Tens of thousands of Japanese housewives drawn into currency day-trading, lose billions

http://www.nytimes.com/2007/09/16/business/worldbusiness/16housewives.html?ex=1347595200&en=503d9ca7dcc70860&ei=5090&partner=rssuserland&emc=rss

by charzom • 19 years ago

14 14 19 years ago

nytimes.com

steve2• 19 years ago

"There are strict taboos against money that isn't earned with sweat from the brow"

A relative of mine grew up with many orientals and she too holds this attitude. It seems very strange to me but now at least I know where it came from.

thomasp• 19 years ago

You know that is a good attitude for society. It is only during financial bubble times that people develop the flip-it mindset.

I am a PG fan, but the only thing I am not a fan of is his built-to-flip mindset. The coming downturn will cure it - most companies aren't going to find sugar-daddies, so would actually have to figure out a way to make it on their own ...

lupin_sansei• 19 years ago

> You know that is a good attitude for society

Why is that? It's good for the economy for people to invest in the market.

steve2• 19 years ago

It's bad because those people ONLY plan to work hard, but not work SMART.

It isn't just about building to flipping. They would never start a business at all. There is much more honor in pushing papers around and accomplishing nothing at some huge company than ever actually doing the most you can do.

falsestprophet• 19 years ago

They have dishonored their families.

karzeem• 19 years ago

As a general rule, day-trading is a very bad idea. It would be surprising if after expenses Ms. Torii (whose success is extremely atypical) is still in the black a few years from now. Making serious long-term money is rare enough among pros. People day-trading from home don't stand a chance.

Jd4• 19 years ago

'Making serious long-term money is rare enough among pros.'

Data sources?

Alex3917• 19 years ago

Go to any investment bank. Take a look at every other desk except currency traders. You'll notice the average age is around 30. Take a look at the currency desk, and you'll realize the average age is around 50. Why?

Bonds, stocks, exotics -- that stuff is all teachable. Give someone two years and they can learn to work the markets. Currency has basically zero theory surrounding it. The guys who are really good have no idea why they're good at it. It's basically all just trapped in their heads and they can't get it out. That's why the guys who are good at it tend to stick around forever and they end up being much older than the other guys on average.

Tens of thousands of Japanese housewives drawn into currency day-trading, lose billions

Related Stories