Another day trader bites the dust

teewoods said:
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!.....
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Day trading stocks it's definitely possible to go belly up fast:
Brokerage eating away at capital, going greedy with large size plus bad timing plus a bit of bad luck, add in pump & dump pennies....
 
themickey said:
Day trading stocks it's definitely possible to go belly up fast:
Brokerage eating away at capital, going greedy with large size plus bad timing plus a bit of bad luck, add in pump & dump pennies....
More...

depends on what stonks and your criteria for entry and risk management. i have been trading solar stonks for the last few weeks: enph, regi, run, sedg, spwr, dq, plug, jks, etc. big money moving to solar stonks. as a retail trader, it is really easy...just follow the big money.
 
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teewoods said:
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
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who are you? claims of experience and credentials cloaked in anonymity are worthless.
 
vincentnyc said:
depends on what stonks and your criteria for entry and risk management. i have been trading solar stonks for the last few weeks: enph, regi, run, sedg, spwr, dq, plug, jks, etc. big money moving to solar stonks. as a retail trader, it is really easy...just follow the big money.
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all those solar/clean energy stonks got hit big today 10/8/20....maybe a btfd opportunity...who knows. but something is going on with marijuana stonks today: cgc, acb, cron etc.
 
cruisecontrol said:
Did not read the whole thread.

I'm very skeptical of this story. Or some important details are missing. The implication seems to be that the friend is a smart guy (profitable position trader for 6 years implies significant competence), but day trading somehow turned him into a retard.

OP also claims no one can make money day trading which suggests he himself might be a bitter failed daytrader with an axe to grind. He also started a thread a year ago titled "No day trader on this planet can make yearly profits"

If the story was true, I would expect to hear about a specific event that caused the blow up. Like some wacky thing with short options. Just trading stocks it is very difficult to ride a big account all the way down to $0. You'd practically have to be doing it on purpose.
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It is not far fetched to lose $450,000 when he was probably, betting most of his monies on his trades. Just one bad trade would wipe him out. I know someone who lost $2 million in the stockmarket. Again, the person was trading hundreds of thousands of dollars on each trade and had no clue on how to trade.
 
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