This is really long sorry but if you read it, hopefully it gets an interesting idea out for trading
Don’t get me wrong, I don’t neccesarily disagree with any of these points. But to kind of explain my own reasoning for my last comment, I’ll break apart each statement as well to give my general idea of why I believe its a bit too negative IMO.
Although, by itself, this statement is very true, some things just arent for everybody; that doesn’t mean its as innocent with the context given. The OP asked a question specifically about trading for a living and he responded with saying “its not for everyone”. Lets use another example of this happening outside of trading:
A person goes up to a basketball coach and says, “I would like to become a proffessional basketball player. What exactly must I do in order to qualify for such a position?”
The coach then responds with, “Basketball professionally just isnt for everybody”
Clearly this statement is true, again, somethings just aren’t for everyone. Yet, he very obviously is implying that the person who asked the question is a person who just isnt cut out for being a basketball professional, and there by, shouldn’t bother. IMO, that is a very negative and pretty rude way to go about really anything. In this world, information is very powerful. Assuming ones capabilities based off of your first impression of them is clearly looked down upon on society. Hell, thats why there is so many underdog stories. Because people believe in the idea of someone who seems to be a failure come out on top at the end.
Although you are right that wanting to become a trader for the wrong reasons is possible, are these reasons really all that bad? Or more so…uncommon? People day in and day out stress and groan over their awful dayjobs. And the second they find out they could learn a trade that grants them just as much money or more and even more freedom, you want them to not be curious on that idea?
Listen, the world works because of money. Our goal in life is to find the best balance between work and fun. If we can find a career that grants us a lot of money to fulfill our needs and wants AND allows us time and energy to have “fun”, why would that be a bad thing to shoot for?
Why are you wanting to be a trader? because you like looking at candles move up and down? I doubt it. Because you like reading NFP reports? Contextually unlikely. It’s probably because you’re in love with the economic puzzle that it is apart of and how it ties every country together in such a wonderfully complicated knot of chaos and numbers. AND because it can make you a good amount of money too.
This is a statement I HATE the most. This fact is very misleading. It’s fair for both of us to agree that joe shmoe walking down the street isnt a trader yes? That any random guy on the sidewalk is not a trader correct? It’s fair to assume that we both agree that anyone who has used Robinhood once or twice is not a trader yea? Hopefully thats the case, because that makes this next point a little easier. that statistic includes those people. You dont have to be a trader to open a brokerage account. Anyone can. Therefor…yea…of course a lot of people lose. They have no idea what they are doing.
Just like if you put a random person in a hospital, they wont know how to be a doctor. Yea, 99% of them would fail…they arent doctors!
These statistics need to include traders only. people who know what they are actually doing. And how many traders who actually know what they are doing fail? well we dont really know! Because brokerages have no idea who knows how to trade or not. Therefore this statistic is very misleading and shouldn’t be passed around IMO. And hence…its a negative way to look at a problem that isn’t actually there.
This one is pretty annoying too. Listen, just because people have coworkers doesn’t make them happy. If it did, people wouldn’t hate their jobs. So this silly idea that oh full-time trading is impossible because its lonely is insulting. And within the context of the conversation, its a pretty negative thing to bring up as to why trading full-time is a bad idea.
You dont HAVE to be lonely!
You can meet people in trading circles or go out to marketing dinners to get connections. You can get your friends to work towards becoming a trader with you to make it interesting. You can even work at an office with other traders who all trade retail. Hell, trading doesn’t take up 8 hours like your normal job did so you can go outside and go do stuff anyway! Trading is boring? Trading is lonely? Lol okay? What for the 2 hours that your doing it? Please, go be with your family, your wife, your girlfriend, your kids, your boyfriend, your normal friends. Go play some games, some sports, watch a movie, take a trip. You have all day to do anything and when you’re full-time you should be financially healthy too so hell money shouldn’t be an issue.
This idea that you have to be in your dark office for 12 hours a day staring at charts by lonesome is ridiculous. That doesn’t have to be your life. The whole point of trading is to be more flexible, to give yourself room to do other things! You have the time to go do those things now so go do them! most days you should be happily spending your time where it matters and where you are enjoying life the most… stop staring at your trades…they’ll move without you.
This way, even if your trades are moving in the red.
At least you’re out living your life the way you should be.
Thanks for coming to my TED talk