Quote from kalikahuna:
So, I am not a day trader...solely do option trades that are usually held 2-5 days so not too familiar with what kind of capital and expectancies ppl have to day trade full time.
But a friend of mine, her new boyfriend told me and my wife that he avgs. 100k/day day trading in addition to earning 1mil/yr in long-term capital gains. Is this common? or is he likely full of BS? He does seem to be well off with a nice house in Century City and a ferrari...but 100k/day consistent profit day trading sounds extremely tough and I would expect him to be in Trader Monthly's top 100 traders or something then.
did u ask him how much he makes? if that's case, you were asking for it. when someone asks me how MUCH i make, my standard reply is about x (not revealing here) points or $x per contract per day on the emini sp500. and then if they ask me how many contracts, i tell them it's personal and it's irrelevant.
if anything iv'e learnt from the people i know and have met, it's that the richer you are, the more you care about personal privacy.
if i was driving a ferrari or owning a mansion, i would make it very clear to EVERYONE (including family) that it's from the comapny i work for and not mine. i would actually draw out an agreement between me and the (offshore) company stating very clearly that houses, cars, holidays are all from company.
in today's litigious society, you want to control everything and own NOTHING. the last thing you want is for people to know that you more than the average person which turns you into a target for suing.
in any case, successful trader make more than 2 points per day and if you are trading the max contract of 2000 per trade, you would be making $200k per day. that's for 2 lousy points.
it is doable but if i was making that much, i would keep my mouth shut.
