How can struggling daytraders cope with the social stigma of being called losers?

Quote from the1:

The regulations aren't heading in that direction. Man can't control time, although in your scenario I suppose you could argue against that. What's more likely to happen is something like the PDT rule for futures or contract limits, which has already been discussed; or, of course, that dreaded 1/4 of 1% tax. I forget which European country it is -- Germany, I think -- who recently voted such a tax. Can such a thing be coming to a country near you? The US is becoming more and more socialist everyday so the answer is clearly, yes. It's possible.
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It will come, as traders interfere with the smooth cyclical flow of the market, big players want to cull that X factor, and they will. We will have to watch and adapt. I have a strong secondary skill so I am under less pressure, I do get where you are going with this.
 
Quote from the1:

Good point. Just imagine what a person could do if they put all the energy they put into trying to learn to trade into some other profession, or some marketable college degree. I often wonder that when I'm sitting in front of my screens. What could I have accomplished if I had gotten a PhD in Physics, for example? Trading can be a very lonely profession and very stressful. I speak from experience. It can be stressful even when you are winning. OP, tell your buddy to find something else he is passionate about and take the energy he put into trading and put it equally into that. There he may find success.

And yes, EMR, you are most likely right. Day trading is a dying profession. The writing is on the wall. I believe this so much that I recently went back to grad school to get another marketable masters degree. If trading does die I will have a 2nd marketable skill. There are many, many ways to make money. Trading is only one of them but the success rate is so very low.
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the finish would be a financial transaction tax.
 
Quote from emg:

Here are the links i have created to help newbies and amateur traders/gamblers:

Gambler vs Trader

http://www.elitetrader.com/vb/showthread.php?s=&threadid=215740


Why do people believe day trading will get them rich quick?

http://www.elitetrader.com/vb/showthread.php?s=&threadid=212679&perpage=6&pagenumber=1


A list of all scam unregulated 3rd party educational vendors


http://www.elitetrader.com/vb/showthread.php?threadid=212110


Hope this help
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More than 90% of small traders lose trading in the stock, futures, FX, and etf markets.

They just lose!
 
He's now toast....Latinotrader has been taken out with the trash :)

Quote from Red_Ink_inc:

Come on man. 'crgarcia' 'latinotrader'. The guy isn't even bright enough to disguise himself as a different minority.
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Quote from latinotrader:

An acquaintance of mine is a daytrader. Unlike most daytraders he lives in a nice big house. He got this house with no down payment during the bubble.
He did not bring home the bacon for a long time a few years in fact.
His wife supports the household. He even sold his 2 cars to keep trading and lost it all.
Now he's trying to get funds to trade again by trying to get hired at micro hedge fund which many people think it's actually a ponzi scheme.
His wife gets a ride home from a male coworker who is "just a friend" she says. I suspect his wife is actually dating this guy.
His house is almost empty with no furniture as he only was able to get the house but he never actually had the income to live in such neighborhood.

Of course people call him loser. Even the condo watchmans and janitors treat him badly. People mock at him when he's walking to the public transport station.
Even his wife spends long hours "just talking" in her coworker car at the condo entrance, after he gives her a ride home.

What would you advice to such a guy? What would you do if you were him?
I suggested him some jobs he could apply for but he was not interested.
BTW told me he has blown up 3 six-figure accounts.
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house or condo? Get your story straight.
 
Quote from RCG Trader:

Unless they require a certain hold time, then I do not worry about the rest. Trading will be a viable way to augment income and in time support you and your loved ones, as long as they allow us to trade our signals. If they want kill intraday trading, expand the timeframe to daily. If they attack daily trading, then we will have an issue.
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There may be a 1/4% tax...who knows? They've been talking about it for years. That being said, Last week, I was happy to see a guy like Bill Ackman on CNBC touting the need for shorter-term traders because they provide the liquidity that funds of his size need to exit and enter positions. If the big money needs the small money in order to move fluidly, I'm sure they're going to make a note of that to Washington before the gov't preemptively creates such damaging legislation.
 
Quote from emg:

More than 90% of small traders lose trading in the stock, futures, FX, and etf markets.

They just lose!
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Whatever makes you feel better emg
 
blew up 3 six figure accounts?

lol what a moron

you can cope, oh i mean your friend can cope via hard liquor, frequent visits to strip clubs, maybe a new hobby, buy a dog - maybe several dogs, or ive seen a few traders stroke their egos on youtube video blogs
 
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