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

[seriousraspy]

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.

This way of earning has become dangerous for people who have signs of gambling addiction. It becomes like some roulette.

 

[SimpleMeLike]

only a few will become successful full-time day traders.

Hello maxinger,

And only a few day traders know what successful day trading is.

 

[maxinger]

Hello maxinger,

And only a few day traders know what successful day trading is.

well. it means can bring home the bacon almost every week

 

[deaddog]

Most come in lacking some or all of - knowledge, trading experience, market awareness, discipline, risk management, even a profitable strategy.

This is the problem, not the time frame they are trading.(My bold & underline)
Day trading is the least risky because of the time you actually have your money at risk.

 

[notagain]

But the problem is they still trade with fear and emotions because 1) they don't have a trading system/plan and 2) they don't backtest the trading system/plan to confirm that it's consistently profitable. Until you have a proven trading system/plan to be profitable, you are ALWAYS going to trade with fear and emotions. Even when you have a proven trading system/plan, you will still trade with some fear and emotions because the trading system is only backtested and never forward tested enough and since the market is dynamic that it constantly changes, you never how well your trading system will fare in the future.

Even with a good backtest and ok from a risk of ruin calculator, can still lose it all. I found an anomaly when using a 100pt trailing stop and reverse in the NQ. The market sets traps against the most common.

 

[tomorton]

This is the problem, not the time frame they are trading.(My bold & underline)
Day trading is the least risky because of the time you actually have your money at risk.

If they weren't day-trading they'd have time to think and plan and develop their strategy and follow its rules and keep emotion under control.

While the time-frame is not the cause of their losses, it makes them unavoidable. If you like, day-trading for a new trader is like driving a car fast with no brakes: I guess it isn't the defective brakes that kills them but the speed of the impact.

 

[lwlee]

Excuses.

Dude, the original post said google it. Not hard to do. Someone like you who's been on here forever, should know better. I post the archive.fo link then suddenly I get attacked for posting pay content. I'm guessing you one of those people who uses torrent to get all your movies.

 

[maxinger]

Dude, the original post said google it. Not hard to do. Someone like you who's been on here forever, should know better. I post the archive.fo link then suddenly I get attacked for posting pay content. I'm guessing you one of those people who uses torrent to get all your movies.

Interesting, many people don't like both of you.

So I guess both of you are friendless.

 

[zdreg]

Dude, the original post said google it. Not hard to do. Someone like you who's been on here forever, should know better. I post the archive.fo link then suddenly I get attacked for posting pay content. I'm guessing you one of those people who uses torrent to get all your movies.

Your link did not work because it was not the archive.fo link. It was the original link and behind a firewall.

 

[notagain]

That's why I think noob traders should start with a 1:1 risk reward and just try to be right 60% of the time.

The drawdown risk in futures seems greater than the probability, especially with a low win% and high profit factor strategy.