An acquaintance of mine is a daytrader. Unlike most daytraders he lives in a nice big house. He got this house with no down payment during the bubble. He did not bring home the bacon for a long time a few years in fact. His wife supports the household. He even sold his 2 cars to keep trading and lost it all. Now he's trying to get funds to trade again by trying to get hired at micro hedge fund which many people think it's actually a ponzi scheme. His wife gets a ride home from a male coworker who is "just a friend" she says. I suspect his wife is actually dating this guy. His house is almost empty with no furniture as he only was able to get the house but he never actually had the income to live in such neighborhood. Of course people call him loser. Even the condo watchmans and janitors treat him badly. People mock at him when he's walking to the public transport station. Even his wife spends long hours "just talking" in her coworker car at the condo entrance, after he gives her a ride home. What would you advice to such a guy? What would you do if you were him? I suggested him some jobs he could apply for but he was not interested. BTW told me he has blown up 3 six-figure accounts.
He should move on. He clearly gave it the old college try. At least he did that. But daytrading isn't for him. Maybe he should try a longer-term timeframe. As far as his marital situation...I have no advice.
Get 10K and work in a Prop firm.. if he fails there then may be he should move on. Right environment and controls might help. It would take him ages to loose that kind of money at a DECENT prop firm with people/friends who care. GL man
Wait, you ARE, CRGARCIA! The same man who was banned for constantly bashing daytraders! http://www.elitetrader.com/vb/showthread.php?s=&postid=2975019&highlight=bacon#post2975019 "You will NEVER make millions. Certainly not from trading. She will be sick of this BS and will get a man who brings home the bacon and pays the bills, even if it's a janitor. You will be broke and lonely. You have been warned. Get a real job and get the girl. Even if it's a janitorial job, as long as it's a real job."
Your friend sounds like more than 50% of America, living far beyond their means. No help for him. Time to get a job. If he can find one. I am a failed day trader. Traded for 6 years. Woke up and now make far more than 99% of the Traders I knew, who still trade. Some people can make it .01% as far as 7 figures plus. Most can't even make 6 figures as net profit by end of year. Trading is a dying living. There are some who may make it through all the changes happening and regulations soon to be, but most will have no choice but to move on. However, that does not mean he cant "Invest" and pull a few swing trades with the money he makes. I do it all the time. But if I loose, it does not effect my bottom line. I know I will make far more at the end of the month when my commissions roll in. I'm actual far more relaxed and able to put my money to work with profits over all. I use to make fun of the "Part time" guys. Now, I understand why one making close to 7 figures in his line of work has no interest in become an daytrader. I understand why these guys took a portion of what they made and swing trade, put their money to work, handle their own portfolio and do decent.
Or deadbroke: http://www.elitetrader.com/vb/showt...86&highlight=bring+home+the+bacon#post3027686 http://www.elitetrader.com/vb/showt...34&highlight=bring+home+the+bacon#post3010134 http://www.elitetrader.com/vb/showt...89&highlight=bring+home+the+bacon#post2911789 http://www.elitetrader.com/vb/showt...46&highlight=bring+home+the+bacon#post2643946 or ~~~ http://www.elitetrader.com/vb/showt...90&highlight=bring+home+the+bacon#post2856090 or stock777 http://www.elitetrader.com/vb/showt...40&highlight=bring+home+the+bacon#post2787840 or loza http://www.elitetrader.com/vb/showt...50&highlight=bring+home+the+bacon#post2621750 or pod11432 http://www.elitetrader.com/vb/showt...56&highlight=bring+home+the+bacon#post2569056 or LEAPup http://www.elitetrader.com/vb/showt...31&highlight=bring+home+the+bacon#post2477831 or bighog http://www.elitetrader.com/vb/showt...28&highlight=bring+home+the+bacon#post2458828 or circadian http://www.elitetrader.com/vb/showt...70&highlight=bring+home+the+bacon#post2403270 Definitely you don't know what bringing home the bacon means? It means to provide support to pay the bills comprende amigo?
Good point. Just imagine what a person could do if they put all the energy they put into trying to learn to trade into some other profession, or some marketable college degree. I often wonder that when I'm sitting in front of my screens. What could I have accomplished if I had gotten a PhD in Physics, for example? Trading can be a very lonely profession and very stressful. I speak from experience. It can be stressful even when you are winning. OP, tell your buddy to find something else he is passionate about and take the energy he put into trading and put it equally into that. There he may find success. And yes, EMR, you are most likely right. Day trading is a dying profession. The writing is on the wall. I believe this so much that I recently went back to grad school to get another marketable masters degree. If trading does die I will have a 2nd marketable skill. There are many, many ways to make money. Trading is only one of them but the success rate is so very low.
No offense EMR, but a failed daytrader is hardly qualified to call our profession a dying one simply because he failed. My guess is that you have no idea how successful daytraders actually make money. If you do know, or you did know, and you weren't able to do it, then that's another conversation.