The sad part is, we literally have to state Milton Friedman with that quote, or no millennial trader will 'get it'.
Well that sounds very good and I know the point you're trying to make. Yes it is very possible to make money in bear markets. See, you are a day trader. And you have the lifestyle that makes up the mentality a day trader needs. I don't always have time to sit in front of the computer in the mornings to trade, this is why I am more of a swing trader. And I don't just swing trade any stock, only the ones I am comfortable with because I know they way they react to news and I am comfortable with my stocks. Therefore I am confident putting my money into it. I would love to be a successful day trader, but I know the risks involved and I don't have the mentality for it. I also don't know much about the Futures market. But I wouldn't mind learning about it to see if it's something I want to pursue.
Hello Tokenz, Yes, I understand what you mean. I am not familiar with swing trading stocks. I just do the futures market. Just figure out how to get rich as quick as you can regardless of what you trade.
Hello themickey, Swing traders do not make a lot of money. Far more easier to trade futures everyday to get rich. Swing traders have to work very hard and always nervous when trading and never sure. Swing traders stay in drawdown for months and years, and make no money. It does not matter where you bought Bitcoin on this chart, does not matter. If you invested less than $100,00, you are still not rich yet and waste ALOT of time not getting rich. You have to hope and pray Bitcoin go up for like 8 years. Hoping and waiting. Easier to day trade then hope and pray. And that money sit in Bitcoin forever.
I've never heard of a day trader making money. The most successful traders in history are swing traders BNF for instance. A swing trader can make in one trade what takes a day trader 50 trades. I bet if the average day trader tracked how much loss they prevented by getting stopped out, and how much money was left on the table when missing a run after getting stopped out that they probably left more money on the table...so really its a pointless endeavor.
It takes more skill to be a swing trader than a day trader...which is why a lot of traders especially new traders flock to day trading...also it attracts low capital traders generally. I mean I just took a trade 15min before close and was up $560...do you think I closed it lol? I would probably one of the most successful day traders around if I closed my positions every day.
Hello wxytrader, No, you did not close cause you want the big big money swinger and runner to brag to friends and ET friends about how much money you made holding. Too much stress. While day traders are relaxing in peace right now like me, playing call of duty. $560 is nothing. Why work harder for money?
Day traders are working hard lol...they are trading EVERYDAY! Just last week I napped through the entire trading day lol. Holding a position you expect to run is a great feeling...its like free money while you sleep. What kind of yield annually would you say is reasonable with 100k of capital as a day trader?