Why do newbies lose?

Why on earth would you want yo day trade, unless you find a method to walk away from the screen??


ironchef said:
Don't give up @SimpleMeLike, if you are passionate, you can find a way. I am getting back into day trading because it is something I need to prove to myself.

Years ago I was a losing day trader but have done well in options since.

First thing I realized when I got back in is I needed a completely different mindset. I am rebuilding everything from that new mindset.

So far it works well (on paper). :D
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destriero said:
I cannot speak to individual R on single names. Daily variance of perhaps $50K. One guy is more like 2-300K. Biggest DD i've seen was $3MM. Biggest gain was probably close to that figure.

One guy went from <$100K to $6MM LNW in four years (CAD). He's still on ET ( I will not name).
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Is this strictly option trading group?
 
destriero said:
I cannot speak to individual R on single names. Daily variance of perhaps $50K. One guy is more like 2-300K. Biggest DD i've seen was $3MM. Biggest gain was probably close to that figure.

One guy went from <$100K to $6MM LNW in four years (CAD). He's still on ET ( I will not name).
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Good Evening destriero,

Question please.

1. What is some of the biggest drawdown you seen a trader recovery from to new equity high?

2. What advice to you give to a trader who is very deep drawdown?

Thank you
 
taowave said:
IMHO,you are making a massive mistake and in part that may be holding you back from being successful..

I was the head trader of equity derivatives at 2 major IB's and ran a proprietary trading operation on the floor of the AMEX .

If I interviewed someone with your attitude,the interview would have lasted 2 nanoseconds.

You dont change your approach, I guaranty you will never be successful...
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Good Evening taowave,

Question please.

1. What is some of the biggest drawdown you witness or seen a trader recovery from to new equity high?

2. What advice to you give to a trader who is very deep drawdown?

Thank you
 
#1 is a difficult question as I dont know many "retail" traders who "recover" from really big hits,and I worked for Investment banks and a hedge fund.At a well run hedge Fund,you take a big hit,and 9 times our of 10 you are history and on to the next hedge fund.
I have read about traders blowing up their accounts,and coming back later and becoming extremely successful.

from the little you have shared,I think you need to step back and rethink your approach
 
taowave said:
Why on earth would you want yo day trade, unless you find a method to walk away from the screen??
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Intraday trading isn’t for everyone but if you can do it why not? The money is better than any profession, and when the market is active and you’re in a groove it’s a lot of fun. You can walk away from the screen any time.
 
taowave said:
#1 is a difficult question as I dont know many "retail" traders who "recover" from really big hits,and I worked for Investment banks and a hedge fund.At a well run hedge Fund,you take a big hit,and 9 times our of 10 you are history and on to the next hedge fund.
I have read about traders blowing up their accounts,and coming back later and becoming extremely successful.

from the little you have shared,I think you need to step back and rethink your approach
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Hello taowave,

Thank you so much for your response.
 
taowave said:
Why on earth would you want yo day trade, unless you find a method to walk away from the screen??
More...

taowave said:
I dont know many "retail" traders who "recover" from really big hits,and I worked for Investment banks and a hedge fund.At a well run hedge Fund,you take a big hit,and 9 times our of 10 you are history and on to the next hedge fund.
More...

That revolving door for inferior performance speaks volumes about the hedge-fund industry. Ironically, if those same "traders" spent more time in front of a screen, that performance might improve. OTOH, screen time alone does not protect against loss.
 
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