What makes day trading a resume killer?

GTG · Jun 22, 2007

rosy2,
In your opinion, specifically what is it that causes independent electronic daytraders to fail?

TudorJones · Jun 22, 2007

Quote from GTG:

rosy2,
In your opinion, specifically what is it that causes independent electronic daytraders to fail?

the rewards for those who succeed are too much that it attracts everyone and their mother. And that list also includes those that can never ever succeed in anything else. Everyone is after the easy money..

Biog · Jun 22, 2007

Quote from rosy2:

in over 10 years I have never met a profitable independent electronic day trader. where are these masters?

Ask Wells Fargo who loaned me a nice sum 8 months ago to help buy a second home. Independent electronic day trader was the only occupation listed on my loan application. We are out here.

rphuga89 · Jun 23, 2007

BIOG

I just happened upon this thread. I have often wondered how a successful daytrader actually managed his cash flow around the house. When do you take a payday for paying your mortgage, car loans etc....? Do you routinely proportion the amount of gains you make to keep/reinvest or do you just throw it all back in? Explain if you don't mind. THanks

marketsurfer · Jun 23, 2007

Quote from rosy2:

in over 10 years I have never met a profitable independent electronic day trader. where are these masters?

yes, they are exceedingly rare, but do exist.

a group i worked with and their associates have interviewed nearly 500 independent daytraders, who all claimed to have an edge, only 1 was actually able to make money for any relevant time period. sure, some made $$ for awhile, but in the end only one survived---- ONLY ONE SURVIVED.

take that as you will,

surf

Biog · Jun 23, 2007

Quote from rphuga89:

BIOG

I just happened upon this thread. I have often wondered how a successful daytrader actually managed his cash flow around the house. When do you take a payday for paying your mortgage, car loans etc....? Do you routinely proportion the amount of gains you make to keep/reinvest or do you just throw it all back in? Explain if you don't mind. THanks

Basically, I take gains at the end of each year to pay taxes and place another amount in a money market account for the next year's living expenses. When I have a really good year, a portion goes into a conservative account for the kids college education.

bandit77 · Jun 23, 2007

Quote from marketsurfer:

yes, they are exceedingly rare, but do exist.

a group i worked with and their associates have interviewed nearly 500 independent daytraders, who all claimed to have an edge, only 1 was actually able to make money for any relevant time period. sure, some made $$ for awhile, but in the end only one survived---- ONLY ONE SURVIVED.

take that as you will,

surf

on the other hand, the survey group may be self selecting. ie if a daytrader makes enough money consistently over a long period of time, they won't be interviewing, they'll work for themselves. the people who seek out interviews may have had a hot streak and want to get paid for it, or can't hack it so need a job or OPM.

cashmoney69 · Jun 23, 2007

Unlike most people, I believe in giving people chances. Get a bad apple?..then fire him. simple. If someone told me that they traded for x yrs, I'd admire that, even if he did fail, because it shows that he had the balls to strike out on his own into a world where he had little chance of surviving. At least they tried, rather than those that sit on the sidelines saying "What if..." their whole lives.

cm

Aok · Jun 23, 2007

Quote from maxpi:

Just "self employed" will get your resume tossed in a lot of cases. Employers know that people that had businesses are not going to buy into every bullshit line that comes out of the personell office's care and feeding of employees handbook, nor will they like working for the corporate idiots and accepting such a small piece of the pie.

Maxpi nailed it.

In short you are viewed as something other than a sheep and not suitable to being molded into a drone on the cube farm.

And you might give people hope with your delusions of the "free market" and they too might become unreceptive to every bullcrap edict that comes down from Mount Shitstorm.

Cant have that

marketsurfer · Jun 24, 2007

Quote from bandit77:

on the other hand, the survey group may be self selecting. ie if a daytrader makes enough money consistently over a long period of time, they won't be interviewing, they'll work for themselves. the people who seek out interviews may have had a hot streak and want to get paid for it, or can't hack it so need a job or OPM.

good point. someone who was funded and succesful wouldn't come to the interview, unless they were looking for something else......

surf