The new middle-class gambling addicts: how day trading is ruining lives

[lwlee]

Interesting article on how more and more people are getting ensnared in the daytrading game. It's behind a paywall. But there are some ways to get around it if you google.

https://www.thetimes.co.uk/article/...ts-how-day-trading-is-ruining-lives-wm5nbjwdm

 

[KCalhoun]

Yeah I've been ensnared since the late 90s lol. Had one of my best weeks this year last week.

But yeah the untrained general public gets in trouble.

 

[stochastix]

Interesting article on how more and more people are getting ensnared in the daytrading game. It's behind a paywall. But there are some ways to get around it if you google.

https://www.thetimes.co.uk/article/...ts-how-day-trading-is-ruining-lives-wm5nbjwdm

I met a guy who was asking me about trading and was agonizing over a 10k loss . I told him to stick with his dayjob.. everyone is brainwashed , I showed him what i was doing trading wise and he didn't believe it cause i wasn't up at the Crack of down twitching like an idiot , just letting the options play out I don't even look at the TWS workstation much

 

[nooby_mcnoob]

I met a guy who was asking me about trading and was agonizing over a 10k loss . I told him to stick with his dayjob.. everyone is brainwashed , I showed him what i was doing trading wise and he didn't believe it cause i wasn't up at the Crack of down twitching like an idiot , just letting the options play out I don't even look at the TWS workstation much

You sell options then?

 

[lwlee]

Yeah I've been ensnared since the late 90s lol. Had one of my best weeks this year last week.

But yeah the untrained general public gets in trouble.

This is not just you but in general it's hard to take anyone who is selling trading services seriously. You would think successful full time traders wouldn't need to sell something else.

 

[nooby_mcnoob]

This is not just you but in general it's hard to take anyone who is selling trading services seriously. You would think successful full time traders wouldn't need to sell something else.

You will find posts here of successful traders lamenting how boring trading is.

 

[lwlee]

You will find posts here of successful traders lamenting how boring trading is.

Boring? So then they go out and try to educate people for money? There is a new group of traders who also run their online trading websites eg Verma and Madoz. They consistently post their trading results on Twitter. So I do get having a 2nd source of income to supplant their trading gyrations makes sense. But I've never seen anyone actually come out and say that.

 

[stochastix]

You sell options then?

Yes, mostly bear calls on the vix, buying ootm to help pay for margin.. had a close call when the omnicron variant hit but managed to adjust.. no losses yet.. I'm not doing a whole lot more risk until I implement the perfect hedging and minimize the tail risk

 

[stochastix]

You will find posts here of successful traders lamenting how boring trading is.

It is , I have to try not to become complacent

 

[KCalhoun]

This is not just you but in general it's hard to take anyone who is selling trading services seriously. You would think successful full time traders wouldn't need to sell something else.

That makes sense, but it's all about leverage and multiple streams of income. If I offer a useful 1-hour webinar for $97, I make $10,000 for every 100 people who register (I have a big 5figure email list). I have a Lot of repeat buyers. So it's a good use of time and a win-win.

Plus I value the company of my traders, they're mostly really nice people. Many are very smart.