For anyone interested in becoming a full time trader, this blog post by Charles Kirk (The Kirk Report) offers an excellent insight into the trader's world – pros and cons. Here's a sampling:
As an independent trader, I set my goals and I'm in charge of my own
destiny. I don't rely on any other person for how much money I make or
how I make it. Other people's opinions of me are irrelevant to my own
destiny. At the end of the day, bottom line trading results (not office
politics) are all that matters.
It is always interesting and I'm NEVER bored
I can live and trade from just about anywhere in the world.
Trading independently offers level of personal freedom that isn't
present in most jobs.
You've got to bring your A game to the table each and every day. There
is no sitting in a cubicle playing solitaire, visiting with facebook
Past success means absolutely nothing. You are only as good as your next
There will be little to no respect or understanding for what you do for a
living. People will assume you're a "day trading gambler."
There's much more
Frank Curmudgeon (Bad Money Advice) offers an interesting perspective on the 'flash crash' that occurred two months ago (May 6, 2010).
"Regulators announced investigations.
Pundits theorized. Both houses of Congress held
hearings. And two months later we are no closer to finding the
person or persons who screwed up to cause this."The exchanges canceled all trades made between 2:40 and 3:00 at prices
more than 60% from the price at 2:40. 10,000 trades for 1.4 million
shares were busted… Breaking extreme trades sets a bad precedent that may make things worse
What nobody seems willing to say out loud about the events of May 6 is
that, by and large, the market worked the way it was supposed to.
In the July issue (available July 19, 2010) the regular feature 'Pro & Con' will be renamed 'Wolf Against the World.'
I'll be taking a stance and publish more than one response that contradicts my position. Join the debate by suggesting topics for future discussions.