Is Daytrading difficult or impossible ?

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hoffmanw said:
This Japanese day trader made $150 million USD for last ten years from his bedroom according to Bloomberg news. It is doable if you are a day trader. Day trading is entirely another beast. The REAL good ones understand the market like no others can. Day trader compounds his returns in days. Swing trader compounds in weeks. Investors compound in years.

Daytrader made $34 millions

https://www.bloomberg.com/news/arti...-panicked-japanese-day-trader-made-34-million
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Ahh, but read his final comments on this Bloomberg article:

"When a trade goes right I feel like bragging a little, but I don’t get on Twitter to talk about it if I lose,” he said with a laugh.
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All my gambling friends bragged about their wins and never their losses. Perhaps that is why he lived in a one room apartment instead of a penthouse in Tokyo.
 
Is Daytrading Difficult or Impossible ?

Geeesh...its a straight forward simple question.

Yes its difficult for most and its impossible for most.
 
speedo said:
Not sure why a private trader would need audited financials unless they were arranging for a financing, wanting to sell something or initiating a fund. My CPA does my taxes but there is no need for certification.
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Only traders I've heard that's been audited are the ones that's competed in those international trading competitions, someone that got flagged by their government for some oddity on their taxes or someone that's been arrested that may/may not have anything to do with trading or someone as you stated arranging financing for personal/business use.

Thus, not all audits are the same and they have different purposes...regardless...its still an audit. Yet, I would think a government audit would be the worst type of any audit.

In contrast, I never heard of anyone "asking" to be audited unless you consider those celebrities that can't afford their child support payments and they ask for an "audit" (review) of their finances to get their support payments lowered.
 
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wrbtrader said:
Only traders I've heard that's been audited are the ones that's competed in those international trading competitions, someone that got flagged by their government for some oddity on their taxes or someone that's been arrested that may/may not have anything to do with trading or someone as you stated arranging financing for personal/business use.

Thus, not all audits are the same and they have different purposes...regardless...its still an audit. Yet, I would think a government audit would be the worst type of any audit.

In contrast, I never heard of anyone "asking" to be audited unless you consider those celebrities that can't afford their child support payments and they ask for an "audit" (review) of their finances to get their support payments lowered.
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Public firms are required to provide financials audited by a certified accounting firm according to GAAP rules. A private entity may need to provide the same if they are looking for funding or as in the prior example they want to prove performance to gain clients or investors.
 
speedo said:
Public firms are required to provide financials audited by a certified accounting firm according to GAAP rules. A private entity may need to provide the same if they are looking for funding or as in the prior example they want to prove performance to gain clients or investors.
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Yeah, I know someone that wants to start a small fund that went to fundseeker. In fact, I think a few from ET did such. Not sure if they got the financing they were "seeking". I would put them in the category of "arranging financing". Thus, doesn't need to be from a bank...can be directly from investors too.
 
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ironchef said:
Just curious, did you get burned because they shared with you their strategy and method, you followed their strategy and method yet you did not get the results they claimed? Otherwise I don't understand how you could get burned.

In my years here at ET, no one ever shared their recipe with me but even if they did, I would have tested it out before I implemented it.
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Didn't involve money, it's complicated.
 
wrbtrader said:
Yeah, I know someone that wants to start a small fund that went to fundseeker. In fact, I think a few from ET did such. Not sure if they got the financing they were "seeking". I would put them in the category of "arranging financing". Thus, doesn't need to be from a bank...can be directly from investors too.
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Right, no bank is going to provide financing for a fund startup.
 
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