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for the empathy. this post was submitted on 28 Feb 2016
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[–] Generic_Username0 168 points 2 years ago 2. Share investment ideas and insights
One time I traded for a couple months and only lost 3. Do NOT make a post asking for advice,
that belongs as a comment in the "Daily
$300. I'd say that's pretty successful.
advice thread".
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4. Keep discussions civil, informative
and polite. Off topic comments, attacks
[–] ScrumpleRipskin 31 points 2 years ago
or insults will not be tolerated.
A couple of years ago for a few months I 'day 5. Strictly no promotional threads. Do
traded' before work and actually made about not post your app, tool, blog, event, etc.
$4000 for the year after all expenses. When I
went back and calculated it, if I had simply held Frequently Asked Questions
the stocks for that time period, I would have /r/Investing FAQ
made about triple that because of trading fees How do I get started in the Stock
Market?
and missed gains when I wasn't holding the
WSJ guide on how to pick a financial
stock. The market was simply on an upswing at planner
Why we recommend Vanguard
that time and I thought I had figured out the
Compare brokers. Barron's 2016
system. Online-Broker Review
Should I invest a lump-sum, or wait?
The next year I lost $4000 -- yay! It's about time in the market, not
permalink embed save parent market timing & Vanguard's thoughts
on lump-sum investing
[–] Balony1 10 points 2 years ago I'm new to investing, what should I
do? This has been asked and answered
Did you learn alot? many times in the past. Use the search
permalink embed save parent function or check out this, this, this,
this, this or this thread.
[–] slayer1am 44 points 2 years ago
have a day down more than 2-3k. He mostly traded Trump Threatens Tax on Cars if EU Retaliates
to Proposed U.S. Steel and Aluminum Tariffs
Google, and didn't care about the news, the
market, or anything other than those level 2
quotes. He barely even looked at charts, the only
time he did was to get an idea of what the levels for
the day and for the week were to see where there
would be additional buyers and sellers.
There were also others. There was a guy that
surrounded himself with like 10 monitors traded on
3 monitors and played poker on 5 monitors all while
watching a movie or playing some game on his
main monitor. I dunno his strategy because he
didn't sit next to me and didn't talk much, but I
know he made over 2mil during the first few
months of 2008. He was the epitome of patience,
and literally NEVER had a position on when I walked
by his desk. He just sat there watching his movies
and folding poker hands. However, I guess when he
saw the right bet (in either poker or the market) he
pretty much went all in.
There was also a guy that traded only apple stock...
All day. He would rack up 100k shares a day in and
out of just apple. I believe he traded it against the
QQQ at the time. He essentially took the position
that Apple leads the Nasdaq and traded the two off
of each other all day. He was the most volatile
trader I've ever seen he'd make 300k in a day, then
lose 150k in a day, then repeat. I never understood
how he slept at night. But, he was consistently a
top 10 guy at the firm, making multiple millions a
year. There were many others, just not as
interesting as the above three.
Overall it was a great experience. I really learned
and understood how and why the market does what
it does. It taught me that day trading is not for me,
but I got a few longer term strategies out of it that
I still use today. Just on a much smaller scale and
NOT as my sole source of income.
EDIT: Everyone, I'm happy someone is interested,
my wife hates listening to this shit. I can drone on
for hours. I love talking about that time (market
was crazy, huge up move, then huge down move),
and strategies that I learned and the way I trade
now. I posted replies to a few comments. I have
something to finish tonight/tomorrow, but if you
guys post questions in reply to this, I will try to
make a post in the next couple days answering
them and discussing whatever else you guys want.
For now here are links to the other comments:
https://www.reddit.com/r/investing/comments/480
qjf/have_you_ever_met_a_successful_day_trader/d
0hjhmd
https://www.reddit.com/r/investing/comments/480
qjf/have_you_ever_met_a_successful_day_trader/d
0hhl08
https://www.reddit.com/r/investing/comments/480
qjf/have_you_ever_met_a_successful_day_trader/d
0hbtia
https://www.reddit.com/r/investing/comments/480
qjf/have_you_ever_met_a_successful_day_trader/d
0gz13r
https://www.reddit.com/r/investing/comments/480
qjf/have_you_ever_met_a_successful_day_trader/d
0gyggz
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Thanks fam
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RemindMe! 24 hours
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[Your
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Reminders]
Interesting that you point out the trader that traded off "feel".
Oddly enough I think in a world with so many technical
indicators that the best one may be ourselves. If you're
intuitive and are good at picking up patterns, how could you
stare at the same companies chart for years and not get a feel
for where shit's going? Watch the tape, watch the order book,
watch the trades... when you see something you've seen
before you jump on it. The trick is convincing your emotional
mind that "you're seen this, you know where it's going, now
pull the trigger on nothing but your instinct".
It's actually how I trade bitcoin now. There's not really much in
the way of fundamentals to trade off with bitcoin so it's either
TA or feel, and TA fails 50% of the time. Once I'd been staring
at bitcoin charts daily for 3 years, I kind of started seeing
things and just automatically being "oh, we're going here next"
and being right a lot of the time. If you can get it to just click
like that and learn how one particular market works, there's a
shit ton of money to be made. Same thing with your boss and
Aapl. Why trade 50 stocks he knows nothing about when
there's the one stock he's a fucking master of? Maybe people
try to trade too many companies or industries and should
focus on smaller subsets?
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Agreed. I can add to this, but will come back and do it later
today. Too nice outside.
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Just curious, how do these employees, and the firm for which
they work, split profits? Do the employees just get a cut of
profit? Do they have liability for losses?
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Can you explain what is a day trading shop for someone who
doesn't work in investing or finance? Is it like a smaller firm
than Charles Schaub where there are traders that trade client's
money and get a "rip" or commission? When you're saying
they made $x, you mean for the day for their clients or was
this all for themselves?
I always thought the stock market and day trading and forex
to be total nonsense. At least people I knew that did that stuff.
My roommate would get these weird "mentorships" from some
old dude and would do these commodity trading technical
analysis but it never made much sense to me that you can
make any money off of it. He never did so I figured it's
bullshit. Only the logic there was, if it worked, why doesn't
everyone do it?
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You may not believe it, but not really. I smoked once before
trading and lost a ton of $$ in 15 min. Never again. You
really want a clear head, good judgment and as little
emotion as possible. My boss would tell you to stay home if
you were fighting with your GF.
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Can someone please help a noob understand how you can just
trade 1 stock a day and make so much money?
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TI-83s.
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89 master race
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No problem!
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Enron?
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I would ask him but I'm afraid he'd hold me there for
an hour just talking to me about the markets and I
can't get my work done. The answer is I don't know
=/.
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Not consistently.
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THIS
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Yeah. My girlfriend's mom dated one. Had been doing it for ~15
years. Had made a very significant sum of money. Came from a
pretty typical middle class background, was driving a very nice
german sports car and had a great house in one of the most
expensive suburbs.
He was a brilliant dude. It wasn't day trading for the most part
but I talked to him and most of his positions were on a 2 week - 2
month time horizon and it was a lot of options. Had spent about a
decade at a large finance firm, but decided he could make more
money going solo as a trader.
Just because it's generally a bad idea for most people doesn't
mean there aren't people who are very good at it.
The reddit circlejerk about it being the worst thing in the world is
kinda bullshit IMO.
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At first I thought trading was a joke and you can't make any
money with it in the long-term, but them I kind of learned some
technical analysis and I did find "patterns of human behaviour"
basically in stocks and am using it now as well for timing of
purchase/timing of selling or just to read what the general
market's opinion is of the stock(the graph kind of tells a story).
However I still base almost everything on fundamental analysis
and just buying cheap stocks and selling them when they go too
expensive, but tech analysis allows you to get a bit better prices.
With traders though one thing I never understood as to why these
traders rarely ever get to become billionaires, since their potential
of yearly ROI is much more than anything you could get from
value investing.
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I day trade futures contracts and some stocks, but not much - my
income with it is feast or famine, and I certainly don't do it as a
full-time job. most of my trading strategies are automated so I
can work full-time (in software) and just watch or monitor the
trades as they happen on the side of my screen.
most day traders who tell you they are successful only will tell
you about their winning trades. they never say anything about
their losers. you have to take what they tell you with a grain of
salt.
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They really are quite full of shit, from what I've seen.
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You say you're short YM often, does that include the past
couple months? Have you been day trading during bear
markets, like 2007-2009, or the 2011 correction? If so, does
your strategies work the same or do you have a different
approach?
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paging /u/world_chaos
17 year old kid who made more than 6 000% his initial
investments.
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wassup dude!
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I know a guy that started out working for a big financial company
. Eventually he got tired of it and decided to go out in his own .
He is location independent . He started out in Budapest and is
now in Belgrade . I haven't really kept up with him for a about a
year , but he seems to be doing pretty good for himself .. Living
by his own rules etc
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Some do, most dont. I did a lot of spot forex trading on EUR and
GBP for years. I made like 20k in a single day in 2009 but i also
had large swings down due to using too much leverage and
overconfidence. Eventually i was able to do pretty well and made
a career out of it. I could never make futures or equities work too
well for me though.
I think knowing what youre trading is absolutely key. You
definitely get a sixth sense about things. Need to be disciplined,
control emotions and position sizes.
I think the reason the numbers are so stacked against people is
that initial newbie mistakes knock people out forever.
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My old Social teacher, was a Bat shit insane guy who made a
good deal of money back on the day(According to him) We would
get him going in school and he would talk the whole class away.
He would tell storys of guys coming in one week with high end
sports cars than coming in the next week on the bus as they
would lose everything. He himself tanked it several times.
Eventually he was on a good "Role" as he said it, took what he
had and paid for his schooling and a house to become a teacher.
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I thought we just had to follow Tim Sykes advice and we would all
be millionaires? /s
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It's all about the strategy, not the hubris. Find something that
works for you. If you chase leads, you will lose big day trading.
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I don't know the numbers and only have the story second hand,
but apparently a couple years before my 90+ year old
grandfather died he moved the vast majority of his retirement
savings into a trading account and started avidly day trading. My
father and his siblings understandably freaked out and had an
intervention and eventually stoped him. I asked how it went and
was told that it was hard to get him to stop because at the time
that they started the intervention he had practically doubled his
money over the few years he had been doing it. This was around
2012-13 so he had basically been doing it in a period when the
market was rallying back from the last crash - things probably
wouldn't have ended so rosey if he had kept going.
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Yes, they work on trading desks on wall street / bay street / city
of london / tokyo / singapore / etc... And they will literally crush
you and eat you for lunch if you try to compete with them and
their billion-dollar technology advantage.
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Ive never seen his money since were friends but not that close
but I met a gentleman through the local autocross club and he
does quite well for himself. He also has a wife so I dont know how
much is his contribution. Anyway, ive only seen his material
success. Nice, new house, Ford Mustang GT for autocross and
BMW X5 for his dd (even though he trades at home haha). His
putting his step daughter through school too so thats a pretty
penny.
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