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re: How many of you guys/gals day trade and have made it your career?
Posted on 1/30/24 at 5:50 pm to hottub
Posted on 1/30/24 at 5:50 pm to hottub
quote:
The average investor doesn’t have the resources nor technology to be a good day trader.
This is not correct. If you mean cash resources, it takes a good while to learn and be profitable. Better to have another income while you learn.
But technology, besides a good computer and fast internet connection is not the problem.
The biggest hinderance to people becoming successful is being able to manage risk. Every struggle I have had (and still have) is the need to be right. People cut their winners to be right and don’t cut their losers hoping they’ll be right. When you can get past this you can be successful regardless of resources or tech.
Full disclosure, I’m only moderately successful at trading. Definitely not enough to replace the career.
3
Posted on 1/30/24 at 6:14 pm to UpstairsComputer
quote:
People cut their winners to be right and don’t cut their losers hoping they’ll be right.
^this is so true.
I have sold winners too soon, and have held losers too long.
Posted on 1/30/24 at 6:32 pm to UpstairsComputer
quote:
The biggest hinderance to people becoming successful is being able to manage risk.
Somewhat related, but I think the biggest hindrance is that people get too hung up chasing after huge gains on a single trade. I've found that what works for me is to go after higher probability trades where you're looking for a quick couple percent.
If I can buy something today and sell it for a 2-3% gain within a couple days, I'm tickled pink. Yes, it's not much of a gain, but adds up when repeated. And it's a lot easier to find that trade then to continually swing for the fences and get the hit. Don't get me wrong, I have trades that I look to swing for more than that.
Also don't try to force a trade by getting into a hurry thinking that you have to constantly have all your purchasing power locked up in trades. Wait for your trades to come along.
Posted on 1/30/24 at 9:33 pm to UpstairsComputer
They have thousands of miles of cable in spools to prevent nano trading by the big firms.
Even if you could afford a Bloomberg station, the average Joe isn’t making shite day trading.
Exactly my point. You can find some rare gems out there and become “moderately successful” but no one should quit their day job to be a day trader.
Even if you could afford a Bloomberg station, the average Joe isn’t making shite day trading.
quote:
Full disclosure, I’m only moderately successful at trading. Definitely not enough to replace the career.
Exactly my point. You can find some rare gems out there and become “moderately successful” but no one should quit their day job to be a day trader.
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