Day trading as a living should be impossible

[abdul_mcgee]

Quote from wrbtrader:

Yeah...I was thinking the same thing...8 - 10k living expenses. That's a very expensive lifestyle for a retail trader. Time to take the kids out of private school and send them to the local public school and stop leasing that porche.

Mark

A retail trader can be a doctor who earns $700K/yr...

 

[wrbtrader]

Quote from abdul_mcgee:

A retail trader can be a doctor who earns $700K/yr...

Yes, of course but I thought you were talking about the norm for a retail trader instead of the extreme. In that case, heck, a retail trader can be some retired business owner that sold his franchised for 40 million bucks.

My point is that the typical retail trader doesn't have 8 - 10k monthly living expenses. Yes, you're right, there's probably a few out there that does have such.

Mark

 

[abdul_mcgee]

Quote from wrbtrader:

Yes, of course but I thought you were talking about the norm for a retail trader instead of the extreme. In that case, heck, a retail trader can be some retired business owner that sold his franchised for 40 million bucks.

Mark

Point taken.

 

[abdul_mcgee]

Quote from wrbtrader:

Yeah...I was thinking the same thing...8 - 10k living expenses. That's a very expensive lifestyle for a retail trader. Time to take the kids out of private school and send them to the local public school. Also, stop leasing that porche because Ford and Chrysler have some decent cars at reasonable prices now.

Mark

PS: you will be happy to hear that I am moving all expenses to a credit card with a teeny limit so we can track better. No more disappearing cash!

 

[wrbtrader]

Quote from denner:

...The trading landscape (aside from the guys on the frontlines of HFT or really successful algorithmic traders) is completely barren. The volume speaks to it as does the overall malaise and apathy that I've seen on forums in recent years.

Aint that the truth.

If this keeps up for a few more years...traders will experience their own private "economic depression". I see more switching from one trading instrument to the next this year by retail guys than I've seen all in the past 10 years. Traders trying to find something with volatility and many trading stuff they really don't want to trade...but only trade it because it has better price action than their preferred trading instrument.

Mark

 

[Buzzed]

Quote from abdul_mcgee:your monthly living costs ran you 8-10K, taxes in.[/B]

That number should be more like $1,000.00 - $3,000.00

 

[abdul_mcgee]

Quote from Buzzed:

That number should be more like $1,000.00 - $3,000.00

Do any of you have a family with kids or all you all single?

 

[Buzzed]

Quote from abdul_mcgee:

Do any of you have a family with kids or all you all single?

$1000.00 if you are single. $3,000 if you have kids.

If you cant afford that many kids on that monthly budget, then you are probably on welfare anyway, or have very spoiled kids.

 

[Bob111]

Quote from abdul_mcgee:

Do any of you have a family with kids or all you all single?

i do have both,but i'm not spending 8-10K a month..even if i CAN..try to make some first..specially daytrading..probably after that you will threat them differently..

 

[abdul_mcgee]

Quote from Buzzed:

$1000.00 if you are single. $3,000 if you have kids.

If you cant afford that many kids on that monthly budget, then you are probably on welfare anyway.

You are single.

Thanks.