Is day trading worth it?

[NoDoji]

You're denied the pleasures of office politics.

That's what ET is for!

You can't get gems like this hanging around the office water cooler:

i have run the math and it does not work out. You either start with 500k+ or you make a subsistence living on 1000 a month when you could make 5000+ month with the right STEM degree.

Daytrading is also the loss of opportunity, there is an opportunity cost involved.

 

[jb3398]

well one thing u can do is put emg on ignore so his negative posts dont even cross your screen while scrolling or by accident.

I once heard that Tiger Woods had a recording of himself repeating that he was a champion, that he was the best, he would be the winner. and listened to it over and over again.


Practice practice practice, Paper trade for 6 months. Dont expect to make a fortune for at least 1 year after you have started with real money.

In my opinion, this pattern day trade rule hold too many people back. Sign up with a reputable foriegn broker, scalp with 10:1 BP and a 5k deposit. aim for 500 a week in profits. after 3 months, up your size.

If you are worried about the foreign broker...while you are sitting in front of the screen waiting for something to happen...study for the series 56.

It can be done...trust me, you just have to work at it, like everyone who becomes good at something.

Best reply I've read so far and completely true I am living proof. By the way I trade from a mobile phone with a retail account. Because of my 9-5 I can't sit in front of a computer and trade. But when I did trade prop with a local brokage using an over sea license, which wavied the Series license. I averaged 1300 weekly with 10:1 leverage with a capital investment $7500.

 

[cornix]

If you can do it profitably, why not?

This thread could have consisted of two posts: the first one and a second one saying "Yes, if you know what you're doing and no if you don't". That's really what it boils down to.

Agree.

 

[failed_trad3r]

Best reply I've read so far and completely true I am living proof. By the way I trade from a mobile phone with a retail account. Because of my 9-5 I can't sit in front of a computer and trade. But when I did trade prop with a local brokage using an over sea license, which wavied the Series license. I averaged 1300 weekly with 10:1 leverage with a capital investment $7500.

so you made 600% per year return. WOW.
Why did you quit?

 

[Laissez Faire]

so you made 600% per year return. WOW.
Why did you quit?

I guess money isn't everything in life.

 

[Laissez Faire]

Thanks for the replies, everyone.

As a swing trader, you will at least not have any issues with eye strain from watching the computer all day long.

Am I wrong or did Jesse Livermore switch from day trading to swing/position trading?

And didn't Nicholas Darvas fail miserably at short-term trading only to move back to long term trading his boxes while having fun as a dancer?

 

[Laissez Faire]

I would be interested to know the type of returns, say, the top 2.2% of day traders are making.

The top day traders (not sure how many exist on this site) are probably killing it and easily make more than long term traders on average due to being able to consistently exploit volatility and compound profits.

However, I do think day trading is more difficult than EOD trading.

Glad to hear you're trading is going well!

 

[cornix]

Thanks for the replies, everyone.

As a swing trader, you will at least not have any issues with eye strain from watching the computer all day long.

Many day traders don't spent all their days in front of screen at all. Proper understanding of daily market cycles is the key.

 

[lescor]

With all the posts in this thread, it's clear why most traders fail. If you don't believe it to be possible, it won't be. I think I knew at some level I'd always be a great trader when I started, but didn't fully know why until recently. I will never stop knowing I can make 7+ figures a year trading. No one will change my mind.

The one main trait successful people have in common is they don't give up. Trading is not "hard work," it just takes time to get good at it (same as any profession). It is this way for many reasons. In a capitalist society, in order for there to be rich, there has to be middle/lower class! Most people do not become rich overnight (there is of course inherited wealth, if you want to count that).

Here's the flaw with your logic. You need more than just time to figure it out. You also need money to trade. If you bleed away all your money taking the time to figure it out, it won't matter if you finally get it, because you won't be able to trade anyway!

A previous post summed up the question- it's worth it if you can do it. Not worth it if you can't. What a revelation.

 

[dbphoenix]

A previous post summed up the question- it's worth it if you can do it. Not worth it if you can't. What a revelation.

Really.