Day trading article on nytimes.com

You guys don't get it -- do you really think he's been pulling in a steady 100k year in, year out? Wouldn't your opinion be alot different if he was making 500, 300, 200, 0, 0, 0 ,0 ,0, 0? If not that extreme, wouldn't it be alot more realistic for something similar?
 
Just another one of us making big money on Wall Street.

He’s getting $5 per trade DAM IT !!!!!!!! I paying $7 per trade. Lucky bastard.
 
Quote from l2tradr:

I live in Toronto actually, and making 100K doesn't raise eyebrows, that's for sure. Statistically though, he is way above average, in the top 10% or better; most make it seem that 100K is peanuts (certainly in e-standards it is) which is just not the case. Median HOUSEHOLD incomes in large metro areas barely exceed 100-120K per year, all I am saying is that making 100-120K by himself is pretty good. Of course there are people that make more, with the great majority making less.

If the "average folk" find 120K acceptable, the average folk is obviously delusional.

Anyways, didn't want to come across as being argumentative, just pointing out the realities.
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I'm unfamiliar with the income levels in Toronto or Canada in general. I'm just speaking from my own experience living and having worked in the States. If the average folk there find that amount delusional, that's something I've learned today. Thanks.
 
It's not rare that he has $1700-$2500 days.

You guys sound like a pile of pikers. Bashing a profitable trader?! I mean seriously, you guys need lives.

1 of them was a member here at one time. Not sure about the other.

Quote from lescor:


Interesting comment on one of the guys profiled. Averages $100 to $120k a year for ten years. Consistent and better than average but a spectacular fail in terms of actually improving as a trader. If you've survived and been that consistent for that long with a decent account, you should be able to do way better than that, at least for decent runs. The guy is not taking advantage of his best asset - experience.
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(I apologize in advance for not swinging on from your nuts like the rest of the guys do on here.)

You sound more like a gambler than a trader.
 
Quote from icarus618:

I'm unfamiliar with the income levels in Toronto or Canada in general. I'm just speaking from my own experience living and having worked in the States. If the average folk there find that amount delusional, that's something I've learned today. Thanks.
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The numbers are used are US metro area numbers, not from Toronto. You asked where I live, I answered. Maybe you can point me to data that refutes what I wrote? Simply pointing out the realities of life, not the e-realities of ET traders who are for most part multi-millionaires pulling in 3XATR in the ES daily.
 
Quote from l2tradr:

The numbers are used are US metro area numbers, not from Toronto. You asked where I live, I answered. Maybe you can point me to data that refutes what I wrote? Simply pointing out the realities of life, not the e-realities of ET traders who are for most part multi-millionaires pulling in 3XATR in the ES daily.
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I don't disagree with anything you wrote. What's to refute?

I made an opinion that my experience tells me that the average person doesn't begrudge someone making $100K/yr because that's something they encounter in their ordinary experience.

You cited some statistics showing that $100K/yr is not an average income. Then you gave your opinion that if the average folk think $120K/yr is acceptable then they are delusional. I assumed this comes from your experience and I thanked you for your input.

What's the problem here?
 
Quote from icarus618:


What's the problem...
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No "problem", its just I get the sense that some people belittle his accomplishments (nothing specific that you said- more general observation-)...he's accomplished more than most in terms of consistency and income level in a very tough, low-success business.
 
Quote from l2tradr:

No "problem", its just I get the sense that some people belittle his accomplishments (nothing specific that you said- more general observation-)...he's accomplished more than most in terms of consistency and income level in a very tough, low-success business.
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Not too many "float" at 100k for 10 years straight, it's the nature of the business. You either grow bigger or grind down to 0 -- and start a chat room :)
 
Quote from illiquid:

Not too many "float" at 100k for 10 years straight, it's the nature of the business. You either grow bigger or grind down to 0 -- and start a chat room :)
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Your point is valid. It's like the person who asks to be taught how to make just $200-$300 per day trading. He's not greedy he says, not looking to get rich, but wants only enough to support himself and his family, as though that somehow puts him on a different learning path than someone who wants all he can take. When told that's not how it works, he calls you an asshole. What can be done but avoid the subject altogether.

Consider the person whose post you responded to. My initial post was more about the article itself and the portrayal of daytraders in a national publication than the personal subject in the article. All the poster picked up on was a general sense I was belittling the purported accomplishments of the subject in a "very tough, low-success business." Maybe averaging $100K/year over 10 years is what the poster has convinced himself to go for. I don't know.

You are obviously skeptical about such success in trading, and it's probably justified. A lot of things about trading is counter-intuitive to people who have been trained in the conventional wisdom their entire lives.
 
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