Daytrading quickly becomes a bullsh*t job, and as such people justify it?

Quote from max_skinner:

Learning to day trade actually helps swing trading too because the former is relatively difficult and involves quick decisions.

Folks who day trade successfully are mostly very good at swing trading but the reverse isn't true.


So that's how I justify the bullshit job of day trading crgarcia

:D

Cheers,
Max
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Excellent point and it relates back to everyone being different and having different strengths & weaknesses.
 
Daytrading is indeed a bullshit job, if you dont make 100%+ a year at least, or start with $500k to trade. Why?

Well if you buy and hold (which costs 30 min) at march 2009 you would have made 200% money in 30 minutes time. All you had to do was buy random stocks.

On the other hand daytrading is spending 80 hours a week trying to find a strategy that give you maybe 50% a year on $50k which is 25k. It's just not feasible.

So unless you have a strategy which makes like 200% a year so you make 100k a year or you start with 500k so you can make 100k by making 20% a year then you can do daytrading.

This is so simple math, but the daytrading newbies keep dreaming that they can make it with $10k.
 
FT, I'd agree that being sufficiently capitalized is very important (it's also relative and scalable), I'd say that you were exaggerating somewhat with you're figure of $500K. Also I notice a few if's buts & maybes in your post. Also don't go in naively lacking experience and without an unproved & tested strategy.

Preparation & planning prevents p**s poor performance.
 
quit crying dude. So you lost money now it's a bullsh*t job

you guys come to Elite Trader by the dozens

just keep at it you will get it one day
 
Quote from bat1:

quit crying dude. So you lost money now it's a bullsh*t job

you guys come to Elite Trader by the dozens

just keep at it you will get it one day
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Mate, who's your comment directed to?
 
Quote from failed_trad3r:

Daytrading is indeed a bullshit job, if you dont make 100%+ a year at least, or start with $500k to trade. Why?

Well if you buy and hold (which costs 30 min) at march 2009 you would have made 200% money in 30 minutes time. All you had to do was buy random stocks.

On the other hand daytrading is spending 80 hours a week trying to find a strategy that give you maybe 50% a year on $50k which is 25k. It's just not feasible.

So unless you have a strategy which makes like 200% a year so you make 100k a year or you start with 500k so you can make 100k by making 20% a year then you can do daytrading.

This is so simple math, but the daytrading newbies keep dreaming that they can make it with $10k.
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I don't understand why anyone with aspirations of becoming a successful trader would take the advice of a failed trader -- unless you're talking about how not to trade and how not to think.
 
I dunno about a bullsh*t job, but this is defo a bullsh*t thread.

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Quote from goldboy:

This is absolute BS. Trading is absolutely nothing like another small business. ANYONE who even suggests this clearly has no clue thus should be ignored.

I cringe when I read nonsense like this. Another know it all book reading fibonacci belieiving big moouth
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Groan, trying to get any sense here is hopeless.

I never said, it's the same, I said, "it has roughly the SAME START UP FAILURE RATE as any other small business."

IMO anyone who can't read simple English should be ignored.
 
OPEN COMMENT

The electronic grain markets, specifically eSoybeans and eWheat range each day about $.10 with monthly spurts days that easily hit a range of $.20 to $.30. In these two specific markets there are always 2 separate contract months that are easily traded daily with a 10 lot each day where one can, with practice, extract $.05 a day on no more than 3 trades-a-day average.

20 trading days a month, $.05 a day average and you have $1.00 in profits or at $50 per penny, $5K gross in profits per contract traded. Trading 10 contracts and you have a tidy $50K a month in revenue or about $42K net profits after commissions and expenses. Now I figure that isn't a bad living for trading a market that is only open from 10:30 am EST to 2:15 pm EST each day. Even if this is all that one trades.

If one wants, one can still trade the pre-market in the Indices or currency futures through 10:30 am or after 2:15 pm in the afternoons. One can still trade the swing or long term environments as well, if they feel they need to possibly make more money.

Let me clarify that I am a proponent of trading the futures or commodities verses trading stocks. This is due to lower margins which limits risk with care taken on using conservative strategies.
 
Quote from ProfLogic:

OPEN COMMENT

The electronic grain markets, specifically eSoybeans and eWheat range each day about $.10 with monthly spurts days that easily hit a range of $.20 to $.30. In these two specific markets there are always 2 separate contract months that are easily traded daily with a 10 lot each day where one can, with practice, extract $.05 a day on no more than 3 trades-a-day average.

20 trading days a month, $.05 a day average and you have $1.00 in profits or at $50 per penny, $5K gross in profits per contract traded. Trading 10 contracts and you have a tidy $50K a month in revenue or about $42K net profits after commissions and expenses. Now I figure that isn't a bad living for trading a market that is only open from 10:30 am EST to 2:15 pm EST each day. Even if this is all that one trades.

If one wants, one can still trade the pre-market in the Indices or currency futures through 10:30 am or after 2:15 pm in the afternoons. One can still trade the swing or long term environments as well, if they feel they need to possibly make more money.

Let me clarify that I am a proponent of trading the futures or commodities verses trading stocks. This is due to lower margins which limits risk with care taken on using conservative strategies.
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How refreshing a balanced, sensible, non-confrontational and informed post.
 
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