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post #31 of 44 (permalink) Old 10-22-2008, 01:08 PM
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Originally Posted by Shane View Post
Fuck all the other blather; there is no money anyone, anywhere can afford to lose.
What he meant to say was "I'm not going to do anything with money I cannot rationalize affording to lose"

That's how we all do it.

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Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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post #32 of 44 (permalink) Old 10-22-2008, 01:08 PM
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Consider what you'll do if you pursue this venture and it doesn't work out. I'm a headhunter by trade, and work mainly with finance and accounting people. I've run into more than my fair share of people who left gainful employment with the hope of being the next Gordon Gekko (and I'm not saying that is your goal). When these people find me (because God knows I'm not looking for them) it is because they have failed and want to find their way back into the workforce. Most of the employers I work with are a pretty risk-averse bunch, especially accounting types. They aren't interested in taking a chance on investing time and training in someone that has already shown they're willing to throw it all away to chase a dream. They want to mitigate their risk.

I'm not saying you're going to fail here. What I saying is consider your exit strategy. If it doesn't work out it will be a black mark on your resume that will prejudice future employers against you.
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post #33 of 44 (permalink) Old 10-22-2008, 01:13 PM
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That will change once you're actually risking something. Trust me on this. In the land of make-believe there is no second guessing, no self doubt, no shaken confidence, no psychological repercussions from taking it on the chin once in a while. Risk introduces an element of fear that trials cannot consider.
One morning I sat and realized after finishing a session that my shirt was wringing wet. And I am not a person that flinches easily. It was a very good session but your heart rate goes up, your mind is racing and the concept of cool, calm and collected sometimes just goes out the window.

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post #34 of 44 (permalink) Old 10-22-2008, 01:16 PM
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jlomon,
I love this comments and it really makes me learn something by reading it.

500SEC 1984 retired at 192K
Porsche 928S GT 1984 (euro) retired at 243K
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post #35 of 44 (permalink) Old 10-22-2008, 01:18 PM
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A meth lab would be more lucrative and what the heck, you're already in Oklahoma.

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post #36 of 44 (permalink) Old 10-22-2008, 01:20 PM Thread Starter
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Fuck all the other blather; there is no money anyone, anywhere can afford to lose.
Greed is undoubtedly your dominant trait.
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post #37 of 44 (permalink) Old 10-22-2008, 01:22 PM Thread Starter
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Consider what you'll do if you pursue this venture and it doesn't work out. I'm a headhunter by trade, and work mainly with finance and accounting people. I've run into more than my fair share of people who left gainful employment with the hope of being the next Gordon Gekko (and I'm not saying that is your goal). When these people find me (because God knows I'm not looking for them) it is because they have failed and want to find their way back into the workforce. Most of the employers I work with are a pretty risk-averse bunch, especially accounting types. They aren't interested in taking a chance on investing time and training in someone that has already shown they're willing to throw it all away to chase a dream. They want to mitigate their risk.

I'm not saying you're going to fail here. What I saying is consider your exit strategy. If it doesn't work out it will be a black mark on your resume that will prejudice future employers against you.
All perfectly valid concerns. The few people I've known who are day traders keep their day jobs. One guy worked days just to cover his tax bill each year.

I will say this - you're probably not hearing from the people who were successful.
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post #38 of 44 (permalink) Old 10-22-2008, 01:30 PM
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Originally Posted by mcbear View Post
One morning I sat and realized after finishing a session that my shirt was wringing wet. And I am not a person that flinches easily. It was a very good session but your heart rate goes up, your mind is racing and the concept of cool, calm and collected sometimes just goes out the window.
Day trading is gambling, and gambling is something I have some small experience with. It's easy to pick winners when there's no risk, it's much more difficult once risk introduces the element of fear into the equation. Most gamblers are unsuccessful, not because they aren't smart or schooled enough to make intelligent decisions, but because they are unable to manage their own fear. The ones who are successful (and they are a small minority) don't allow anything to shake their confidence -- no matter what happened yesterday or last week.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #39 of 44 (permalink) Old 10-22-2008, 01:36 PM
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Day trading is gambling, and gambling is something I have some small experience with. It's easy to pick winners when there's no risk, it's much more difficult once risk introduces the element of fear into the equation. Most gamblers are unsuccessful, not because they aren't smart or schooled enough to make intelligent decisions, but because they are unable to manage their own fear. The ones who are successful (and they are a small minority) don't allow anything to shake their confidence -- no matter what happened yesterday or last week.
It's why I quit going to Keeneland except to eat or take photographs.

One day I was at the $100 window and finished buying for my race. After the race the guy I had been talking to threw down his tickets. I looked down and picked them up. For a mid week, no-name stakes race he had dropped $75K -literately. While I won my $650 on $300, that was the last day I bet. I still have that stack of tickets.

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Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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post #40 of 44 (permalink) Old 10-22-2008, 01:45 PM Thread Starter
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Originally Posted by mlfun View Post
Anyone approaching Gates territory yet ? Compounding is incredible , isn't it ?
I'd only have the $25k in play; that or I dramatically lower expectations beyond the first month if I can average $1,000 a day.

Healthcare ain't free yet.
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