Guest Post: My Own Hard Look at Trading for a Living, Part II

Posted on February 2nd, 2007
Written by Phileo
Posted in: N/A (old archives)

This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com

When I reported on my own trading journal that I had earned a profit of $3641 for the month of January 2007, TyroTrader had asked me whether that changes my current status as a laid off embedded Software Engineer. I have been trying to avoid addressing this question all this time, and trying to let my trading reveal the answer to me. But now, I think I need to directly answer this question.

There are 3 issues that I want to address which will help to answer this question. The first is the pragmatic aspects of the vocation of Trading for a Living, which this article (courtesy of Dr. Brett Steenbarger) discusses very succinctly. The decision to pursue the vocation of Trading for a Living cannot, and must not be taken lightly. As mentioned in that article, this decision has far ranging implications, for my family, and my future job prospects. We have all been taught not to care about what others think of us. However, it’s hard not to NOT care about what my parents and my loved ones think of my decision to Trade for a Living. In my opinion, we actually need to care about their opinions, because this is one of those things that can put your personal affairs in disorder, and distract you from performing well during the trading session. So the first thing I had to do is sit down and have a very frank and honest talk with my wife and find out what she thinks about what I want to do. Basically, she’s neutral about it, but wants re-assurance that I will be able to perform well enough to feed the kids. Yeah, I guess that’s a valid point. I’ve also had frank discussions with my parents regarding my intentions . My mom in particular seems to think that Daytrading is no different from gambling (Of course, she means no disrespect to all the professional Gamblers out there !). I disagreed on this point, but decided not to enter into any heated debates with her on this. I probed further in our discussions, and she basically said that she is ok with it if I can prove that I can earn consistent profits each month, every month. Sure, I knew that already, it’s pretty much implied.

So will I be able to deliver consistent profits? I’ve done something for the month of January, but that says absolutely nothing about the next 12, 24, 36 months. Writing about this right now actually brings up a whole slew of thoughts about fear, doubt and uncertainty. If I blow up again, and lose another $1K or $2K, where will the money for diapers come from? With no safety net now (via a cube farm paycheque) , will I really, truly be able to do this?

But when I don’t think about it, when I am in my chair, at my desk, in front of my LCD screens, stalking a stock for the next win, or bailing on a loser before it hits my stop, when I feel like the home team, I sincerely believe that I can perform. And that is where it begins, where it must begin – the 6th Habit of the Highly Effective Trader, which is the capacity to trust in my own ability to perform. I think that is the key. The fears, fear of failure, fear of not being able to make enough money to support my wife and our two children, is very real, and will always be there. And, I’ve already given it the respect it deserves, so it’s not necessary to give it any more time of day inside my head – left unchecked that will also cause my personal affairs to go into disorder, and prevent me from performing well during the trading session.

Instead, I fill my mind with searching for the next potential option trade, scanning for the next swing trade idea, plotting about how I can make less trading mistakes (aaargh, that alone will save me thousands of hard earned $$$$ !), finding out what is the next snarky remark TapeWorm has to say, filling my head with learning from the trading blogosphere, and even reading Dr. Van Tharp’s Book on “Trading Your Way to Financial Freedom”. These are some of the things that keep me challenged, keep me passionate, help to make progress on my self-development, and just motivate me in general. And when I’m motivated, I’m not fearful. And when the market has this much to offer me (and more), there’s no room for fear to take any hold.

However, there is still the chance that I have matured enough to follow my trading plan religiously, but will still experience a drawdown, or a series of demoralizing losses. What would I do then? In all honesty, I don’t even want to visit that road. Prevention is the best medicine, so I want to plan things so that even when my regular trading is striking out, I’ll have other income to get me thru the lean times. TyroTrader had the right idea in his post about his plan for achieving different streams of income. I also plan to diversify my income stream by starting to daytrading the US market, and eventually re-visit the Futures market. But beyond that, I will also be investigating into diversifying into other streams of income beyond the scope of trading, like real estate for instance. During my discussions with my parents, they threw out the idea of becoming a registered investment advisor. It’s an amusing suggestion, but one that I cannot dismiss at all, because of how other doors of opportunity may open up should I decide to pursue that option. In the worst case scenario, it would just mean that I have to brush up my resume and go back to a cube farm engineering day job.

One of the obstacles present in the vocation of Trading for a Living is the inherent risk of the job itself. While there is no risk of physical harm on the job, the vocation of Trading for a Living has a very blunt and obvious degree of financial risk, ie. the risk of ruin. I got a glimpse and a little taste of what that meant when I was trading futures. I said I would stop, but I still couldn’t get it out of my system for another day. Going down that dark and slippery path off the cliff is not a pretty picture, and fortunately, I’ve taken the obvious step of forcing myself to stop until I could figure out how to control myself better. I have learned from that experience, though. What I’ve learned is that I have to give this notion of “Risk of Ruin” the respect that it deserves. What that means is that I can’t take an “all-in”, gung-ho, laissez-faire, brash and impetuous approach to my trading. On the contrary, it must be a methodical, calculated, careful, and even boring approach to trading. The glamour and mystique of getting rich from daytrading is a myth. Sure, you may make two or three very profitable trades occasionally, but certainly not +17R every single trading day (unless you’re PinoyTrader, LOL!). Most days, trading, if executed successfully, is actually monotonous and boring (sorry Richard, but it just is!). But everything else about it is very enjoyable for me – the thrill of the hunt, the research, the learning, the freedom to take a nap right after lunch, or take a day off whenever I feel like it, that all has unique value in my mind. And that is what makes it worth accepting the risk.

The last issue I wanted to address is the nobility of this vocation. In every other vocation, even in professional sports, you are being compensated for providing some sort of product or service that someone else deems of value. As an embedded Software Engineer, I would design the software that went into devices which the consumer or companies bought. A basketball fan pays money to see a pro NBA player perform. However, in Trading for a Living, you are not being compensated for providing any service . There is no value being created. And perhaps someone can correct me if I’m wrong, but right now, I don’t see how buying stock XYZ at price A and selling it at price A+1 contributes to society. However, I do have an intrinsic desire (especially the INFP within me), to be a contributing member of society. For me, this helps to bring a sense of balance to the work, family, and friends buckets that I juggle in my life, and also provides an outlet to prevent me from always thinking about stocks too much. So if I am to pursue Trading for a Living, I have to start being more active in pursuing new and existing volunteering opportunities.

Writing this article has been exhausting mentally, because I’ve had to think quite long and hard about what I’m getting myself into. If you are considering the vocation of Trading for a Living , hopefully this has given you an idea of what you’re getting yourself into since it is clearly not for everyone. I’m glad I did it, because now I feel a little bit relieved to have gotten that load off my chest. Now I can get down to business – Yes, I am Phileo, day/swing/options Trader !!!

Comments

  • Yes, trading is a form of gambling very similar to playing poker. So, you got that much right, but then somehow reached the conclusion that no one can make serious money at it. In reality, most will be bled dry, while a smaller number will make quite a nice living. The money from the losers has to go _somewhere_, after all! Lately, more and more of it is going to me...
  • Gman
    Trading is gambling pure and simple. If anyone tells you they make tons of money tell them to prove it with statements or shut up.
  • @J: Thank you for the suggestion. Although I have not thought about a stop loss strategy for my new career path, I have heard of a couple traders who apply Technical analysis on their own equity curves, which is a similar mindset. I will give that some thought.
  • J
    Phileo, have you ever considered applying a stop loss strategy to your Trading for a Living career? Simply decide now, before it happens, how much of a loss (in dollar or percentage terms) would be too much for you to bear, and decide now to quit if things ever got that bad. And you could revisit your decision once a year and review whether your target should be changed.
  • @Scott: Thanks for you comments and great points about the more subtle ways stock trading contributes to society. I should point out though, that the Brits also spell it as "paycheque."

    But you're right, if y'all took a look at mah spellings y'all would know I ain't American.
  • Scott
    "...I don’t see how buying stock XYZ at price A and selling it at price A+1 contributes to society."

    Well, let's think locally. If you pay commissions, then you're contributing to the well-being of your brokerage. If you earn profits, you'll pay taxes -- which most (okay, some) people would agree contributes to society. If you earn profits, you can buy diapers -- which helps the grocer and manufacturer. If you stash some of your profits away, you're helping out your banker. In short, you are contributing to society the same as any other working person.

    Re: Dr. Roberts...I don't know where to start: holier-than-thou attitude, illogical argument. Here's a newsflash: being a "professional" doesn't confer any right to special abilities or status. If that was the case, we wouldn't have seen the mutual fund industry lose TRILLIONS of dollars of shareholder money in 2000-01. That's a debacle that to this day has not been properly vetted. The "professionals" sure messed that one up, huh? The MBAs, PhDs, CFAs didn't seem to make a difference -- they screwed up just like regular folks. The sell-side analyst conflict of interest "scandal" was insignificant -- *insignificant* -- by comparison.

    Regarding Phileo's nationality, here's a clue: "paycheque."

    :)
  • Dr Roberts,

    "However, there are things much more permanent that cant be brought back such as the time spent with kids or (for the single guy) a night spent out on the town."

    What delightful irony.

    The one event which consumes more of our time and energy than any other isn't clubbing but working. Surely a doctor would understand that the best way to achieve overall happiness isn't by escaping to the nightclubs every now and then while working at a miserable job, but to find a job which excites and energizes us. (And still going to the nightclubs :) )

    If time is important, then trading as a career becomes even more important to me. I don't want to speak for anyone else, but I think Phileo and Richard would agree.

    "Your going to wake up one day and find that the bull market is over."

    Two points. First, as you pointed out, Richard and Phileo are daytrading (with some swing trades). They're taking longs and shorts. Bull Market doesn't matter, volatility is what counts. In that respect, this market has been horrible. End this "bull" market, bring it on, as long as the volatility increases :)

    And a second point which I wouldn't bring up but you act so smug with your "Dr" thing and the I've-lost-more-money-than-you've-made schtick: learn the difference between "your" and "you're".


    Phileo - great stuff. Inspiring.
  • @ Dr. Roberts:
    Thank you for your comments. Your points about being absolutely prepared for professional daytrading are absolutely correct. No one should quit their job with stars in their eyes, or they will hit reality very quickly!

    Still, I have to disagree about some of what you said. Too bad there weren't any daytraders or ECN's around back in '87. When the floor traders stopped answering their phones you might have found some liquidity to save some of your 300k loss.

    Also, longer timeframes are not equivalent to risk control. I'm sure Amaranth was in it for a long term return, as was Long Term Capital Management. Fear of a 'crash' should only strike those with unmanaged risks on whatever timeframe. Personally, I'd rather only be at risk during the most liquid of trading times, and that does not include overnight. :)
  • Hello Dr. Michael Roberts,

    First off, thank you for helping me to cultivate the virtue of patience in reading through your comments. They will surely come in handy when I start trading for a Living.
    If you doubt the validity of PinoyTrader's results, I'm afraid you'll have to get in line. The fact that there is a whole mob of people who also doubt PinoyTrader's results, or even his identity is already yesterday's news . However, I do find it mildly curious that you not taken the time to seek to understand who PinoyTrader is, and yet you are asking me to take advice from someone that I have never even heard of, met, or know. In your very own words, we "only know PinoyTrader over the Internet." I know you even less than that. You call me "Friend." But I don't even know you! You urge me to trade over longer timeframes. Have you even taken the time to read my trading Journal? You make it sound as if I am already well on my way to down the road to Risk of Ruin. Fortunately, I've learned not to take advice from strangers from the Internet. You tell me to go out and find myself a job. Been there, done that, and now I am ready for this new job of mine. And why are you so concerned about health insurance for my family? Hmmm.... I guess you have not taken the time to seek to understand who I am, otherwise you would have known that US Health insurance is not applicable to my situation. Surely a "Friend" would know more than that, right??
    You claim that if I am seriously considering daytrading as a profession, then I am not mature enough to know the consequences of my actions. Have you even taken the time to seek to understand what I have been doing for the past few months? Please point out the exact part of my article that says that I am considering daytrading as a profession. Dr. Roberts, do you even know the very simple difference between Trading for a Living, and DayTrading as a profession?

    Please, Dr. Roberts. Take the time to seek first to understand the whole situation, the complete situation. Then I would be more than willing to address your concerns.
  • From where I stand you are the one dictating... not to mention making assumptions about people's maturity levels, and presupposing what will or won't cause emotional damage to people.

    But, that is fine... like I said before, it is good to have the cautionary voice available to people. In the end, if they want to try it, they still will.

    It's too bad you chose not to address the issue about saying "beware the crashes" and "stay in the market longer" in the same breath. Because, I still think that's unusual advice. How does a longer time frame protect you from a crash or panic?

    Sorry if I wasn't clear about the time of my life stuff: I think we agree about the important things in life. Daytrading has given me time to enjoy those things. I didn't mean to say that I get all my pleasure from watching wiggly lines on my screen. If you were familiar at all with my writing on the blog, you'd know that.
  • If your having the time of your life trading or investing in the market, then you are taking this too personally. If the market turns against you, then your attitude will drastically and seriously change. It will inflict emotional damage upon yourself that wont easily be solved.

    When trading the markets no longer becomes a business and your at it for your personal pleasure, then your setting yourself up for failure.

    Personally, monetary losses have no effect on me. I have learned in life through experience that there are things much worse then losing money. You can always find a way to earn your money back.

    However, there are things much more permanent that cant be brought back such as the time spent with kids or (for the single guy) a night spent out on the town.

    Your going to wake up one day and find that the bull market is over. It might not be next month or next year, but it will come. If you have no job, no business, when you wreck then you will be in the house of pain. Let me tell you, you wont know your in the middle of a bear until the last minute. The market will bounce up, down and side to side shaking you out of short and long positions.

    If your at this road in life where you are seriously considering daytrading as a profession, then I say you are not mature enough to know the consequences of your actions.

    Dont dictate to me about risk over a longer term. I work on Wall Street at a fund. We dont jump in and out of the markets each second of the day, but carefully plan out our moves so we can make our investors money over the long term.

    Dont think your a good trader because you made money in 2006. I could have picked stocks out of a hat in 2006, invested in them equally and still made money.

    A good trader will make me money in the most turbulent of markets. You have not seen the most turbulent this market can become. . .

    It takes 22 years for a child to become self-sufficient. Do you think that during that time you will be able to support yourself and your family with daytrading?
  • I think it's weird that you caution people about crashes and panics, and then suggest they trade longer timeframes. I mean, the longer the timeframe, the more crash exposure you have. I'm sorry to hear about your big 1987 losses... that must have left a big impression on you.

    I used to worry about the things you talk about. But, at some point I realized that I'm having the time of my life right now. And, if all of my precautions fail, and I wipe out in 10 years (or 1 year), so be it. It will be as if I had my retirement while I was still young enough to enjoy it.

    Plus, if you strip away the specifics about crashes and such, this is the standard argument about going into business for yourself. You have to be prepared to fail, because most new businesses fail. So, people that have failed in the past always say "don't make the mistake I did... get a real job." But, in the end, a person either has the bug to give it a try, or they don't. It's good that you remind them of the danger, but you can't really stop them if they are itching to try.

    As for your questions about life and health insurance... one answer might be: just go get some. It's not like they turn you down for life insurance because you are a trader.
  • You should truly and deeply think of the consequences of your actions.

    Any failure will not just effect you, but three other lives. What about health insurance for your family? What about life insurance? What happens if there is a major drawdown or you get addicted to trading like gamblers get addicted to gambling? Are you ready to lose your wife or kids over this silly game? Are you?

    Pinoytrader is a very rare person in that somehow he found out how to get daytrading right. In reality, we only know Pinoy trader over the internet. Is he really for real? I never see any trade tickets being posted.

    I make tens of thousands per month, but not from daytrading. I swing trade over longer time frames. Obvious stocks.

    Why dont you get a real job or start a business and trade over longer time frames? You are not thinking 20 years from now, you are thinking right now.

    You guys have not lived through a crisis. I traded through 1987, I traded through the panics in the 90s and I traded through 2000. Panics and crashes do happen. I lost over 300,000 dollars in 1987.

    What happens if the market crashes 5 years from now when your wife and kids are older? What if you experience a drawdown of the majority of your cash?

    You are trading on borrowed time. Whether that crash or panic happens 2 weeks from now or 10 years from now, it will happen. When your in the middle of it, your going to remember what I have posted here and wished that you kept your dayjob.

    Friend, you can trade over longer timeframes and still make a good dollar. Go out and find yourself a job or start a business. There are businesses you can start in your home like physician recruiter.

    Dr. Michael Roberts
    www.marketbarometer.blogspot.com
  • How do you feed your family, Broker A?
  • procol
    At the very least, traders enable their brokers to make a very handsome living and provide for their families, where they might otherwise starve to death.
  • Don't listen to these crazy people, telling you to rely upon the psychotic gyrations of the stock market to feed your family.

    No way.

    Although, I am sure it is possible and it will allow you to spend lots of time with your family-- its risky and mildly fucktarded to do so.

    Plus, 99.9% of the people agreeing are daytraders themselves.
  • t
    Comment about adding value...
    The desire to add value, contribute, improve society, help others, is so noble and brings true happiness more so than any other endeavor, hands down. So I wanted to offer up my $.02 worth of research on this topic. Now, some of this rambling will seem academic because it is. I am working on a masters of science in finance and economics and this is stuff I've discovered for my own justification.

    First, capital markets do add value to society in the most simplest way by enabling the desyncronization of income and consumption and yet retaining purchasing power. So if I have a dollar today and I don't want to spend it I can give it to someone else that will then give me back, after some time, enough currency that represents the same $1 buying power in todays terms. Additionally, because of the risk in giving the dollar away you should require a risk premium that is commensurate with the risk. This is the basis for the capital and debt markets.

    Markets also enable efficient allocation of capital where its needed. "Enable" is the key word here. It doesn't mean that we always use markets in this way. Its like newspapers enable efficient distribution of information but we also use them to distribute worthless info as well.

    Markets enable us to spread risk out for example the reinsurance business buys up local policies and securitizes them, sells them off into markets, enabling local insurance companies to shed their risk if desired.

    Of course there are many other great examples of benefits of markets and there are plenty that will argue against their benefit as well. If you buy any of this reasoning then read on.

    When we play in the markets we can choose to use them to benefit others or not. Just like if we decide to become a writer we can write good meaningful and helpful material and use journals, blogs, etc. to distribute our material, or we can write garbage that has no value. People will pay for both, they will pay more for the former. So this choice is yours. The markets can be used to improve the financial security for you and your clients. This takes real work, knowledge, and planning. Markets can also be played in in a way that is by all measures gambling in which case your mother would be right.

    Day trading. This is important. Many might read what I just said and think that I said "day trading is gambling". They would be wrong. Keeping the markets correctly priced is critical to their stability and rationality. So if you are trading in a way that takes advantage of mispricing of securities then thats good. You are adding value. This approach rests on a well founded stance on the real value of a security be it a stock, option, bond, or even currency.

    As an ending note not so long ago I read an article by a preacher that was also a day trader. His motivation was that day trading gave him the flexibility in time to minister when and where he was needed and it put enough change in his pocket to support his basic needs.

    All the best in your endeavors.
  • Phileo,

    You are not alone in your consideration of these problems. Becoming a full time trader is a very big committment. It is something that I am still considering, but right now I am making baby steps in that direction. Best of luck to you.

    Tedders
  • @Lucas: If you're interested in knowing how much capital is required in order to trade US Equities for a Living, then I can tell you that the SEC requires a minimum $25k USD in account capital to meet the pattern daytrader requirement. My trading journal describes in detail over 80% of the (winning and losing) trades that I made to achieve what I did in January. In general, I am uncomfortable talking about how much capital I had to begin with, unless I see the rationale behind such queries and I understand the purpose that is being served by disclosing such information. Perhaps you can take some time to help me see and understand how it would benefit you to know how much capital I have, and how I got such funds.

    @Prospectus: Thanks for your perspective on the nobility of trading. There are never any easy answers, but I think we become better people from the journey to search for an answer that is satisfactory to each of us.
  • Base on my experience, intelligence got little to do with the success of a trader..maybe it is just my 143 IQ not high enough. Don't get into trading just because you or other people think you are intelligent.

    Discipline and the suport of people around you are two very essential factors for your sucess. Good luck.
  • Great article! Thanks so much for sharing this with us all. I have a couple of things to say.

    First, that the thing keeping me from trading full time right now is the consistency of my results, and that relates to meeting the needs of my family. That's my #1 concern.

    The second is in answer to the nobility of trading. I've confronted this question myself: "How could I ever leave my engineering profession, which contributes to the defense of the nation, and toss aside 10 years of schooling and experience to trade stocks, which doesn't really contribute anything?" Let me be clear: THIS IS A LOADED QUESTION. The entire premise is flawed.

    There are many ways that trading contributes to our society as others have said. Also, as X said, you can give a lot more back if you're successful. So that takes care of that part of the question. What about the other parts? Even if I did leave engineering, that doesn't take away from the contributions I have already made. I can always be proud of what I have already accomplished.

    Is one profession more noble than another? If that's the yardstick, then everyone would be a soldier, doctor, etc. We have enough of those kinds of people in our society, so we're fortunate in that we can choose a profession that aligns with our interests and talents. As long as it's honest and legal, one is no worse or better than another.

    The question that should be asked is: "Can I meet the needs of myself and my dependents in an honorable way?" If yes, it doesn't matter what it is, really. You don't have to "give at the office" to contribute, and if you answer yes to the question above, then your next duty is to yourself to do something you enjoy.

    I hope to join you someday soon, Phileo!
  • I've met a few people considering this- what did you have in capital to begin with and how did you get it? Myself, I have a few nice portfolios that could provide a nice income, but that's a whole new ball game.
  • @xo: thanks for taking the time to read my long winded post

    @T'Goddess: thanks for the support and encouragement, we can all use more of that, even though some of us might not be willing to admit it.

    @Mike: Thanks for taking the time to point out a perspective that I was not aware of. I will bookmark your article link even before I start reading it.

    @Trader-X: Thanks for the well wishes, and great point about how it's the individual and not the job that contributes to society.

    @zbs, @T'Worm, and @yo: thanks for your comments.

    @LP: Yes, the stakes are high, but at the same time, I can't let fear control me. Quite the tightrope we are walking, aren't we?

    @Bubs: Thanks. Yeah, having a support network is always better than NOT having one, that's something I forgot to mention in my article.
  • Great post Phileo. The whole idea of trading really upset alot of my friends and family. I do not have to support anyone other then myself so it was a little bit easier for me. I made sure that I saved enough money so that I can get by this year without making any.

    Everyday I get a call from someone that asks me how much I made today. It starts to get annoying but I know they are just looking out for me.

    Even though I really didn't make any money in Jan it was still a great learning experience and probably one of the more interesting months in my life.

    Hopefully I can be successful at trading and keep it as a career.
  • LP
    I hear ya brother. I am in the same boat as you. Fortunately I don't have kids but my wife is a full time law student with no income for the next year plus. We talked and she wasn't really comfortable, I assured her I was right. But the truth is that I had no clue. Then reality set in and it started getting tougher, I didn't really loose much at all but I made nothing. Things are much better now and she feels comfortable. The funny thing is when she felt uncomfortable it added a lot more pressure on me. Now that she feel better, the pressure is off and I can focus on bigger dreams. I feel your pain and wish you a lot of success. Just be smart about executing your strategy consistently and you'll be fine.
  • phileo: great post...gl
  • @zbs: That's what I did... I waited until I had a year of salary in reserve, just in case it took me a long time to start covering expenses.
  • zbs
    Phileo,

    Great post. I wish you the best of luck. I am considering be a full-time trader too. I am saving for 1-year living expense in our emergence fund before I can talk to my wife for trying this new career.
  • Great point X. Back when I had a *real* job I worked on MANY a project that ultimately never saw the light of day. Talk about not benefiting society! :-)
  • Michael gave input to the benefits that Traders provide to society. I want to take a step back and say I worry more about what I provide to society. My job does not have to define that, and it never has. I question what I provided at times as a software salesperson - sure, most of it worked, but some of it did not.

    It is up to me to provide to society regardless of my chosen vocation. And I do, through several different avenues. And my success as a trader has allowed me the freedom to expand those avenues. I provide more now, on my own, than I ever could with a job where I worked for someone else.

    Anyway, great post; well thought out. And I wish you the best of luck and success.
  • yo
    Benefits to society? The paper prob covered it, but buying stocks is what allows business to raise equity capital and expand. Trading stocks is the grease that allows capital to move to it's highest and best use. When marxists demonize traders, I just chalk it up to ignorance. I don't understand why traders themselves would fall for their hokum. If you don't think your work provides value to society, you better figure out how it does, or find another line of work. The reason is it will be a big psych hinderance to you if you don't.
  • What benefit do traders provide society? Helping to allocate capital to companies and providing liquidity are two huge ones. Here's an article that goes deeper --
    http://arbyte.us/blog_archive/2004/10/Prod_of_Trading.html
  • My dear Phileo,

    I recall a while back when you were pondering to make this decision.

    We had talked about it ... and since then, I too was wondering when you were going to "finalize" it. :)

    I believe you have made a wise choice. The joy and enthusiasm I see in you for the stock market ... coupled with your intelligence and perserverance, will undoubtedly make you very successful!

    Congratulations on your decision! You CAN do it!
  • xo
    Well said and well written.

    I wish you the best of luck and fortune.
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