Making money for money's sake

[Driller]

http://www.bbc.co.uk/news/business-10928909

This will no doubt get shot down but it just seems all so meaningless and hollow.

[HundredthIdiot]

What's meaningless? The article? The activity? The simulation of the activity?

[oOTomOo]

I'd be interested to know how much capital he was playing around with to make a $1,700 profit.

I suspect it was in excess of 6 figures...

[ShadownINja]

Driller said:

it just seems all so meaningless and hollow.

Trading? On the face of it, yes... but let's not forget, anyone in medicine isn't doing it voluntarily or on national minimum wage if they could be earning £100k a year.

Edited by ShadownINja on Thursday 12th August 13:01

[Driller]

HundredthIdiot said:

What's meaningless? The article? The activity? The simulation of the activity?

Common on, it's not exactly cryptic. The activity/simulation. BTW, goods books aren't they?

ShadownINja said:

Driller said:

it just seems all so meaningless and hollow.

Trading? On the face of it, yes... but let's not forget, anyone in medicine isn't doing it voluntarily or on national minimum wage if they could be earning £100k a year.

Edited by ShadownINja on Thursday 12th August 13:01

I agree absolutely, everyone has to earn a fair living if they work hard. I just think that money should represent useful goods or useful services rather than be the end in itself.

Edited by Driller on Thursday 12th August 13:08

[ShadownINja]

Driller said:

I agree absolutely, everyone has to earn a fair living if they work hard. I just think that money should represent useful goods or useful services rather than be the end in itself.

I am not sure most jobs satisfy that criteria. That's the problem. What is "useful"? In the end, what does a trader provide as a service? What do banks do with our savings? I'm sure some of the professionals will be along shortly to give insight. And what if a trader earns lots and gives money to sales assistants for goods which then pay for the sales assistants' salaries plus cleaners plus salaries of people in third world countries from where the goods came?

Edited by ShadownINja on Thursday 12th August 13:13

[DonkeyApple]

Hmmm. Ex TCA by the sounds of their names.

Is it a real prop firm employing renowned traders or is it by chance an office space which attracts random retail punters who pay a few grand for a 'trading course'?

[Driller]

ShadownINja said:

Driller said:

I agree absolutely, everyone has to earn a fair living if they work hard. I just think that money should represent useful goods or useful services rather than be the end in itself.

I am not sure most jobs satisfy that criteria. That's the problem. What is "useful"? In the end, what does a trader provide as a service? What do banks do with our savings? I'm sure some of the professionals will be along shortly to give insight. And what if a trader earns lots and gives money to sales assistants for goods which then pay for the sales assistants' salaries plus cleaners plus salaries of people in third world countries from where the goods came?

Edited by ShadownINja on Thursday 12th August 13:13

I think most "jobs" or activities are useful. However when for example a trader is buying or selling he does not sit back satisfied knowing that when he gives the money earned to a sales assistant he will pay their salaries.

Someone selling something to a customer who has sought out that product and giving the client helpful advice and or installing said thing would be an example of "useful" in my view.

[HundredthIdiot]

Driller said:

Come on, it's not exactly cryptic. The activity/simulation. BTW, good books aren't they?

Ah right. Well, crap article anyway, no insight whatsoever. As for the job, people pay for it so they must see some value. Don't see a problem with it as long as it's kept in perspective.

Agreed about the books. In this case the full quote is quite apt.

One hundred idiots make idiotic plans and carry them out. All but one justly fail. The hundredth idiot, whose plan succeeded through pure luck, is immediately convinced he's a genius.

I think Taleb wrote about this. The "Invisibility of the Drowned Worshippers", beginners luck and all that.

[jimothy]

Driller said:

HundredthIdiot said:

What's meaningless? The article? The activity? The simulation of the activity?

Common on, it's not exactly cryptic. The activity/simulation. BTW, goods books aren't they?

ShadownINja said:

Driller said:

it just seems all so meaningless and hollow.

Trading? On the face of it, yes... but let's not forget, anyone in medicine isn't doing it voluntarily or on national minimum wage if they could be earning £100k a year.

Edited by ShadownINja on Thursday 12th August 13:01

I agree absolutely, everyone has to earn a fair living if they work hard. I just think that money should represent useful goods or useful services rather than be the end in itself.

Edited by Driller on Thursday 12th August 13:08

So pensions then, that grow based on money made by such trades - their not a useful service.
Or bank interest on savings?
Or investments?
Or free banking - after all cards, cash machines, branches cost money.

[ShadownINja]

Driller said:

Someone selling something to a customer who has sought out that product and giving the client helpful advice and or installing said thing would be an example of "useful" in my view.

There-in lies the problem. A sales assistant selling a 50" TV is not useful. When they come down in their glowing saucers and ask us to justify our existence or be zapped to death by their ray guns, sales assistants and traders will both be wiped out.

[DonkeyApple]

ShadownINja said:

Driller said:

Someone selling something to a customer who has sought out that product and giving the client helpful advice and or installing said thing would be an example of "useful" in my view.

There-in lies the problem. A sales assistant selling a 50" TV is not useful. When they come down in their glowing saucers and ask us to justify our existence or be zapped to death by their ray guns, sales assistants and traders will both be wiped out.

Unless they want a 50" trading screen and a CME connection.

[DSM2]

Driller said:

ShadownINja said:

Driller said:

I agree absolutely, everyone has to earn a fair living if they work hard. I just think that money should represent useful goods or useful services rather than be the end in itself.

I am not sure most jobs satisfy that criteria. That's the problem. What is "useful"? In the end, what does a trader provide as a service? What do banks do with our savings? I'm sure some of the professionals will be along shortly to give insight. And what if a trader earns lots and gives money to sales assistants for goods which then pay for the sales assistants' salaries plus cleaners plus salaries of people in third world countries from where the goods came?

Edited by ShadownINja on Thursday 12th August 13:13

I think most "jobs" or activities are useful. However when for example a trader is buying or selling he does not sit back satisfied knowing that when he gives the money earned to a sales assistant he will pay their salaries.

Someone selling something to a customer who has sought out that product and giving the client helpful advice and or installing said thing would be an example of "useful" in my view.

I think you miss the point. Most businesses add value somewhere along the line. Trading does not.

[turbobloke]

Do it from home with IG Index between posts on PH.

[HundredthIdiot]

DSM2 said:

I think you miss the point. Most businesses add value somewhere along the line. Trading does not.

I thought "added value" meant "profit". If traders make a profit, they are therefore adding value.

Obviously my grasp of economics is a bit thin.

[Jasandjules]

Driller said:

http://www.bbc.co.uk/news/business-10928909

This will no doubt get shot down but it just seems all so meaningless and hollow.

Making billions of pounds is what investment banks are all about. Not exactly meaningless? I mean, the pursuit of money is why companies exist, whether they are selling a product or trading in the financial markets.

[ShadownINja]

DSM2 said:

I think you miss the point. Most businesses add value somewhere along the line. Trading does not.

I'm trying to redefine the "point". You say most businesses add value. I say too many don't.

[NoelWatson]

DSM2 said:

Driller said:

ShadownINja said:

Driller said:

I agree absolutely, everyone has to earn a fair living if they work hard. I just think that money should represent useful goods or useful services rather than be the end in itself.

I am not sure most jobs satisfy that criteria. That's the problem. What is "useful"? In the end, what does a trader provide as a service? What do banks do with our savings? I'm sure some of the professionals will be along shortly to give insight. And what if a trader earns lots and gives money to sales assistants for goods which then pay for the sales assistants' salaries plus cleaners plus salaries of people in third world countries from where the goods came?

Edited by ShadownINja on Thursday 12th August 13:13

I think most "jobs" or activities are useful. However when for example a trader is buying or selling he does not sit back satisfied knowing that when he gives the money earned to a sales assistant he will pay their salaries.

Someone selling something to a customer who has sought out that product and giving the client helpful advice and or installing said thing would be an example of "useful" in my view.

I think you miss the point. Most businesses add value somewhere along the line. Trading does not.

I think you need to consider all forms of trading when making that statement.

[Driller]

Jasandjules said:

Driller said:

http://www.bbc.co.uk/news/business-10928909

This will no doubt get shot down but it just seems all so meaningless and hollow.

Making billions of pounds is what investment banks are all about. Not exactly meaningless? I mean, the pursuit of money is why companies exist, whether they are selling a product or trading in the financial markets.

So you're saying that making money for money's sake is not meaningless?

[Timberwolf]

Do traders not purchase goods and services with the money they earn, then?