Is it possible to become rich by trading?

Discussion in 'Trading' started by johnmmf, Jan 31, 2018.

  1. d08

    d08

    Gordon Gekko isn't a real person. Getting bit by a spider doesn't give you the ability to ignore gravity either.
    If good traders need to be good at trading everything, why are almost all specialized? You dramatically underestimate the work that goes into thoroughly understanding instruments. Déjà vu time as well, I said something similar before..
     
    #51     Feb 1, 2018
  2. Wall Street was a 1987 movie, not 1997. o_O
    I know, because I have literally watched that movie easily over 30 times. -- also Rogue Trader. and Trading Places.

    I'm definitely a firm believer in specialization. The best people and performers have a true mastery of their craft.
    It's like that year in 1993-1994 ...when Michael Jordan decided to play Baseball.

    It's like being referred to a different, much more focused doctor when you have an ailment of some sort;
    The General Practitioner is much too vague and basic.

    I, for example, only know options. -- Everything else about the market is basically alien language to me.
    Nor do I have an inclination to learn or attempt to master it all.
    2018, d08...High-Five`
     
    Last edited: Feb 1, 2018
    #52     Feb 1, 2018
  3. My personal returns has been
    - 40 to 45% annual returns in RE for last 5 years
    - 85% annual returns in Trading for last 2 years

    I think I'll keep doing both and keep adding additional streams of income over the years, because I need things to do after 4pm EST and while tenants are not complaining. I don't believe in specialization, because I am very fearful that one of this will collapse! To each his own!
    Cheers!
     
    Last edited: Feb 1, 2018
    #53     Feb 1, 2018
  4. ElCubano

    ElCubano

    lol. Sorry, was just defining my rich. I agree with you 100%, good luck.
     
    #54     Feb 1, 2018
  5. prc117f

    prc117f

    I am doing well, I have a couple of brokerage accounts to stay under SIPC. my trading is 100% SPY and options. I bought my neighbor out so now I have even more privacy and my own mancavehouse waterfront property :) My wife is happy since the original house can stay pristine and I can my own place my way. Trading office etc..

    The trick is risk management, not being greedy or letting emotions have any influence. Trading for me is routine and quite boring actually but I like it that way. If I want entertainment I prefer my hobbies or watching a movie, reading a book or messing with my phantom4 drones :)
     
    #55     Feb 2, 2018
    TreeFrogTrader likes this.
  6. Neuroway

    Neuroway

    Ditto, DaveV. Perhaps the person who asked the question should ask first: "Is it possible to become rich by being an employee?"
     
    #56     Feb 2, 2018
    DaveV likes this.
  7. Zodiac4u

    Zodiac4u

    Absolutely, just ask one of those Dot.com startup maintenance people. Many more examples as well.
     
    #57     Feb 2, 2018
  8. Neuroway

    Neuroway

    Agree... We should then rephrase the question like this: Is it more likely to become rich by trading or by being a maintenance employee in a dot.com startup? We already know that these two former options are way more probable than winning at the lottery, which is literally a statistical miracle. After all, we are rational thinkers, not hysterical believers, aren't we?
     
    #58     Feb 2, 2018
  9. And, despite being illegal, it's still happening in stocks.
     
    #59     Feb 3, 2018
  10. I believe it is possible to become rich trading. To be more specific, it is possible for SOME people to become rich trading. Trading is limited by the depth to which one understands himself. Rich traders know themselves quite well. Knowledge of themselves gives them knowledge of others, and hence, the ability to accurately predict short-term future moves by other traders.

    One reason one might choose to quit trading, even though it is profitable, is that it takes time (at least a small amount of time), and given that they have amassed enough money to suit their wishes, they decide to use their time elsewhere.
     
    #60     Feb 3, 2018