This is a bit of a rant…
One of the most annoying things about Forex trading is trying to describe your job to people. I cannot recall how many times I have tried to explain how Forex works to people I meet. Even some of my close friends simply do not understand what Forex is all about. And it doesn’t help that Forex has a reputation for being a shady business akin to online poker.
A few nights ago, I was having a conversation with a girl I met. The conversation went a little like this.
Her: So what do you do for a living?
Me: I trade the Forex market.
Her: Oh what’s that?
Me: It is basically foreign currency exchange. I invest in Foreign currencies and earn money as they move up or down.
Her: Oh, so you sit at the airport and change money at the currency exchange kiosk as the rates change?
Me: No I trade on-line. I buy and sell currencies on-line.
Her: Right, so does an armoured truck deliver the currency to your house after you buy it?
Me: No, no. Think about it as the stock market but instead of investing in stocks you invest in currencies.
Her: Ohh ok I heard about that. Isn’t that a work from home scam? I didn’t think it was a real job.
This might seem like a rare conversation but it isn’t. I get this kind of stuff all the time. Even from family and friends. Some of them think I make my money gambling. I almost feel like an idiot for not being able to properly explain what Forex is and how it all works.
I used to think trading was tough. It is much tougher trying to explain what trading is to people you meet. This is a lonely business.
If you like this post leave a comment please.
Mike Pish
Haha – so true! I often get to the point where I tell people I am like the guys on LOST, and I sit at home and push a button (buy or sell).
zenfx
Haha, I feel your pain. I hardly bother telling people about currency trading (it’s just a hobby for me at the moment), but I studied Artificial Intelligence at uni, can you imagine the blank looks I got when I tried to explain that!
Linda
This is great! Been thru the same conversation with my family and friends.
NickB
@Linda:
In my family only my mum, dad, and sister know exactly what I do. This is because I basically sat them beside me and explained it all to them. I think it is something you have to actually see to understand.
Daniel
Jaja! Exactly. And After they get it, the disapprove because that is not a “real job”…
NorwegianBlue
To such disapproving people, Forex trading isn’t a “real” job because it doesn’t add any value or achieve anything useful. To such people, Forex traders are parasites. Much like lawyers, but with souls.
NickB
@NorwegianBlue:
It may not be a real job but you make real money. It is strange that stock trading does not have the same negative connotations though…
Fetor
I have this problem all the time with people when I talk about FX. In about 30 seconds they are derisive, and you are anathema.
Chris
Yeah, I’m thinking about making up some business cards with a phony name on it, and just telling people I work for that company… something like, “US Capital Management” or similar. Then I can just say I work with foreign currencies there, analyse trends, technical analysis, etc. Should be enough to get people off my back.
NickB
@Chris:
Hahaha business cards are not a bad idea. i am going to design and order some f4n business cards now. Thanks for the ides Chris.
Roberto
Everything in this website is awesome. I love your teachings, your wonderful comments, and your beautiful philosephy. Espicially this post was very clear and powerful. Thank you very much for beig who you are.
Roberto Barraza
NickB
@Roberto:
Thanks man. Nice to know what I do is appreciated.
Patrick
Trading, like religion, sex and politics should not be discussed with the ill informed…I’m fortunate not to have to work so I’m in the Market from time to time, if that. Strive to define yourself by your “interest” to others,(hobbies etc) not the method by which you pay your bills. Remember people are just making conversation..as the relationship progresses then you can consider going into detail and then only if pressed. My Facebook Profile
NeilA
Nick, we have all probably experienced this, try something like. “I am a market researcher on World Economic Trends, hey its basically true because we all follow world events and economic news.
Even easier, just tell them that you dont work because you are independantly wealthy and on a journey to discover “The meaning of life”, “Your roots”, or something similar.
At least this should stimulate the conversation down some esoteric path or who knows the ladies might also spot a potential prize (Oh wow he’s Rich) and where could that could lead.
NeilA
Sorry folks a bit early of course the last words should read “and where could that lead” apols
ColinJ
I always get the reply of , oh that’s gambling, or, it sounds risky. It depends who you are talking to as to how you explain it to produce an envelope for them to understand it.
If I can tell that people are not getting it I throw a curve ball in by telling them that money is both a tool and a result. After several versions of that, generally they still don’t get it. I find about 1 in 12 people are genuinely interested but it goes no further, it is, there loss.
Hugo
You are right there Nick, come across that a few times.
Bashir
You could not have explain it better to her than what you did. Peolple are conditioned to think of 9-5 job for the rest of their life. Explain a new way of life is as difficult as break a rock with a glass. Any way keep up the good work.
andi
Hi Nick
Part of the trouble is that people love to hear 10 seconds of a conversation and then think they know all about the subject or they ask the question but arent really listening to the answer properly.
If they were really clever they would be beating a path to your door to know and learn more!!
diane
had that conversation many times, now I tell people that I am a technical analyst.
kathy
i have the same issue. they ask ‘so you buy coins?’
hickh
That’s funny Nick. Heck, I’m pretty sure that my wife still thinks it’s some kind of scam, and just waiting for me to say something like: “Well dear, I lost all my money in that forex scam”. Although; just the opposite happened with a “true” gambler I know… He wanted to give me some money to “bet” for him. Cracked me up! I guess I should have taken it and then waited for a primo entry setup, and placed a nice 40 lot-go-for-it-trade. (o:
Alf
My answer is “I do scientific research”.
Research into what?
International exchange markets .. financial stuff.
Do you get paid for that, do you make money out of it?
So far, so good. I can now tell them that yes, I do make some money, but that would be a lie. Which brings me to the next question, my question to you. All the people who reply on this thread, are you telling me that you are doing extra well out of it, getting ready for retirement to some taxfree island paradise? It is not as easy as it looks or as some would have you believe.
I think my reply “scientific research” is not far off the mark. Heavy stuff, but quite fascinating .. sure gets you in.
visulube
Nice Rant Nick !
Mike Jozefiak
Hi Nick,
I told an investment broker I was trading Forex and he looked at me for a few seconds, then continued to try to sell me his ‘buy-and-hope-they-go-up’ stock market plan!
You can take a horse to water…etc.
I wonder if he was investing in the stuff he was peddaling?!
Cheers,
Mike
Gary
Nick –
There was a movie, I think in the 70’s, titled 9 1/2 Weeks. Mickey Rourke starred, and while not part of the film plot, when asked what he did for a living, he simply said “I buy and sell money.”
I’ve been there in a different line of work, I used to say I sell satellite time…got plenty of strange looks.!!
Gary