Any Day traders here?

[Aisone]

They say the human mind is wired to lose in day trading, such as that large amounts of money without any effort are unnaturally unhealthy for a person. Think outside the scope of money as if you're in a lab counting numbers instead of trying to make a living or get rich. When you stop caring, you tend to do well(people trade because they care dearly about money)...the paradox of desire is that it never lets you know both sides at the same time.

Great post. Personally (and some might think this is crazy) I think things have also come so far that automated systems responsible for driving a lot of volatility have essentially 'mechanized' price movement over time (using a combination of acceleration and deceleration) in such a way that makes it more psychologically difficult to do the right thing (such as buy the bottom, sell the top) and instead makes it mentally easier, for example, to buy the top and sell the bottom. This was probably always an organic dynamic in the markets, but a formula for it might even be hard coded now.

 

[savoir]

My goodness I need to have some beers with you some day. You sound as sad and regretful of the end of that ATM-punching era as I would if I were to talk about it. Thank goodness trades are no longer $10 each side, including partials (Ameritrade, even though that was cheap in '97), . Stuart: "Let's light this candle! " Datek cut that quite a bit when they came out.

The end of that era and solidity of my approach back then ended for me when MPPP ipo (mp3.com) opened at $100 and closed the day at $60 or so. I think I started buying the easy-money dip at $90. My approach was never quite the same after that, and neither were .com ipos.

I don’t feel sad or regretful about it ending. Sure it was stressful and a struggle when the edge disappeared; I didn’t foresee that it could happen so quickly. But the edge was mostly a gimmick of technology. As more people in the office learned about it, the profits dissipated.

The game itself is generally the same now as it was then, taking liquidity ahead of others who need it. What’s different is the method of detecting smart money activity. It is no longer so blatant as watching GSCO, MSCO, MLCO, INCA, etc. on Level II and figuring out who is a net buyer or a net seller.

 

[peterkto]

Daytrading for 14 years, never had a real job.

Check out my blog at churningandburning.com — my latest post (the 10 traders you meet in prop) is a banger.

 

[SunTrader]

Daytrading for 14 years, never had a real job.

Check out my blog at churningandburning.com — my latest post (the 10 traders you meet in prop) is a banger.

Lambo, Bugatti or McLaren?

 

[Silesianix]

All this s... with charts, this was mistake. Trading today is data, OF, FP, Data level 2, Priceleather.

 

[peterkto]

Lambo, Bugatti or McLaren?

I don't own a car. Make of that what you will.

 

[SunTrader]

I don't own a car. Make of that what you will.

Never heard of a crypto blogger without a go-fast one of some sort.

 

[peterkto]

Never heard of a crypto blogger without a go-fast one of some sort.

I honestly think the circlejerk of every trader wanting a turbo sports car has gone so far, even people who dont really want one think they should want one. It would be a massive waste to drive a lambo in NYC anyway

 

[Overnight]

I honestly think the circlejerk of every trader wanting a turbo sports car has gone so far, even people who dont really want one think they should want one. It would be a massive waste to drive a lambo in NYC anyway

Unless you live in the southwest. If you got it flaunt it?

 

[Aisone]

I don’t feel sad or regretful about it ending. Sure it was stressful and a struggle when the edge disappeared; I didn’t foresee that it could happen so quickly. But the edge was mostly a gimmick of technology. As more people in the office learned about it, the profits dissipated.

The game itself is generally the same now as it was then, taking liquidity ahead of others who need it. What’s different is the method of detecting smart money activity. It is no longer so blatant as watching GSCO, MSCO, MLCO, INCA, etc. on Level II and figuring out who is a net buyer or a net seller.

All in jest but that was an amazing time. I never had illusions it was longterm though. I remember warning one person in particular at a dinner party that whenever it seems like there is 'free money', bubbles burst. He understood that but also said he had Cisco stock, which had "14 straight profitable quarters", or something like that. A couple months later the market began it's downturn.