re: Day traders

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I couldn't imagine just jumping in without a lot of study and guidance.

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I did a seminar and bought a course on how to trade commodities back in the 90's. It was intimidating in the beginning. After that i loved it.

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In 6 months I'll finish two years of futures trading training and go live. Using a Sim Broker, I execute 2-6 real time trades most every morning before work.

I will continue doing this before work and see were it goes. I've learned a lot and learn more every day.

I couldn't imagine just jumping in without a lot of study and guidance.

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Good on your for doing it the right/smart way. Treat it like a business, not like a sexy game. Some people want the trappings, but won't/can't do the hard work or follow any sort of logical, rational path to trading. Rules? Who needs any stinkin' rules?!


A racing/track day acquaintance of mine (not a friend) came into some inherited money a couple of years ago. After purchasing a 911 Turbo, he set up a "trading operation" in his home office. Oh, it was so, so nice. He had the obligatory 3x2 monitor setup, to go along with his custom (over priced) Falcon system. He got a custom made glass top, wrap-around desk and everything (shelves, lighting, Recaro desk chair) was custom matched. Oh man, it was something that would make Gordon Gekko blush.

I don't know exactly how much went into his Interactive Brokers account. But I know about how much he got and about how much went into the car. So I'd say it was about $250K net into the trading account.

He never took the first class or read the first book about trading - just like he's never taken a driving/racing school class. He knew what a stock and an option was - just like knew how to shift gears and put gas in a car. Who needs classes? Just wing it. "Gotta get in the game, man!" So after a few lucky trades, it's been pretty much all downhill from there. I think ol' Shizzle for Brains might have about $100K left. He's a living, breathing example of a fool and his money...

And like some of the things I read on this board, it's amazing how many of his busted trades have turned into "long term investments", because he's convinced that there's some kind of Federal law that "you gotta get even" and "you haven't lost anything til you sell."

The running pool at the track is how long it'll be before wifey divorces his dumb azz and takes half of whatever he's got left.

This was over a year ago when the "momo" stocks were still all the rage. Because he loved to brag, I know that he had a decent run with SCTY, TSLA and GPRO and he caught TWTR for a little while. He also caught some lucky option plays, but I'm not sure what they were.

TWTR and GPRO have now become "long term investments"... cause, ya know, "ya gotta get even" and "you ain't lost nothin' til you sell." So he doubled down and dollar cost averaged his way into a royal azz kicking with those, among others (that I'm sure I'll never hear about).

The first time I was in his house, he'd just gotten his fancy trading rig all set up. The last time I was there was after the losses had started to mount up and his wife was giving him the stink eye while he was explaining to me his "strategy" for working his way back to even money.

I bet I'll be able to pick up that 911 on the cheap before it's over with. Somebody else will probably get wifey - and good luck to them. Neither of them are overly likable people, otherwise his misery and arrogant stupidity might elicit some sympathy from me and others who know them.