Another day trader bites the dust

[athlonmank8]

Day trading is dancing with the devil. The big money is made in the sitting.

Big money is leverage and knowing how to use it.

Daytrading is possible. It can be time consuming and hard mentally. But the most important thing is you need an edge. Period.

 

[IamTheCasino]

Big money is leverage and knowing how to use it.

Daytrading is possible. It can be time consuming and hard mentally. But the most important thing is you need an edge. Period.

no, the most important thing is preservation of capital and predefining your risk before you even get into a trade.

Edges are a dime a dozen - most people dont stick with an edge long enough and perform it flawlessly to see its benefits = no discipline.

 

[syswizard]

On a seperate note, i hope your friend is feeling ok.

Big trading losses can lead to depression and even suicide.

Add to that....bankruptcy and divorce.

 

[Millionaire]

Add to that....bankruptcy and divorce.

First rule of Trading for married men: Never tell the wife about trading profits or losses.

Boiler Room film quote: "Dont the pitch the bitch"

"They're a constant pain in the ass and you're never going to hear the end of it alright?"

Women in general are not risk takers. They are nest makers and want safety, men have to go out and hunt, risk life and limbs to bring back home what they kill.

 

[athlonmank8]

no, the most important thing is preservation of capital and predefining your risk before you even get into a trade.

Edges are a dime a dozen - most people dont stick with an edge long enough and perform it flawlessly to see its benefits = no discipline.

That's all part of the edge dummy. How can you have an edge without risk parameters?

 

[IamTheCasino]

That's all part of the edge dummy. How can you have an edge without risk parameters?

Defining your risk isnt an edge, its a principle you fuckwit.

An edge is having a PROBABILISTIC edge of the market doing one thing over another.

 

[ET180]

And so he took the plunge Jan 2019 with his account size of $450k. Less than 18 months everything has gone. Vanished not a dime!

That should never happen. That's a risk-management issue. Easy come, easy go?

 

[derektrader]

My friend who has been trading for profitably for 6 years moved from position trading to day trading. He got sucked into day trading

This is a guy I spent hundreds of hours a year teaching him the ropes about position trading. He made very good money trading 8 - 10 times a year but he wanted more - he wanted the $10k+ a day big trades. Thanks to falling for the flashy trading literature and false promises doing the rounds everywhere

And so he took the plunge Jan 2019 with his account size of $450k. Less than 18 months everything has gone. Vanished not a dime!

I said it guys no one on this planet and consistently make money day trading. You might have a few lucky years but the market is going to take it all back.

As an ex-floor trader, if you want to be in the day-to-day action, you might as well take the lesser evil and start scalping provided you have the right exchange fees, broker agreements etc. Scalpers don't have to worry about overtrading (The number 1 killer for day traders) and just trade the spread. I only know of 2 former colleagues who were still scalping the bund via Kyte Brokers. But even they have packed it in and gone into property development. They are much happier after saying adios to 30 years of scalping

i agree and more of these stories need to be posted.

 

[Snuskpelle]

6 years * (8 + 10) / 2 positions/year = 54 positions total.

This is a potential problem with long term trading: you can be a novice for a long time, especially so in a bull market. With daytrading you will receive much faster feedback - your friend's fault is not acting appropriately on it.

 

[Tradex]

I said it guys no one on this planet can consistently make money day trading

Total nonsense.