will be able to generate positive cash flow exceeding costs because it is doing things right or better than competitors. If you believe the US economy as the whole will become more valuable in comparison to other economies, you go and buy USD vs other economy's currency.

If you do nothing, the US or ABC may still get better, but you are not going to benefit in the process. If you are wrong you will lose whether it is your ABC or USD, but I hardly see any benefit to the society from your loss. If you do nothing you neither win nor lose.
  • #8
  • Sep 3, 2013 3:16pm Sep 3, 2013 3:16pm
Quoting grin
{quote} It is the same as saying that to be beneficial to society or economy bank or other businesses must be loosing. Will you ever say this? Rates will change no matter what in order to balance existing money flows or anticipation of the effects the various events will have on money flow. Buying ABC stock or starting ABC as a business, you bet that ABC will be able to generate positive cash flow exceeding costs because it is doing things right or better than competitors. If you believe the US economy as the whole will become more valuable in comparison...
You are not using "loose" correctly

Lose vs Loose

A lot of people are mixing up lose and loose. In particular, a lot of people are writing loose when they really mean lose. Here are the definitions of the two words from my Penguin dictionary:
loose [lOOs] adj not fastened or pre-packed; not tied up or confined; able to move freely; not tight, not firmly fixed; not close-fitting; careless, inaccurate, vague; dissolute, immoral; not closely woven; flabby; (of bowels) inclined to diarrhoea; l. box stable or van in which an animal can move about; at a l. end uncertain what to do next; unoccupied ~ loose adv in a loose way; play fast and l. behave rashly or unscupulously ~ loose n release; on the l. free from restraint; on a spree; ~ loose v/t untie, undo; release from confinement or constraint, set free; detatch; fire (gun); shoot (arrow); (eccles) absolve.
lose (p/t and p/part lost) [lOOz] v/t and i no longer have; be deprived of by accident or misfortune; mislay, fail to find; fail to get or win; be too late for; be bereaved of; waste; be defeated or beaten; suffer loss, become worse off; fail to hear, see or understand; cause or allow to perish; (of clock or watch) go too slowly; (refl) miss the right path; become absorbed in; l. one's head become flustered, panic; l. one's temper grow angry; l. one's way fail to find the right path; l. out (US) be defeated after a struggle.
Examples:

This knot is too loose.
Please do not lose my book.
I had better not lose that file.

One way to remember the difference between the two words is to think that "lose has lost an 'o'".
  • #9
  • Sep 3, 2013 3:24pm Sep 3, 2013 3:24pm
Trading is adding value to society !

Traders are like insurance company, taking risk from businesses and collecting fee for it.

In times of fear are speculators that wait on other side of trade so businesses can have their stability.

Yeah, it is not free, so is not insurance premium. But it is there when you need it.

And one can see speculators crossing the line sometimes, but this is corrupt part of trader community. Like all other parts of society, corruption is well and alive among speculators. HFT is one example of corruption.
  • #10
  • Sep 4, 2013 12:19am Sep 4, 2013 12:19am
Quoting seaman2
Trading is adding value to society ! Traders are like insurance company, taking risk from businesses and collecting fee for it. In times of fear are speculators that wait on other side of trade so businesses can have their stability. Yeah, it is not free, so is not insurance premium. But it is there when you need it. And one can see speculators crossing the line sometimes, but this is corrupt part of trader community. Like all other parts of society, corruption is well and alive among speculators. HFT is one example of corruption.
Do you believe yourself saying that ! :/
Winners never quit and quitters never win. Vince Lombardi
  • #11
  • Sep 4, 2013 12:43am Sep 4, 2013 12:43am
Quoting cristiano7
Would you quit trading to focus on your career ....
you can trade and still focus on a career, why do you think you can't do both? I am active in my profession, hold a salaried job and also have a consulting business on the side, and I am in/out of trades many times every week. I just spend I would say an average of 10 hrs a week to read, look at charts, waste time on forums, and manage trades. I could do just as well probably with half of that time.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #12
  • Sep 4, 2013 1:07am Sep 4, 2013 1:07am
Quoting The Fool
{quote} you can trade and still focus on a career, why do you think you can't do both? I am active in my profession, hold a salaried job and also have a consulting business on the side, and I am in/out of trades many times every week. I just spend I would say an average of 10 hrs a week to read, look at charts, waste time on forums, and manage trades. I could do just as well probably with half of that time.
I'm on the same page with The Fool. Why not do both? Operate a business that contributes to society and at the same time hedge your currency risks? If you want to speculate, separate your trading account so in the worst case scenario, it won't affect your business operations.

I think the issue with most retail traders is that they are very short term traders (daytrading, scalping, etc) but don't see that it is very very difficult to consistently beat the market. Long term traders are more exposed to risk (wider stop loss), but spends way less stress and time worrying about a position (that is only if you have a strict risk management system). If having a wider stop loss is an issue, just lower your position size. If you are stressing out when you sleep at night and wake up to check your position, your position is too large. Long term trading is the way to go, but that's just my opinion. I'm sure there are a very small percentage of "elite" traders who are able to successfully trade short term, I'm just not one of them.
Data Miner
  • #13
  • Edited 1:32pm Sep 4, 2013 1:03pm | Edited 1:32pm
Both are bit illogical questions. I am sure you haven't given much thought or search to them before posting it in a trading forum

Quoting cristiano7
Would you quit trading to focus on your career
Trading is my career. nothing much to say here
Trading is the career of any profitable full(/major)-time trader. Dont see why they will quit trading.

Quoting cristiano7
Let me rephrase my question ... Do you feel like you add any value to the community by winning some trades ?
As some have already pointed out, trading is a business
and let me tell you... a very unique and opportunity rich , 'relatively' easy to setup business
and so anyone buying and selling a house/land/car/bond/any tangible item or in fact doing any "investment" is a businessman or a trader ,on whatever time frame)hours/days/weeks/yrs) they are selling or buying the before mentioned entities. Most do it ...one time or another. Just that, they may be part time or full timers.

For naysayers, i would say they all add liquidity, to a free market, if nothing else

Further and most importantly... i am not sure who stops a profitable trader from being a larger part of economy or your so called "adding value to community" (we know what u do)
He/She has more freedom (and relatively larger capital if nicely profitable) at disposal to do the same (utilizing small to large %age of his capital), if he/she wants to.

Personally i have my goals and one of them is setting up a large scale Non-profitable setup for a particular section of community (i dont want to divulge details)
and i am not far from it...just have to bank the leftover... in my road to 1st million$ mark. (small work is always on...even now with trading profits and even when it was saved pocket money )

So.... think over things before quickly zapping the electric cauterization probe
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
  • #14
  • Sep 4, 2013 1:04pm Sep 4, 2013 1:04pm
Quoting The Fool
{quote} you can trade and still focus on a career, why do you think you can't do both? I am active in my profession, hold a salaried job and also have a consulting business on the side, and I am in/out of trades many times every week. I just spend I would say an average of 10 hrs a week to read, look at charts, waste time on forums, and manage trades. I could do just as well probably with half of that time.

I wish I can do the same. It's just every time I give trading some space of my mind I get busted on my professional career side
Winners never quit and quitters never win. Vince Lombardi
  • #15
  • Sep 4, 2013 1:09pm Sep 4, 2013 1:09pm
Quoting forexsaint
Both are bit illogical questions. I am sure you haven't given much thought or search to them before posting it in a trading forum {quote} Trading is my career. nothing much to say here Trading is the career of any profitable full(/major)-time trader. Dont see why they will quit trading. {quote} As some have already pointed out, trading is a business and let me tell you... a very unique and opportunity rich , 'relatively' easy to setup business and so anyone buying and selling a house/land/car/bond/any tangible item or in fact doing any "investment"...

Oooooookay ... and for the " we know what you do " part I'd just say thanks if you think I meant to bring that up
Winners never quit and quitters never win. Vince Lombardi
  • #16
  • Sep 4, 2013 1:31pm Sep 4, 2013 1:31pm
When I win trades I am able to pay my expenses. This means spending money in my local community. Anytime you spend money in your community you are, hopefully, supporting local businesses.

When I lose trades I am supporting someone else.

All in all, the movement of money from your hands to mine or my hands to yours stimulates the economy somewhere in the world.
  • #17
  • Sep 4, 2013 1:31pm Sep 4, 2013 1:31pm
Quoting cristiano7
{quote} Oooooookay ... and for the " we know what you do " part I'd just say thanks if you think I meant to bring that up
Well i dont mean disrespect/being impudent for anyone's profession here. Just in case.

But i felt (i might have been wrong) as if you actually thought (or may be still think) that profitable traders(esp. full timers) are some useless scum people to the community
So i just posted my opinion/comments about the questions you asked (in a public forum)
As simple as that.
Good luck and happy contributing
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
  • #18
  • Sep 4, 2013 1:31pm Sep 4, 2013 1:31pm
Quoting cristiano7
{quote} I wish I can do the same. It's just every time I give trading some space of my mind I get busted on my professional career side
what can you control? maybe the job/career stuff is beyond your control - but you can always change the way you trade. try changing timeframes, try changing what you trade, try options instead of fx, for instance. if you're having problems with what you're doing, change things around. if there's a will there is usually a way. good luck.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #19
  • Sep 4, 2013 2:10pm Sep 4, 2013 2:10pm
Quoting cristiano7
Would you quit trading to focus on your career .... . Let's be honest here guys .. . We Are Not Doing any good to our countries economies Nor adding any value to the community we live in ... by trading ... Do we ? . Please correct me if I'm wrong.

Ask yourself if you would have posed the same question to a real-estate flipping/investing or
"starting an insurance business" online forum... there is your answer.

Don't let your first impression of trading cloud what it really is.
  • #20
  • Sep 4, 2013 2:32pm Sep 4, 2013 2:32pm
I have read Many threads of different people, I am doing trading in Gold from last few years But to be frank all of you I didn't earn a single penny from it ..I make huge money huge profits but at the end after an year if I calculate I have lost more money and infact too much..

Iwant to know any of trader here who actually earn some money from trading not for a month or two but I need a yearly result like after an year how much money He/She actally earns (only Profits)

Hoping for your quick responses Guys.
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