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I'm interested in this discussion because I think there is a correlation between 'blue collar' and 'white collar' workers, prior to their trading careers, and the results they experience as traders.
Put simply, blue collar workers are better at following instruction, while white collar workers usually don't handle being wrong very well.
Thus blue collar workers make better traders than white collar workers.
That is a gross simplification, but my general feeling. Look forward to a discussion.
I come from manufacturing so I consider myself a blue collar guy.
But I currently own a marketing firm and do business consulting so I am currently white collar.
I tend to agree with you Mike, I have seen it in business. Blue collar workers tend to follow direction, while white collars tend to want to be in control/lead/always right.
I was also white collar in a C-level position prior to going full time trading, and like I said in my long webinar, I had to make some serious changes to myself in order to become successful. Over the years I have witnessed others, what I would consider blue collar, have a much easier time with it.
I left a job at a machine shop to try trading so I'm blue collar. I have a 14x40 lathe and knee mill so if I draw down too much I can at least find some paying work and look for safer investments to rebuild and try again.