The Rise of the Day Trader

[Rabbitone]

These kinds of articles are disgusting. They portray traders as animals in the heat of the hunt, tearing apart their prey as they swear at them. Writers never take the time to show the real work that goes into trading profitably and the discipline that real traders must show in order to succeed. Most of these trading room hot shots will never survive the coming market changes.

 

[trackstar]

freakin retarded.

 

[cubsguy81]

Quote from tradersboredom:

trading at an office is so late 90's

many of the top BIG daytraders swing traders retail trade remote at home with their pyjamas or at the beach with mobile trader. or trade while at work with trading as their second job or sideline business.

Why would BIG traders trade on the side as a second job so that they can still be able to report to a cubicle for the drudgery of corporate employment?

 

[gaj]

why make generalizations? what works for one person may not work for another, and vice versa.

for example: i swear at my monitor, a LOT when no one else can hear. doesn't affect my trading.

100k swings would be huge for me. however, my swings would be large for others. it's all what the individual can deal with, their personality, best trading style, etc.

i would say that, as long as you're not trading volatility straight, if you can survive in THIS market (esp. the past couple years), you can survive in almost any market. not with as big gains, but as a daytrader? sure. it's not like the late 90s, where it was straight up, or the early 2000s, where it was straight down.

 

[TraderZones]

Quote from Pekelo:

It is a long article:

http://nymag.com/news/businessfinance/53617/

"Just because the markets have been tanking doesn't mean a buck can't be made. While the stock market's volatility has confounded the formulas of investment bankers and hedge-fund managers, it has also offered unprecedented opportunity to day traders, who monitor the markets second-by-second and thrive on short-term transactions. New York Magazine profiles day trader Peter Milman, who has made almost $500,000 in the past three months. Milman calculates his transactions via a controversial technique known as "technical analysis," analyzing not the value of the companies whose shares he's trading but rather "the movement of the crowds." One trader says "you become a psychologist of the stock market and trading off the mood." Says another, "Technical analysis has been thought of as a black art or voodoo. But it's no different than a football coach watching film to prepare for his next opponent."

"This kind of trading is not for the weak of stomach. Milman readily admits his system typically gives him only a slightly better than 50-50 chance at making the right choice, and several of Milman’s colleagues had vaporized their accounts on a few bad bets. The fact is, few traders are successful at this game. Don’t try it at home. "

So what the article is telling us, that success means gambling using methods that do not hold up under multiple studies (most TA), but you have not yet hit the Risk of Ruin, as several of his colleagues did

 

[uptik2000]

Quote from TraderZones:


So what the article is telling us, that success means gambling using methods that do not hold up under multiple studies (most TA), but you have not yet hit the Risk of Ruin, as several of his colleagues did [/B]

It isn't telling you that at all but you should ask yourself why you think it does.

My main strategy is sometimes running less than 40% win / loss in a day, but finishes profitable. It's all about "R".

Happy Trading

 

[Cesko]

Quote from Pekelo:

Read the readers' comments too, pretty interesting. Most of them just don't get it...

"These kids are crooks. No idea what real life is. They will all have an eventual visit from the hard knocks fairy.

There are nurses cleaning poop, soldiers defending their freedom and teachers preparing the young. All so investors can place their money in a market that these goons will eventually suck out. They should be jailed!!!

By obamalover11 on 01/26/2009 at 11:36am"

Retarded opinion fits the obamalover's handle perfectly.

 

[bwolinsky]

Quote from tradersboredom:

trading at an office is so late 90's

many of the top BIG daytraders swing traders retail trade remote at home with their pyjamas or at the beach with mobile trader. or trade while at work with trading as their second job or sideline business.

Not quite pajamas, and have traded while on Vacation on a beach.

 

[bwolinsky]

All of wl4.wealth-lab.com is proof technical analysis can work, and at least disproves EMH weak. Can't say as much for EMH semi-strong and strong, but I'm sure a researcher can crack that one, too.

 

[jem]

why would anyone have negative comments about traders taking money out of the market.