Here are some real facts for 2012 on how day trader's did

Quote from Lintagoose:

Your friend doesn't have very good traders then. I know 10-15 traders that I talk with regularly that all made 250k to well over a million and have been for many years. I'm glad you shared the info, but I don't think it's a fair representation of day traders. Trading is a business like any other and you have to put in the time. The one thing your post does confirm is that a large percentage of traders do struggle. however, there are traders who make a good living...plenty of them.
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i think pool of money available for grab to daytraders shrunk significantly thks to HFT & GFC. Your friends are lucky not to feel this trader's recession.
 
Something must be missing in the story. Why does OP's friend provide the funds to all traders, even those who consistently lose? Why not test their abilities and only hire those who are consistently profitable?
 
I could care less what others make or dont make all that matters to me is how much I make. Why do so many people care what others do? Y'all are like a bunch of nosey old ladies with nothing better to do than get in someone elses business. Who cares what others do???? Get a life!
 
The one I traded with had a 50% success rate with a number of traders into 7 figures. They hired smart and trained hard. They made money through commission, desk fees, and splits. It was well worth their while to invest in smart people b/c if they were successful they tended to stick around beyond their initial contract. You become part of a tight knit group.

Quote from daniel33:

The few prop firms I've traded with had way better numbers, nothing like this.
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Quote from 1a2b3cppp:

Is he doing the thing where he takes the opposite sides of their trades, and then the people who are "profitable" cause him to take a loss, but he can pay them with the winnings from the other trader's losing trades?

So for example, that one guy makes $800k, which actually loses his company $800k.

What'd you say, like 5 other guys make $100k. So that costs the company $500k.

He's now down $1.3M.

BUT, he has 294 guys who made -$100k, which actually made his company $29.4M.

So he pays the winners the winnings and pockets the other $28.1M as profit.
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nice try, but there not 294 guys who lost 100k. furthermore a lot of them may have been market positive but losers after commissions.
no holy grail yet but keep plugging.
 
Quote from zdreg:

nice try, but there not 294 guys who lost 100k. furthermore a lot of them may have been market positive but losers after commissions.
no holy grail yet but keep plugging.
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You get the point of what I was saying, though.

As long as the majority of traders lose, and lose more than the few winners win, the firm is profitable.
 
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I could care less what others make or dont make all that matters to me is how much I make. Why do so many people care what others do? Y'all are like a bunch of nosey old ladies with nothing better to do than get in someone elses business. Who cares what others do???? Get a life!
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hafez is trying to make a point, which you have obviously missed in order to tout your philosophy. the point is that daytraders and prop biz as whole have been on a decline. however, the point that's missed, is there just b/c there is no 'easy money' anymore doesn't mean that traders aren't making money. the rest of us have been saying these numbers appear to be off what others and myself see, so to take w/ a grain of salt.
 
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