Who in their right mind would quit a six figure gig to pursue an advocation that only 1% of those that pursue it were successful? Well, today marks the fourth anniversary of the day that I lost my mind. Yes, I miss the whining and dining of customers that I routinely did as a software salesperson. As well as the sales conferences and golf outings. That being said, I can count the number of Mondays I looked forward to in my corporate career. Now I can’t wait for Monday to come.
There were several articles floating around this weekend about day trading. Henry Blodget, of internet bubble fame, said that day trading was the dumbest job ever. He quoted research from a University Professor that stated
- 80% of day traders in the study lost money (something that is very hard to do in a bull market)
- Only 1% of day traders in the study were “predictably profitable.”
I don’t consider myself a day trader, but Blodget and the Professor would lump me into that bucket. I am an active trader that earns my living by trading the market. Am I “predictably profitable?” What the hell does that mean? The professor can predictably pick up his paycheck every week, because he has tenure. That doesn’t exist in the real world. A pink slip can arrive on your desk any day.
I have managed to maintain my same lifestyle over the past 4 years – as I did as a working stiff. So, that is “predictably profitable” enough for me. Statistics such as those above keep people stuck in cubicles and dreading Mondays. Life is too short. Pursue your passion – you may get lucky and find yourself in the one percent.
Note: The Time and Money Group is a “work in progress” founded by Michael K. Dawson to encourage people to pursue their dreams. Its mantra is “Why trade time for money – when you can have both…”