Deep regrets

[wrbtrader]

I'm confused as to why this made headlines. Yes $41,000,000 is many many dollars, but when you are worth $3,000,000,000 its not much to complain about.

It's just another one of his stunts on Twitter.

People with that much money have financial managers or others investing / trading some of their money. Surely he could have easily hired someone to design an algorithm to do all the work for him.

wrbtrader

 

[Tradex]

It's just another one of his stunts on Twitter.

Yep, I think so too.

This guy was probably fully hedged (secretly, via options or whatever) so his "losses" are not real.

I have ceased to believe the media whores decades ago, it's just non-stop lies and bullshit.

 

[LanceJ]

I could easily lose $100K on trying to be a pro golfer.

 

[wrbtrader]

I could easily lose $100K on trying to be a pro golfer.

I know someone that spent $120k on an Art Institute education (photographer).

Today, she's a dentist although I don't know how much money she spent to become a dentist...maybe another $100k.

wrbtrader

 

[Millionaire]

But so are farming, French cooking, tap dancing, parachute jumping, bullfighting, opera singing, mountain climbing, poetry writing, boxing, scuba diving, deer hunting, sword swallowing and thousands of other hobbies.

You can get a good at most hobbies after 1000 hours and mastery after 10,000.

But day trading i'm not so sure. And even if you become profitable after months/years of hard work, your edge(s) can still disappear.

Many profitable day traders have given up/ blown up after years of making money.

Master tap dancing and as long as you remain fit and healthy that skill isnt going anywhere.

 

[TrailerParkTed]

Good thing is that he intends to recover his loss not through day trading, but through his business.
Day trading (and in fact any trading ) is not for everyone.

How many times have I heard “If you can do it, hell I can do it better”! Just because I don’t have a fancy degree in finance or advanced statistics means trading must be super easy!

 

[ElectricSavant]

I could easily lose....aw nevermind lets just leave it at that.

I could easily lose $100K on trying to be a pro golfer.

 

[Tradex]

Many profitable day traders have given up/ blown up after years of making money.

I am pretty sure there is nothing wrong with their system, they probably lost their discipline and started to trade carelessly.

Master tap dancing and as long as you remain fit and healthy that skill isnt going anywhere.

Seen any tap dancing show on Broadway or in London lately...?

On the other you can master day, swing or position trading and turn this hobby/passion into a lifetime of profits.

 

[Millionaire]

I am pretty sure there is nothing wrong with their system, they probably lost their discipline and started to trade carelessly.

I the meant profitable pit traders who couldn't move to the screen.
Or the soes day traders who used to trade off Level II nasdaq screens.
Or the arcade traders in europe who used trade the Bund, Bobl and Shatz.
Turtle traders who did long term trend following.

All these traders were making big bucks at some point, but not anymore

 

[Tradex]

I the meant profitable pit traders who couldn't move to the screen.
Or the soes day traders who used to trade off Level II nasdaq screens.
Or the arcade traders in europe who used trade the Bund, Bobl and Shatz.

Oh, that? Sure, but that's another story, these guys made money because they profited from the slow technology (like the SOES bandits) or they had some temporary trading edge.

The point is, they did not have a real trading system and they certainly did not adapt to new trading realities.

Turtle traders who did long term trend following.

The Donchian system the Turtles used is still sound, there is absolutely nothing wrong with it.
But again, it's always the human factor that changes everything.

Legendary trader Jesse Livermore made the equivalent of 1.4 Billion with his trend following system but died penniless because he lost his discipline.