Yes, the article confirms that "Fewer than 1% of day traders were able to predictably and reliably earn money from trading, according to a paper published in the Journal of Financial Markets last year."
Strange article in many ways. First, he doesn't sound like a day trader : “I was ready to ride it all the way back to the top again,” said Mr. Phillips Day traders don't normally think like this. As oil rose again, Mr. Phillips bet the Brent benchmark price would go all the way back up to $100 a barrel. Then came August, and the start of a summer commodities rout that has hit day-trading investors like Mr. Phillips hard" The oil market was down trending all summer...all of July into August...right until the end of August... It never began to rise again until then. Whoever wrote this article should probably done a little research. Phillips let his "belief" that oil was going up trump what the actual price action was saying in this case. He basically stepped in front of a falling knife. The tough part for him was his initial call being short was right big time. If he had continued to follow it, and let the prices action dictate what to do instead of letting his "belief" get the best of him, he would have done great. As far as this article claiming day traders were struggling ? The group of day traders I talk to all for the most part are having a great run since The beginning of August. Volatility is their friend. When markets don't move they struggle. The last two months have been day traders paradise. This article is basically a joke. Wrong on most fronts.
Yes it is a strange article. I know almost everyone loses money in trading but still I thought most knew better than this.... I thought, ‘this has got to come back up,’ but I’m still waiting for that. Too bad they didn't go to a prop firm and find some real traders. Wonder how they found this guy anyway?
This guy has a relatively small account...to have made the news. or the numbers/size/profits/losses of his trades. ...it's a rather blah article...you win some, you lose some. eh
Another thing is that volatility in the energy markets actually decreased in August from July so to imply that volatility did in this guy in is 100% false. Where do they get these guys who write about trading? Surprised this was in Bloomberg. One of the dumbest articles I have seen in a while.