Why would successful traders work for investment banks/prop firms/etc?

Quote from ebayuser:

I personally hate it when people, no matter what field of work it is, state that something is impossible. People are able to do it...you just could not. There will always be people that accomplish success and those that do not.
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no offense meant, man, but where is the evidence of this--- daytraders living large, making fortunes nowadays?

yes, im sure there is one or two---- but they are few and far between. can you eek out a living? is it a blast to do? is it one of life's ultimate games? do i love it? absolutely! however its important to know the reality.

EMRGLOBAL speaks the truth--- like it or not.

EMRGLOBAL was there, he lived the life in the heyday and made a killing trading with the BEST daytraders of ALL TIME, now he travels the world doing whatever he wants. he knows of what he speaks, show some respect.

surf
 
Quote from marketsurfer:

no offense meant, man, but where is the evidence of this--- daytraders living large, making fortunes nowadays?

yes, im sure there is one or two---- but they are few and far between. can you eek out a living? is it a blast to do? is it one of life's ultimate games? do i love it? absolutely! however its important to know the reality.

EMRGLOBAL speaks the truth--- like it or not.

EMRGLOBAL was there, he lived the life in the heyday and made a killing trading with the BEST daytraders of ALL TIME, now he travels the world doing whatever he wants. he knows of what he speaks, show some respect.

surf
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I am not disrespecting anyone. Anything is possible, that is all that I am saying.

Do I agree that market conditions are tough? heck yeah, but I also know that there will always be opportunities. You can make the same statements about anything in life...things are tough, and the success rates are not always high in certain endeavors, but people succeed. I am not saying people are living the high life from daytrading at all. Someone's perception of doing well could be a lot different than another's idea of being succcessful.

If EMRGLOBAL was successful, that is great. In fact, I value some of his posts.
 
Quote from ebayuser:

I am not disrespecting anyone. Anything is possible, that is all that I am saying.

Do I agree that market conditions are tough? heck yeah, but I also know that there will always be opportunities. You can make the same statements about anything in life...things are tough, and the success rates are not always high in certain endeavors, but people succeed. I am not saying people are living the high life from daytrading at all. Someone's perception of doing well could be a lot different than another's idea of being succcessful.

If EMRGLOBAL was successful, that is great. In fact, I value some of his posts.
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sounds good to me.

peace,

surf
 
Quote from marketsurfer:

no offense meant, man, but where is the evidence of this--- daytraders living large, making fortunes nowadays?

yes, im sure there is one or two---- but they are few and far between. can you eek out a living? is it a blast to do? is it one of life's ultimate games? do i love it? absolutely! however its important to know the reality.

EMRGLOBAL speaks the truth--- like it or not.

EMRGLOBAL was there, he lived the life in the heyday and made a killing trading with the BEST daytraders of ALL TIME, now he travels the world doing whatever he wants. he knows of what he speaks, show some respect.

surf
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Surf, you don't know what you are talking about! Don't you have some trend traders to debunk or something?

None of the successful traders I know really live large. They live life on their own terms and are content, just quietly making small fortunes from the market. Most are on pace to have $1mm years this year, and two have already hit that number!
 
Quote from marketsurfer:

no offense meant, man, but where is the evidence of this--- daytraders living large, making fortunes nowadays?

yes, im sure there is one or two---- but they are few and far between. can you eek out a living? is it a blast to do? is it one of life's ultimate games? do i love it? absolutely! however its important to know the reality.

EMRGLOBAL speaks the truth--- like it or not.

EMRGLOBAL was there, he lived the life in the heyday and made a killing trading with the BEST daytraders of ALL TIME, now he travels the world doing whatever he wants. he knows of what he speaks, show some respect.

surf
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Yikes, where to begin?

Mschey is right about this one. Sorry, surf, you haven't got a clue. Trading will never be a business where a huge percentage of participants make a fortune. It never has, and it never will.

However, a lot of traders that I know believe that we are in the midsts of the heyday of trading. That the current environment is the best that we've ever seen (and many of us have daytraded for 10+ years). As with Mschey, there are 6-9 traders that I know that will almost certainly exceed 1M in profits this year. Some are retail, some are prop, but all are independent 'self employed' traders, trading from home (i.e. not working for banks or hedge funds).

The traders to whom I refer <b>could</b> travel the world, but they enjoy trading. Most of them wish that there were no 'holidays' like Presidents Day, which shuts down trading on a weekday.

You'll likely never find much 'evidence' of traders 'making a fortune and living large'. The successful traders that I know see no benefit to publicize their success. That sort of thing is usually done by posers wanting to look successful, or those with something to sell (snakeoil, seminars, books, etc). The 'real deal' traders simply find no use in proving or providing 'evidence' of their trading success to others.
 
You have to wonder about the motivations of a journalist who doesn't day-trade attempting to "debunk the myths" of daytrading on a trading chat board.
 
Quote from es175:

No one has mentioned the social side.
What's more 'fun' - institutional trading floor or home office, open outcry or screen, big nights out and stories or no-one to talk to?

Traders are often human beings, allegedly.
I might have even been one once.
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haha. nice
 
Quote from EricP:

As with Mschey, there are 6-9 traders that I know that will almost certainly exceed 1M in profits this year.
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Isn't it too early in the year to be damn sure?
 
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