^^You are very naive. Traders at CBOE/NYSE/ect...have an edge from their allies/companies/financial back-up/insiders informations.....these are what an average daytrader at home or working in a small prop firm doesn't have. It's why average Wall ST workers' salary is $500,000 & top university graduates will 'die' for Wall ST positions. There are a big difference between a GS trader vs home-daytrader. It's like the sun and the moon. Head GS trader bonus is 10 millions per year. Andrew oil trader at C was making $100M a year. How can you compare a pro & small shirmp?
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Day Trading is a pipedream.
- Thread starter guy990opl
- Start date
Quote from kitty1996:
^^You are very naive. Traders at CBOE/NYSE/ect...have an edge from their allies/companies/financial back-up/insiders informations.....these are what an average daytrader at home or working in a small prop firm doesn't have. It's why average Wall ST workers' salary is $500,000 & top university graduates will 'die' for Wall ST positions. There are a big difference between a GS trader vs home-daytrader. It's like the sun and the moon. Head GS trader bonus is 10 millions per year. Andrew oil trader at C was making $100M a year. How can you compare a pro & small shirmp?
They can't hide there footprints, that's all I need.
You can if you think you can.
Quote from kitty1996:
^^Average Wall ST worker's salary is $500,000. It's why top university graduates' dream is to work for Wall Street, not being a daytrader. Daytrading is for the semi-retired group who have saved enough from working all their lives & who are not living in expensive city. Ofcourse, there are Wall ST retirees who are trading with $100 millions- accounts and they can even buy a seat at the NYSE; but we can't use them as example of a successful daytrader who starts from nothing.
I respect your opinion but can only fathom where it is derived from.
A parent of one of my son's classmates made $8 million net selling stuff on the internet last year. If you ask the average Wharton school honor grad if that was possible they would tell you that you are on drugs. Ask Bill Gates or Steven Jobs or Mark Cuban or Warren Buffett or any other number of self-made businessmen or women if working for a Wall Street firm is the key to success or whether thinking for themselves was a better road to travel.
I worked for a fortune 500 company for years in a highly respected corporate position. I could have retired to live in New York City or L.A. or Hong Kong if I chose and could be living there as well as where I live now. I chose to live where I live in a rural community because it offers a better quality of life and a better place to raise children. Do not assume why I live where I live or how much money I have or make because you will be wrong.
How can your top grads dream of things they have no clue about . . . they can't. If they knew the potential then more of them might aspire to be self-investors as they gain experience. The gentleman I spoke of, like myself, both trade with like accounts and make more than your wet-behind-the-ears Wall Streeters each and every year. Neither of us trade with $100 million accounts because we both know it isn't necessary. As I stated previously, those college grades aren't taught to think for themselves which is why they "dream" of working on Wall Street. A lot of those grads are far smarter that a lot of the people self-investing out here but they don't have the resources nor time to devote to getting started. It is too much hard work to learn to be a self-investor. They prefer the easier way, Wall Street, because that is what they are taught.
you misunderstood my point:
1% can make it as daytrading if she/he starts from nothing/know nothing/have nothing/no allies/no insider informations/NOTHING. this STAT is highly optimistic.
0000000001% can make a living by charging people outrageous fees for daytrading lessons. they are only partimer-daytrader because most of the time, they spend on giving lectures on daytrading. and they make good profit from outrageous trading lessons fees, ranging from $5000-$10,000/books/monthly fees, from $99-149 from students, not from trading.
your friend who is retired from a wall street firm is an example of what i said about wall street retirees. these can't be used as an example of a successful daytrader who starts from nothing'have nothing/know nothing & only works for himself from the start/or some unqualified prop firms.
1% can make it as daytrading if she/he starts from nothing/know nothing/have nothing/no allies/no insider informations/NOTHING. this STAT is highly optimistic.
0000000001% can make a living by charging people outrageous fees for daytrading lessons. they are only partimer-daytrader because most of the time, they spend on giving lectures on daytrading. and they make good profit from outrageous trading lessons fees, ranging from $5000-$10,000/books/monthly fees, from $99-149 from students, not from trading.
your friend who is retired from a wall street firm is an example of what i said about wall street retirees. these can't be used as an example of a successful daytrader who starts from nothing'have nothing/know nothing & only works for himself from the start/or some unqualified prop firms.
Quote from ProfLogic:
Really, you just said only .0000000001% can. Which is it?
I live on a nice country estate and have enough money to live comfortably for the rest of my life . . . I never knew failure could be so nice. Thanks for pointing that out to me.
Everyone's definition of success is different I guess.
The recently "career challenged" escapee from the grasps of JP Morgan came from the Gas Trading, Global Commodites division as V.P. He now sits in his nice appointed country estate in Canada, swing and day trading as well. I PMed him to tell him, by your standards, he wasn't a success as well. I could see his grin all the way across the country.
He wanted me to tell you, "Really, a?"
It's warming up here. Think I'll grab the fly pole and head to my pond. Have fun at your desk this afternoon while my dog and I aggrevate some fish.
Maybe someday I'll be as successful as you . . . but I sure hope not.
Quote from ProfLogic:
Really, you just said only .0000000001% can. Which is it?
I live on a nice country estate and have enough money to live comfortably for the rest of my life . . . I never knew failure could be so nice. Thanks for pointing that out to me.
Everyone's definition of success is different I guess.
The recently "career challenged" escapee from the grasps of JP Morgan came from the Gas Trading, Global Commodites division as V.P. He now sits in his nice appointed country estate in Canada, swing and day trading as well. I PMed him to tell him, by your standards, he wasn't a success as well. I could see his grin all the way across the country.
He wanted me to tell you, "Really, a?"
It's warming up here. Think I'll grab the fly pole and head to my pond. Have fun at your desk this afternoon while my dog and I aggrevate some fish.
Maybe someday I'll be as successful as you . . . but I sure hope not.
amen. people who live in big cities have no idea. i would consider it like waterboarding to have to live in a place like chicago or new york.
Quote from kitty1996:
^^Average Wall ST worker's salary is $500,000. It's why top university graduates' dream is to work for Wall Street, not being a daytrader. Daytrading is for the semi-retired group who have saved enough from working all their lives & who are not living in expensive city. Ofcourse, there are Wall ST retirees who are trading with $100 millions- accounts and they can even buy a seat at the NYSE; but we can't use them as example of a successful daytrader who starts from nothing.
Think before you post numbers. Do you have any idea that there's a correlation between those $500K salaries you're suggesting and the cost of living in/near Wall Street? I know of 1200 square foot apartments/condos in NYC that go for $2 to $6 million. So you're suggesting someone making $500K and being a slave to an astronomical mortgage in a property that costs at least $1 to $2 million is better off and more successful than someone making considerably less trading who doesn't have to pay such a costly mortgage? Which part don't you get? The Wall Streeter is forced to live near their job. An independent trader can live anywhere they CHOOSE to! I've lived in 3 different states in the past 14 years as a trader. I can be out for a bike ride in a semi-rural area in 15 minutes. I can be at the ocean in 5 - 10 minutes. I don't have the stress and traffic of NYC area.
Quote from kitty1996:
^^You are very naive. Traders at CBOE/NYSE/ect...have an edge from their allies/companies/financial back-up/insiders informations.....these are what an average daytrader at home or working in a small prop firm doesn't have. It's why average Wall ST workers' salary is $500,000 & top university graduates will 'die' for Wall ST positions. There are a big difference between a GS trader vs home-daytrader. It's like the sun and the moon. Head GS trader bonus is 10 millions per year. Andrew oil trader at C was making $100M a year. How can you compare a pro & small shirmp?
I don't think anyone is trying to compare apples to oranges here but "Naive" for "Knowing" that there are people, that aren't sitting right on the floor, that are successful daytraders is a "Quack" statement. Once again though I guess Proflogic would have to be right in your thought of what it means to be a success. Example... I'm thinking of a guy I know that's been trading FX for 11 years. Trading other products previous to that..He's been arround the block working for hedge funds before too while still trading at home. Now he only works for IB's, trades at home still, uses 3 indicators he's made, uses a squawkbox news feed, and just knows his setups extremely well. Last month we got to watch him using gotomeeting seeing his trading in real time. He scored over 5000 pips inside one month and turned a 1.3 mill account into 2.1 mill never using more than like 4% risk at a time. He trades more money than just that account but with his 25% take he made 200k that month. He can average 2k pips a month. So long story short he'll make more money than that 500k you're going on about easily. My point is that all you have to do is know what you're doing. Nothing more... so this isn't a pipedream. If you don't believe me I will send you a link to his webinar via PM. I know him personally and would love to try to be proven wrong.
LOL.
what is so special about a wall street retiree who lives in a small farm/small city?
does he prove how easy it is to make a fortune in daytrading? any wall st retiree should know more about daytrading than an ave joe; he/she also still has allies/network.../not to mention capitals...
do new daytrader have that?????
do you even understand what was the topic?
what is so special about a wall street retiree who lives in a small farm/small city?
does he prove how easy it is to make a fortune in daytrading? any wall st retiree should know more about daytrading than an ave joe; he/she also still has allies/network.../not to mention capitals...
do new daytrader have that?????
do you even understand what was the topic?
Quote from Free Thinker:
amen. people who live in big cities have no idea. i would consider it like waterboarding to have to live in a place like chicago or new york.
Quote from kitty1996:
There are a big difference between a GS trader vs home-daytrader. It's like the sun and the moon. Head GS trader bonus is 10 millions per year. Andrew oil trader at C was making $100M a year. How can you compare a pro & small shirmp?
The "pro" has rules to follow. His employer has expectations. An independent trader makes his own CHOICES. He can knock off for the day whenever he wants to. I was done trading today at 2:00. Why? I made what I wanted to make. I can go for a run whenever I want. I can jump on my bike at will. I can toss the kayak on the car and be in the water in 10 minutes. My choices. Ask the Wall Street traders if they have the same options.
If you honestly think a LOT of $$$$$ brings happiness to people you're sadly mistaken. You have any idea how many "big shots" making big money lost multi-million vacation (2nd) homes in the past few years?
what is your point here? the guy has been working for hedge funds for ages that he can use that 'reputation' to charge fees, does it sound like a newbie to you?
for a person who starts from scatch/know nothing/have nothing, is it a dream? YES IT IS!!!!!
only 1% can make it
and 00000000001% can charge outrageous fees monthly or slum sum/write books/give seminar.
THAT's what i keep saying....LOL.
for a person who starts from scatch/know nothing/have nothing, is it a dream? YES IT IS!!!!!
only 1% can make it
and 00000000001% can charge outrageous fees monthly or slum sum/write books/give seminar.
THAT's what i keep saying....LOL.
Quote from SmokeAndMirrors:
I don't think anyone is trying to compare apples to oranges here but "Naive" for "Knowing" that there are people, that aren't sitting right on the floor, that are successful daytraders is a "Quack" statement. Once again though I guess Proflogic would have to be right in your thought of what it means to be a success. Example... I'm thinking of a guy I know that's been trading FX for 11 years. Trading other products previous to that..He's been arround the block working for hedge funds before too while still trading at home. Now he only works for IB's, trades at home still, uses 3 indicators he's made, uses a squawkbox news feed, and just knows his setups extremely well. Last month we got to watch him using gotomeeting seeing his trading in real time. He scored over 5000 pips inside one month and turned a 1.3 mill account into 2.1 mill never using more than like 4% risk at a time. He trades more money than just that account but with his 25% take he made 200k that month. He can average 2k pips a month. So long story short he'll make more money than that 500k you're going on about easily. My point is that all you have to do is know what you're doing. Nothing more... so this isn't a pipedream. If you don't believe me I will send you a link to his webinar via PM. I know him personally and would love to try to be proven wrong.