User Tag List

Results 1 to 6 of 6

  1. #1
    Senior Member
    Join Date
    Jun 2009
    Posts
    27,064

    Default Is it really that easy to be a trader?

    https://www.msn.com/en-ie/money/othe...2Y4?li=BBr5KbJ

    I'm always really interested in stories like this, probably from the time I watched and loved the premise of the movie Limitless, the idea that if you only had the capital you could make it rich playing the markets.

    The thing is that when I hear stories like this there generally is a "gate keeper" character who recommends training, books, online or mail order courses or something, at which point I tend to believe its a "bait & switch", like those employment/job fairs at which there are actually no agencies or firms recruiting but lots of people actually trading and selling services or goods to the unemployed that are supposed to make them more attractive to employers.

    In this case I dont know if this was happening, it sounds like it to me, but its too vague. The idea that he could fore go the guys advice and instead learn the tricks of the trade from youtubes is interesting though. I know plenty of people who've believed that following the movie Nightcrawler featuring someone learning everything there was to know, for free, from the internet about film production, footage sales and media enterprise. Seriously. The guy was a vagrant at the start of that film. Its a good movie and I think has something to say about success and how people think about it or have valorised it as I think the guy is actually a psychopath. Anyway, a lot of people seem to have made the "take away" from the feature that you can learn anything in order to be a success for free from the web.

    So what do you think? Is it really that easy to become a trader? Or is this story as likely as one about doing scratch cards or winning the lottery?

    I do often find things like this really interesting but I've got to say that of all the books on the topic of trading I've bought 99% of them were absolute shill and did not tell you anything of value what so ever, there's even a few which I felt on a second read were elaborate stunts and tricks to get you to buy accounts with the banks that the authors worked for or had some sort of share or interest in.

    I know that that is a little different to currencies or trading in futures and more like simply buying a private pension portfolio though.

  2. #2
    Senior Member
    Join Date
    Sep 2015
    MBTI
    ENFJ
    Enneagram
    359 sp/sx
    Socionics
    EIE Ni
    Posts
    2,393

    Default

    You have to do your research and be skilled at reading trends. However, most people suck at trading from what i read.

  3. #3
    breaking out of my cocoon SearchingforPeace's Avatar
    Join Date
    Jun 2015
    MBTI
    ENFJ
    Enneagram
    9w8 sx/so
    Socionics
    EIE None
    Posts
    6,930

    Default

    I have a friend who was a currency trader for a few years. He is a ENTJ and did pretty well for a few years. Then started losing non stop, so that he quit and entered a different field and started a business and is very successful in that field.

    What happened to him was the field changed as high speed trading and algorithms took over. The field is much harder today.

    Worse, it directly fuels on greed. It needs new greedy suckers to think they can game the market. Con artists prey on them and get them to invest in various schemes that rip people off. Even sophisticated investors get ripped off, a la the derivative markets, which was depicted in the Big Short.

    All that being said, I recently met a young programmer, a clear INTP. He has no formal training, no college, but secured a high paying programming job with a Fortune 500 company by 21. He then started looking at financial markets and seeing patterns. He developed a program to use what he sees and makes $500k a year in his mid 20s, collecting a monthly licensing fee from people who use it.

    Anyway, he does not trade himself, as he has studied psychology and neurology and personality as part of his work and has decided it is better not trading.

    So, if a brilliant guy who makes a lot of money selling trading tools does not trade himself, one should wonder if it is a good thing before getting in.
    “Orthodoxy means not thinking--not needing to think. Orthodoxy is unconsciousness.”
    ― George Orwell, 1984

    “It is clear that thought is not free if the profession of certain opinions makes it impossible to earn a living. It is clear also that thought is not free if all the arguments on one side of a controversy are perpetually presented as attractively as possible, while the arguments on the other side can only be discovered by diligent search.”

    ― Bertrand Russell, Sceptical Essays
    Likes Consilience, JAVO, Cellmold liked this post

  4. #4
    Remember, Humanity. Jacques Le Paul's Avatar
    Join Date
    Apr 2011
    MBTI
    ENTP
    Enneagram
    379 sp/sx
    Posts
    2,469

    Default

    I'd agree with the others about exercising caution, there is a lot of crap out there that will get you.
    Always forward, never back!

    "I always love talking to people and hearing their story. People always have a good life story to tell ya know?"

    Today is the beginning, and tomorrow is the beginning of everything else.

    March on, life's too grand to let things get you down for long. It's a beautiful place and we're so blessed to be here.

    I am a person of fortune and I must seek my fortune.


    My blog

  5. #5

    Default

    The stories you often see and read about traders and their "American Dream" with women, yachts and luxury all around are not consistent with reality. It's just a way to rope naive people into quickly and efficiently gambling away their money, and most of them don't make it far.

    Trading takes patience, and it's going to be a very long time before you make any sort of profit, and even then that's assuming you're being careful and you know what you're doing.

    You could spend years building a big portofolio and it doesn't take much to lose it all overnight.

    That doesn't mean it can't work or that it isn't worth getting into it by any means, it's just that trading is completely different from what people actually think it is. Also trading full-time isn't viable until you have a good portofolio so don't just leave everything behind one day and decide you're going to become the wolf of Wall Street, the wheel doesn't spin like that.
    Johari | Nohari

    Moving forward, put aside all unnecessary preconceptions, eliminate all biases, analyze all the facts without letting external influences cloud your better judgement and put together a coherent picture of the truth like a jigsaw puzzle, you have the pieces you need, the only thing left to do is to learn how to put them together properly.
    Likes SearchingforPeace liked this post

  6. #6
    Wake, See, Sing, Dance Cellmold's Avatar
    Join Date
    Mar 2012
    Posts
    6,295

    Default

    Replace trading with *insert aspect of life that one could presumably achieve at based on another's performance* and you get the broader issue here.

    It's quite easy to get into a lot of things, it's extremely hard to be successful at any of them. And you're then stuck between fear of likely failure and anger with oneself for not trying.

    An ongoing human issue. Turns out delusion and ignorance are the most powerful aids to self-resilience and so truth either has to take a back seat, or you are subject to certain realities.
    Any one know the answer to how one person can perceive accurately where another fails? What phenomena of human consciousness allows for a successful judgement in the moment or context as required?

    I definitely don't and I'm no closer to understanding it now than I was at 5.

    The rationalisation would be that my lack of understanding is it's own answer. Convenient.

    Which is what all these success stories share; convenience.
    'One of (Lucas) Cranach's masterpieces, discussed by (Joseph) Koerner, is in it's self-referentiality the perfect expression of left-hemisphere emptiness and a precursor of post-modernism. There is no longer anything to point to beyond, nothing Other, so it points pointlessly to itself.' - Iain McGilChrist

    Suppose a tree fell down, Pooh, when we were underneath it?"
    "Suppose it didn't," said Pooh, after careful thought.
    Piglet was comforted by this.
    - A.A. Milne.
    Likes Consilience liked this post

Similar Threads

  1. [ENFJ] Is it normal for ENFJs to be addicted to being loved?
    By Carla Rose in forum The NF Idyllic (ENFP, INFP, ENFJ, INFJ)
    Replies: 22
    Last Post: 12-20-2016, 03:36 AM
  2. Is it possible that I may be using some combination of Fi, Te, Ti, and Te?
    By The Great One in forum Myers-Briggs and Jungian Cognitive Functions
    Replies: 50
    Last Post: 08-19-2016, 07:38 PM
  3. [ENFJ] Is it possible (or likely) to be an ENFJ and enneagram type 7?
    By pinkgraffiti in forum The NF Idyllic (ENFP, INFP, ENFJ, INFJ)
    Replies: 2
    Last Post: 12-21-2013, 10:22 PM
  4. What is thinking? It's not objective, that's to be sure
    By onemoretime in forum Myers-Briggs and Jungian Cognitive Functions
    Replies: 9
    Last Post: 09-21-2010, 09:30 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
Single Sign On provided by vBSSO