Based on the conversation in the comments of this post, I put this poll up about a month ago. Obviously, if we had a way to filter the answers based on the responders background, it could shed a little more light on the results. What I’m mostly getting at by that caveat – is that I assume professional, full time traders have less reason or ability to be in the closet about their trading while newer traders are more likely to be motivated to be “quiet” about it in their lives.
Personally, I opened a $2K online brokerage account without even telling my wife. I was paper trading and blogging for several months before I came clean. It was a great relief actually when we finally discussed things and my trading endeavors since have been much less stressful. However, I have yet to tell another soul – beyond those of you in the blog world. This is for a variety of reasons, many of them I incorporated below – trying to have some fun with a top ten list. Light Night show writers with Lettermen – watch out!
Top Ten Reasons to be in the Closet as a Trader
10) I don’t want my alimony going up.
9) I get more respect saying I’m a lawyer.
8) Like a doctor at a dinner party, just avoiding the advice seekers.
7) I’ll tell them after I get good at it.
6) I’m using the kid’s / my college money to trade with.
5) I don’t need the doomsday warnings about the risks of trading.
4) My employer wouldn’t be happy to know I’m trading on company time.
3) Same reason I drive a Honda not a Ferrari.
2) I don’t need people asking for money.
1) It’s none of their business.