Why do you daytrade?
- Thread starter romik
- Start date
Quote from romik:
Hopefully we'll get all 52000+ ET members participate in this poll and as the poll is truly anonymous we'll get a clearer pictureof what the majority believe daytrading to be.
Because, after trying out dozens of jobs, this is the only thing i'm able to do. And as i'm my own boss, the risk of being fired is minimal.
I have ZERO patience for holding any position overnight. I used to wake up in the middle of the night to check on my trades especially if they were going against me. After a few sleepless nights I knew it was time to close 'em out before the end of the day.
MiniDowTrader
MiniDowTrader
I don't mind being exposed, as far as the risk/reward ratio favours me.
Overnight trade is not as difficult as it may sound.
PS: As to the vote, I feel "offers high leverage" and "get rich quick" are similar things. You want higher leverage mainly because you wish to get rich quick, unless you are too captial-tight.
Quote from romik:
Hopefully we'll get all 52000+ ET members participate in this poll and as the poll is truly anonymous we'll get a clearer picture
Apart from get rich quick, I know another main reasons people daytrade is the very low risks professional daytraders manage to maintain. With good risk management, you can always close your position if the market moves against you.
Some can manage to keep very low drawdown.
I think only daytrader can manage to keep high number of daily winning streak, say 200-300 days or more.
If I could get 100:1 or more leverage, with cheap enough margin rates, while buying Municipal Bonds I would. Not to "get rich quick", but because it would just make good financial sense to do so. Do a little bit of research and you can figure out why banks don't allow it. Okay fine I'll just tell you. Because that would make the entire system nothing more than a Ponzi scheme. (some on ET argue that it already is...)
Like usual, I'm going to have to disagree with you WmWaster. Intelligent investors (unlike you) understand the difference between "get rich quick schemes" like Wizetrade, and "Leveraged Asset Management vehicles" like hedge funds. Leverage is not a crap shoot "I guarantee it'll always work... at least 99% of the time... mostly... on occasion..." Martingale game of chance, it is a means by which you offset the balance of risk and reward. It is a tool, just like you.
Yeah, that's right, I did just call you a Tool.
Waaaaaaa.
By the way, after hours trading on a Simulator doesn't actually count as exposure. They're just replaying a loop of yesterday's data...
http://www.elitetrader.com/vb/showthread.php?s=&postid=1042384#post1042384
Quote from spike500:
Because, after trying out dozens of jobs, this is the only thing i'm able to do. And as i'm my own boss, the risk of being fired is minimal.
Amen, lol.
I have benn trading for a while, have good services picked out and make good money doing it.