Day Trading Futures

[Smart_trade]

MONEY:

We think we can pile up money to last our life time and leave for our children !!
In 1923, nine of the wealthiest people in the world met at Chicago's Edge Water Beach Hotel .
Their combined wealth, it is estimated, exceeded the wealth of the government of the United States at that time. These men certainly knew how to make a living and accumulate wealth. Attending the meeting were the following men:
1. The president of the largest steel company,
2. The president of the largest utility company,
3. The president of the largest gas company,
4. The president of the New York Stock Exchange,
5. The president of the Bank of International Settlements,
6. The greatest wheat speculator,
7. The greatest bear on Wall Street,
8. The head of the World's greatest monopoly &
9. A member of President Harding's cabinet.
That's a pretty impressive line-up of people by anyone's yardstick.
Yet, 25 years later, where were those nine industrial giants?
Let’s examine what happened to them 25 years later.
1. The President of the then largest steel company (Bethlehem Steel Corp), Charles M Schwab, lived on borrowed capital for five years before he died bankrupt.
2. The President of the then largest gas company, Howard Hubson, went insane.
3. One of the greatest commodity traders (Wheat Speculator), Arthur Cutten, died insolvent.
4. The then President of the New York Stock Exchange, Richard Whitney, was sent to jail.
5. The member of the US President’s Cabinet (the member of President Harding's cabinet), Albert Fall, was pardoned from jail just to be able to go home and die in peace.
6. The greatest “bear” on Wall Street, Jesse Livermore committed suicide.
7. The President of the then world’s greatest monopoly, Ivar Krueger, committed suicide.
8. The President of the Bank of International Settlement, Leon Fraser, committed Suicide.
9. The president of the largest utility company, Samuel Insull, died penniless.
What they forgot was how to "make" life while they got busy making money!
Money in itself is not evil; it provides food for the hungry, medicine for the sick, clothes for the needy. Money is only a medium of exchange.
We need two kinds of education:
a) One that teaches us how to make a living
and
b) One that teaches us how to live.
..........
There are many of us who are so engrossed in our professional life that we neglect our family, health and social responsibilities.
If asked why we do this, we would reply that "We are doing it for our family".
Yet, our kids are sleeping when we leave home. They are sleeping when we come back home!! Twenty years later, we’ll turn back, and they’ll all be gone, to pursue their own dreams and their own lives.
Without water, a ship cannot move. The ship needs water, but if the water gets into the ship, the ship will face existential problems. What was once a means of living for the ship will now become a means of destruction.
Similarly we live in a time where earning is a necessity but let not the earning enter our hearts, for what was once a means of living will surely become a means of destruction for us as well.
So take a moment and ask yourself……….
Has the water entered my ship?
I hope Not!.................................

Courtesy: TraderRavi............it's best post so far......So I request....ST bro.....please post your view in this matter....of MONEY.......Should we stop run behind money????

Stop running behind the money ? I never ran behind the money...not when I did not have sufficient money and definately not when I have sufficient money......

My views :

1) Money is important for a person ,no denying that but it is not everything in life.

2) One needs to make decent amount of money to lead a happy and full life...but one should never run after money. How much is decent amount depends on each person...someone will say 50 Lacs is enough for me to live a happy life..someone will put that figure to 3 Cr...some to 5 or 10 Cr or 500 Crs....

3) After one gets the wealth necessary to lead a comfortable life...then any amount of more wealth adds to the happiness incrementally...but not in the same proportion. What is more important is to lead a happy life which means a balanced life having good relations with family members, friends, and the society.

4) A trader can definately make wealth which will enable him to have a very decent living but greed is unending and the examples of big financial guys going bankrupt means they have lost the balance between money and life...which destroys the very purpose of money...greed of making more and more makes people blind to risks and eventually risk and leverage catches up. Do we think all the guys who were topclass businessmen/traders who went bankrupt were less intelligent than us ? No....but they lost the balance in their life.

5) Money at the cost of family happiness is no use...money earned by cheating people, cheating Government will not give happiness...I have seen many who made huge money by cheating people and by foul means and I found that most of them had a disturbed family life....

I am definately not after money though I like making a good living....and would never want to run after money....money for me is a means ( for happiness and helping others who are less fortunate than me ) but NOT THE END....I would hate to have plenty of money but no peace in family and social relationships...

Smart_trade

 

[Smart_trade]

Bears in an upmove AND Bulls in a down move are very essential. Otherwise Mkts will come to grinding halt.........

The problem starts when in uptrend bulls become bears and in downtrend, bears become bulls....

Smart_trade

 

[TraderRavi]

barring a few
Most of the traders are bearish, not bullish for the market

quoting from poll by chankya ? links please

 

[LivetoTrade]

 

[LivetoTrade]

Stop running behind the money ? I never ran behind the money...not when I did not have sufficient money and definately not when I have sufficient money......

Smart_trade

Sad Truth!

 

[OMSAI]

"If stock market experts were so expert, they would be buying stock, not selling advice." - Norman Ralph Augustine:thumb:

 

[LivetoTrade]

It is unfortunate ... The concept of live and let live going for a toss, and derision,mockery and ridicule becoming a new norm ..

 

[LivetoTrade]

 

[sudoku1]

It depends n varies wid evry individual. If i m unable 2 pay my monthly bils den i wil hav no other option bt 2 run aftr money den 2 see my family living a miserable life.

 

[Smart_trade]

"If stock market experts were so expert, they would be buying stock, not selling advice." - Norman Ralph Augustine:thumb:

This is one of the most arrogant statement which I come across at many places. This statement is based on the notion that all intelligent and capable people who understand the market must buy stocks and trade in the markets....

Trading is one small part of financial services...and all need not be traders..some are good financial analysts...so they can analyse and do research on the markets ( like Thomas DeMark) ....some may be good in technical things so he may develop good front end and back office software....some may give a good data service...some may give good market newsletter some like Alexander Elders or Dr Van Tharp can give good trading seminars....and these activities are no way inferior to trading if they are done honestly....

I met one Technical Analyst some 5-6 years ago who used to write for Economic Times, come on CNBC, has his own data service and newsletter and also conducts trading seminars...and he understands market well....we met few times and I calculated his earnings from all these activities to be Rs 4 Cr per annum....now tell me how many individual traders make 4 Cr per annum ?? I asked him why he does not trade...his reply was " why should I ,when I make this money with no risk and headache..." valid point.....as long as he is not making false promises, tall claims, bogus records, and fooling people he is doing fine...and I found him to be very good on all these counts...

A person who started Zerodha ( Nithin Kamath) was a very large and successful trader...so it is like asking him that if you are good at the markets then why did you start brokerage ?? why not trade only and make big money, are you not able to make money in trading ?? ?? He likes to branch out in broking and as long as he is doing an honest job, it is fine....

I feel that any activity if done honestly without cheating is a good activity if you have liking for it....so I dont consider that trading is superior to all other activities and traders must look down upon people doing other activities like data or newsletter.....

So we as traders, must have have pride in being a trader but we dont look down upon all others who dont trade....few of them may be honestly making much more money than us...and they may be right in asking "why should I trade ??

Smart_trade