Tuesday, August 19, 2008

Traders have fun, then who makes the sacrifice ?

Trading is fun, it is the world's most favored vocation. It is not the world's oldest profession, but probably is the second oldest. Most traders enter this profession for money. The first group of traders will eventually exit this business since they will not find the money they seek. A second, much smaller group of traders will stay on because they love trading, for them the money is incidential.(They also make money from trading, which just goes on to prove the Age old advice in the Gita: do your duty without the desire or greed to enjoy the fruits of your labor.)
This post is addressed to the first group of traders.
You think you are working hard in trading ? You wake up early in the morning, start CNBC. You talk to your friends and colleagues about the market while getting ready. In the office, you stay glued to the trading screen with one eye and CNBC with the other eye. After market, you again waitch CNBC, then talk to your friends, broker & colleagues about the market. You watch the American markets while having dinner, then you stay glued to the TV as Udayan wraps up the day's action. Then the news, finally closing bell on CNBC - for the American markets. Exhausted, you go to bed after the US markets close.
Work ? All of this sounds like fun.
Who is making the sactifice ? Your wife, children, your immediate family. Often, new traders become strangers in their own house. Application of mind and understanding the markets is one thing - this requires reading & studying which newcomers never do.
So, use the remote. A smile on your wife's face is worth a hundred closing bells on the US market. And for studying, buy books on technical analysis and read them - again and again. Luckily, Kapil from Vision Books publishes American editions at Indian prices (low cost). get them at www.visionbooksindia.com, or call them at : 91-11-2386 2201, 2386 2935

1 comment:

Venkat said...

Wow what an article.Hope such article will upgrade me from fist level to second level eventually.
With lots of love
P.K.Venkatesh