Are you a successful at home day trader with no other source of income who began with modest means?

Discussion in 'Professional Trading' started by JTrades, Jan 31, 2015.

  1. My story-
    I started with 10k in March of '99. Lost $2400 my second day trading. 90% of it in my first three months. Treaded water through most of the summer then things started making sense. Made back all my losses in August, then made 160k+ from Sept-Dec (traded mostly ORCL, SUNW, CSCO, INTC...the tech mega caps slowly increasing my size from 500 shares to 3000 at a time).
    I sized up quickly and immensely in 2000 (the jump from 3000 share trades to 10k, 25k and 50k lots was far easier and faster than going from 500 to 2000.)
    Made 1.65MM in 2000 purely intraday scalping mega caps after commissions (which as you older guys know were obscene back then. Especially because I needed to use Instinet on 80% of my trades to move that kind of size. Paid over 800k in commish/ECN fees that year).

    Not going to get into great detail about the last 14 years, but I've never had a down year (lowest was '99, best was 2008). Made low 8 figures in my trading career thus far.

    Now let me be clear-
    The late 90's through April 2001 (decimalization) were a trading dream. Literally free money if you just had the discipline to take small losses and size up when the opportunities arose.
    Then the relentless bull market from '03-'07 and the crash of '08 were fantastic.

    What I did and other guys that I know from the same period (yes, there are a lot of them) CANNOT be done intraday in today's market by a human without taking on massive risk.

    It's nearly impossible to efficiently move size without getting absolutely raped by predatory algos.

    News trading, which was a goldmine for a number of years, is all but over thanks to news reading bots and the complete vacuum of liquidity on volume spikes.

    Earnings season used to be stellar, now stocks move 10%+ before you can see the first word of the press release.

    My monthly volume is roughly the same now as an average DAY from 2000-2009, and obviously my trading earnings are down too (I have moved into other investment ventures such as rental properties, restaurants, and start ups so I keep busy).

    I rarely sit at my desk from 9:30-4:00 intraday trading anymore, as I feel the risk/reward has been destroyed by the bots.
    The old days of consistently ripping out multi thousand dollar days, day in day out month after month are long over. Now you need to have a handful of big trades holding over the course of a few days or longer to put together a solid year...And obviously avoid the train wrecks.

    I knew many guys who made MM's over years and lost it all on one or two trades not taking losses, or worse- doubling, tripling down etc.
    TAKE A FUCKING LOSS AND MOVE ON.

    Lastly- I am fully aware and very thankful that I started when I did and was able to build up a nice bankroll for the lean times (second half of '01 to mid '03 was like watching paint dry).
    I have no idea if I would have been successful had I started trading after the tech bubble, but I do know the chances of someone "making it" now are slim compared to 15 years ago.
    (Edit- Browse the "Trader P&L" threads over the years and you will see the complete destruction of profits.)


    That's as honest a post as you will get on here.

    Haters- fire away. I couldn't possibly care less :)

    Best of luck to everyone.
     
    Last edited: Feb 1, 2015
    #51     Feb 1, 2015
    Slonenok, ironchef, jakeM and 13 others like this.
  2. MrN

    MrN

    The story has become increasingly improbable unless there is more to it that has not been disclosed (Dr. spouse, trust fund, substantial investment income, etc). Ocean front, never mind island properties imply a very large overhead - can't see supporting that trading 150K. If u do swing it, that is amazing. Never known anyone to do that on such little capital base.
     
    #52     Feb 1, 2015
  3. MrN

    MrN

    Thanks for sharing. Similar to what I have known from other guys, self in-part included.

     
    #53     Feb 1, 2015
  4. So you can't trade now because of bots. This obviously means you have no way to repeat or demonstrate your previous success. But that's OK. Since you are now a bot expert, tell us something about them. How did you become a bot expert ? I am an IT pro, so we can exchange ideas on bots. The news bots, how do they work and who runs them ?

    There remains hedge funds out there that are proven to be profitable in this bot infested environment. Do you suppose they are just lucky, or maybe they have a relationship with the bot owners that exempted them from bot attacks ?
     
    Last edited: Feb 1, 2015
    #54     Feb 1, 2015
  5. What's wrong with you? You consistently act like a serious dick. I think its time you get banned.

    surf
     
    #55     Feb 1, 2015
    VPhantom, MoneyWalks, i960 and 3 others like this.
  6. samuel11

    samuel11

    :D:D
     
    #56     Feb 1, 2015
  7. Wow. Salty this morning. Did your boyfriend not give you a reach around last night???

    Jealousy is a useless emotion my friend...and I don't need to "repeat or demonstrate my previous success."

    BTW- I'm probably up more money trading in January than you will make this entire year. Truth.
    Edit- after browsing some of your posts, I think I'm up more in January than you have made in your entire career. Piker troll.
     
    Last edited: Feb 1, 2015
    #57     Feb 1, 2015

  8. I have no reason not to believe him. Heck, i even own a house on an island in the south east. But i do think we are only hearing 1/4 of the true story. remember, just since the crash, many millionaires have been made just by real estate. surf
     
    #58     Feb 1, 2015
  9. MrN

    MrN

    I was envisioning nice oceanfront properties. Regardless 150K to swing all that without a hidden factor seems farfetched, though Its not my business obviously... Just shooting the shit.
     
    #59     Feb 1, 2015
  10. Well, theres no way we are talking about nice oceanfront trading $150k. Maybe something like this, if he invested wisely.

    http://blog.nj.com/njv_mark_diionno/2010/07/midway_beach_provide_the_shore.html

    "The homes on the lanes are all one-story, no more than 40-feet long and 20-feet wide. The rooflines look like an army encampment of pup tents. Rules for building porches, overhangs, and decks are strict."
     
    Last edited: Feb 1, 2015
    #60     Feb 1, 2015