Is Daytrading difficult or impossible ?
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I don't see how day trading is to blame for this. No more than the perhaps the many more murders....etc that have taken place over money and wealth earned by other means.
If he indeed did this then it was his own greed, his own evil will, and other character defects that are responsible, not day trading.
To say i am an alcoholic because i have to live around too many bars and pubs is denying personal responsibility for ones own defects.
We live in a society that wants to blame everyone else and everything else for their own doings.
BTW i did watch the video and i think there is something wrong with the story. Something is not right IMO.
If he indeed did this then it was his own greed, his own evil will, and other character defects that are responsible, not day trading.
To say i am an alcoholic because i have to live around too many bars and pubs is denying personal responsibility for ones own defects.
We live in a society that wants to blame everyone else and everything else for their own doings.
BTW i did watch the video and i think there is something wrong with the story. Something is not right IMO.
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Been there done that..from a market maker in the Coffee, Sugar Cocoa options ring for +10 years to day trading off the floor.
It got progressively worse until loved ones and my accountant sat me down..lol
Yeah, I was an expert chartist but that mattered less an less over time..less people moving the markets leading to more eratic movements..playing games..charts were useless in the short term.
Bottom line: If you're continually netting $$$ after paying taxes, health insurance, trading costs, rent/mtge and can live comfortably after all that, then I assure you that you're an anomaly unless you're a Quant guru and even then, are fortunate enough to have a seat at a successful Hedge Fund. Lots of these cats out there looking for work..scary.
Don't forget a lot of "traders" conveniently don't pay their taxes...."Hey, I'm profitable"..no you're not.
Sure, being able to work in your sweats, not have to deal with asshole bosses or commute.
Where do I sign up?
For any newbies reading this, I suggest you take heed of what I'm saying and force yourself to go get a real job with benefits cause invariably you'll be wasting 5 years and opportunity cost trying to learn how to gamble(I mean trade).
Or go off and get a Phd in Math and become a Quant...then at least you have something to offer.
You know what an online trader has to offer in 5 years?
Nothing..
It used to be that you could go work for a market data firm like Reuters or Bloomberg but that industry has been decimated in the past 10 years so you can't count on that anymore.
And that's why so many refuse to leave their sinking ship..
Why do you think so many "experts" on this site subtly or not, are trying to sell trading related services for the companies and jobs their loved ones eventually forced them to take..
Present day "trading" is a hobby for the well healed who can afford to hold positions for weeks, months if not years..
The old dudes in the locker room who play poker and watch CNBC to see how Facebook is doing.
They're not risking their rent or mtge or putting food on the table so they can "wait a position out".
And I only hope for their sake that they'll still be well healed in the coming years.............................
It got progressively worse until loved ones and my accountant sat me down..lol
Yeah, I was an expert chartist but that mattered less an less over time..less people moving the markets leading to more eratic movements..playing games..charts were useless in the short term.
Bottom line: If you're continually netting $$$ after paying taxes, health insurance, trading costs, rent/mtge and can live comfortably after all that, then I assure you that you're an anomaly unless you're a Quant guru and even then, are fortunate enough to have a seat at a successful Hedge Fund. Lots of these cats out there looking for work..scary.
Don't forget a lot of "traders" conveniently don't pay their taxes...."Hey, I'm profitable"..no you're not.
Sure, being able to work in your sweats, not have to deal with asshole bosses or commute.
Where do I sign up?
For any newbies reading this, I suggest you take heed of what I'm saying and force yourself to go get a real job with benefits cause invariably you'll be wasting 5 years and opportunity cost trying to learn how to gamble(I mean trade).
Or go off and get a Phd in Math and become a Quant...then at least you have something to offer.
You know what an online trader has to offer in 5 years?
Nothing..
It used to be that you could go work for a market data firm like Reuters or Bloomberg but that industry has been decimated in the past 10 years so you can't count on that anymore.
And that's why so many refuse to leave their sinking ship..
Why do you think so many "experts" on this site subtly or not, are trying to sell trading related services for the companies and jobs their loved ones eventually forced them to take..
Present day "trading" is a hobby for the well healed who can afford to hold positions for weeks, months if not years..
The old dudes in the locker room who play poker and watch CNBC to see how Facebook is doing.
They're not risking their rent or mtge or putting food on the table so they can "wait a position out".
And I only hope for their sake that they'll still be well healed in the coming years.............................
Why did you quit market making? It was my dream job if I were allowed a career do-over.
I remember this story when it first aired on TV. There's other documentaries like this too (e.g. Mark Barton Atlanta shootings...a prop firm trader).
Regardless, I've always raised eyebrows when I say any prop trader, day trader should all be given a psychological test, leverage awareness test, quarterly financial background check and so on.
This would eliminate many traders that are not suitable for trading via any style (not just day trading) and educate them about the psychological and financial pressures if the trader is not properly prepared.
This is not a day trading issue. Others have done the same and they didn't even work in the financial markets. People that murder love ones for money, affairs, insurance policies, drugs, publicity, workplace promotion or whatever.
Simply, day traders aren't immune to the crap in the world.
How often do we hear about assaults, murder, robbery due to financial issues ? Most aren't even day traders. Its just a screwed up world we live in.
It was a dream job...unfortunately the open outcry system lost out to electronic trading.
I'm not sure if open outcry even exists anymore but the advantage one had trading options standing 10' from the futures ring which the options were based off of was considerable.
So, if all of a sudden a brokers drop their phones and buy every call they can get their hands on you knew a huge buy order was about to hit the futures ring..we had our clerks hedging our trades so I would just flash to him manically tapping 2 fingers on my forehead and my broker, who he stood behind would quickly buy me 20 futures contracts.
Most often that was a $10,000 winner..didn't always work though..lol
Anyway, it was a dream job..lots of money, lot's of stress, lot's of greed and horrible behavior to your fellow man and the hours were 9:30-1:30, if memory serves me.
Then it was on to the golf course..as he sighs in reflection.
But as much fun as it was, I ran into a woman friend who knew me in the day and she reminded me how manic I was...
Not sure why, I mean doesn't everyone have $50,000 weekly swings..lol
Net net, that was real opportunity..if anything proves how much of a scam electronic markets are it was when Vinny Viola decided to try and take Virtu public..And in doing so he reported that they hadn't had a losing day in 5 years!.
No shit, paying off the exchanges for preferential treatment will do that.
He pulled the public offering immediately as the street demanded answers.
I think he owns a couple of sport franchises so apparently he got, or is still getting away with it.
And you want to compete against that?
Best of luck to you...............
Sorry I have to ask again. Care to explain this statement? Lots of folks here who day trade would disagree with you.
On a personal note, I never were able to use charts and patterns successfully.
Thank you again and best wishes.
Trading is easier than ever, they are just trying to scare you away so you won't be competition for them.
I disagree. Successful day traders need dumb ones like me otherwise where and who can they take money from?Trading is easier than ever, they are just trying to scare you away so you won't be competition for them.