Pros and Cons of Day Trading

[wrbtrader]

I trade intraday fluctuations with my own money, and my advice is to stay away. I've become a psychotic retard with no desire to socialize. The money means nothing now that my soul is sucked away. Once you find an edge, and properly manage trades, there is no end to how much data you can analyze. You can have many profitable variations of an approach, but your optimal zones constantly shift. You end up becoming a data scientist. I run a nearly fully automated operation with endless hours of input entry and data priming. One machine trades and ten others run automated data entry tasks round the clock.

Wow...you sound like you're stuck in the "twilight zone".

If any type of trader loses their desire to socialize, they've most likely stopped or decreased doing other things that are a key element to happiness.

I truly believe unhappy traders that stay as such...year after year....they will not last beyond several years even if they are profitable. So yeah, you can be profitable and still be very unhappy just like any other job that people do to make money but are unhappy. Worst, it starts to impact your health...mind and body.

That's another issue traders (including day traders) don't really talk about. If day trading, swing trading, position trading, long-term trading, scalping or whatever is taking away the things that makes you happy or keeps you feeling normal sort'uv speak...

Its best to just walk away from it and find something else to do or get psychological help to find some kind'uv peace with whatever it is that you're doing.

 

[digitalnomad]

Once again, daytrading is fun but its a stupid way to try to make a living.

I'm sorry my friend, but you're wrong. It's actually very lucrative if you align yourself properly. I'd instantly give up a couple million USD if you can give me 20 years of my life back.

 

[marketsurfer]

I'm sorry my friend, but you're wrong. It's actually very lucrative if you align yourself properly. I'd instantly give up a couple million USD if you can give me 20 years of my life back.

Your engaged in some type of HFT or complex data mining-- that's not typical day trading or the typical day trader.

Folks will give up trillions for a single year or even day of life--

Send me a PM.

 

[digitalnomad]

Your engaged in some type of HFT or complex data mining.

You pretty much nailed it. Not so much low latency market making, or order book analysis, but definitely complex data mining into quality tick level data.

 

[MattZ]

Always amazing how many threads the OP asks a question, then gets practical answers and never responds to anything. I think he/she moved on to "No Money Down Real Estate..." or other "lucrative" offers.

 

[speedo]

Always amazing how many threads the OP asks a question, then gets practical answers and never responds to anything. I think he/she moved on to "No Money Down Real Estate..." or other "lucrative" offers.

Or maybe he got enough of the bullshit on the thread.

 

[MattZ]

Or maybe he got enough of the bullshit on the thread.

LOL, fair enough. I do see that some gave him very straightforward answers...but yes, threads take a life of their own at times.

 

[ironchef]

Wow...you sound like you're stuck in the "twilight zone".

If any type of trader loses their desire to socialize, they've most likely stopped or decreased doing other things that are a key element to happiness.

I truly believe unhappy traders that stay as such...year after year....they will not last beyond several years even if they are profitable. So yeah, you can be profitable and still be very unhappy just like any other job that people do to make money but are unhappy. Worst, it starts to impact your health...mind and body.

That's another issue traders (including day traders) don't really talk about. If day trading, swing trading, position trading, long-term trading, scalping or whatever is taking away the things that makes you happy or keeps you feeling normal sort'uv speak...

Its best to just walk away from it and find something else to do or get psychological help to find some kind'uv peace with whatever it is that you're doing.

To reach the top of any profession, whether it is day trading, sports, engineering, medicine... you name it, one has to be obsessive, works his tail off. Watch this interview:

https://finance.yahoo.com/news/warr...-todd-combs-ted-weschler-speak-142643892.html

This gentleman that invests for BRK spent 8-9 hours each day reading (research) and after work read another 2-3 hrs before bed time, everyday. We small mom and pop retail traders better spend 30 hrs a day reading/researching or we won't survive. I came to realize I just was not good at finding easy money or free lunch.

 

[ironchef]

Once again, daytrading is fun but its a stupid way to try to make a living.

Going longer term and different derivative strategies are the only thng that makes sense.

Care to expand your statements?

As a vendor and a professional, I assume you have data to support your claims? By the way I am not arguing with you, just want you to share your views and wisdom. As a small retail trader, I don't have access to industry info or experience.

Best wishes.

 

[wrbtrader]

To reach the top of any profession, whether it is day trading, sports, engineering, medicine... you name it, one has to be obsessive, works his tail off. Watch this interview:

https://finance.yahoo.com/news/warr...-todd-combs-ted-weschler-speak-142643892.html

This gentleman that invests for BRK spent 8-9 hours each day reading (research) and after work read another 2-3 hrs before bed time, everyday. We small mom and pop retail traders better spend 30 hrs a day reading/researching or we won't survive. I came to realize I just was not good at finding easy money or free lunch.

I believe in hard work but I do not believe in staying with something that prevents or ruins relationships.

There needs to be a relationship between the two of else something breaks...trading or the relationships in ones life. Worst, the health eventually breaks if one can not find that equilibrium between hard work and their relationships...mind, body and soul.

In contrast, if someone doesn't have any relationships (e.g. close friends, family) prior to getting into trading...the only thing they need to worry about is their health.