It's discouraging to read these bleak posts. Well, I suppose that's what they're meant to be. As far as being time-consuming goes, as long as you are your own boss you can spend as much or as little time as suits you. You will not have to become a physical wreck from day-trading. I find that with a simple system, adhered to religiously, you should be able to make an average of one to two percent of your account size in the first hour or two. Spending more time will not be to your advantage; you will get tired, and frazzled; you will suffer all that Mr Muppet describes.
How long would you say it would take him to get there? Adhere to a simple system? You sound like the guys on the internet
I guess I am one of those guys on the internet. Your learning curve will be shortened when you find the right system to trade. It has to be one with which you are comfortable. It would be hard to say how long it would take any individual. It took me years, but I don't think I found the right person--or method--to follow.
Clearly a windup thread. Who in their right mind would give up a 600k income in their late 30's (in London - one of the most expensive cities in the world) to trade a 10k day trading account?
I don't think you know how this stuff is working. It's not meant to be discouraging, it's meant to be realistic and to save him unecessary hassle. I've been in the industry since 2003 in various positions from broker to trader and I've seen it all. I've seen wealthy men lose it all, not just their money but also their family. I've had crying wifes in my office begging me to close the accounts of their husbands. This game is not meant to be figured out, it's a rat race. It means when you are not on the top of your game, somebody who is will surpass you and take your money. So you CANNOT take your time, because by the time you've got there, everything changed and you have to start all over again. So you have to be faster, learn faster and adapt faster than everyone else just to stay in the game. And this results in tremendous work hours, because you cannot wait until the weekend to wise up on let's say marihuana stocks, what the actual details of the trade war are or why corporate bonds are taking. You have to research all this stuff until tomorrow and if you don't do it, somebody else will. You will become a physical wreck from daytrading. A human being is not meant to be sitting for 8 hours straight. Do this for 2-3 years and you will see. Also, do you really think you can just pick a simple system from the shelf, learn it and make money from it? Don't be naive. I'm trading for a living for a while now and I have a couple of friends who also do (I do crypto now, they trade stocks or STIRs). And no matter who you ask, nobody will tell you it's relaxed. Exciting, nerve wrecking, mentally demanding, profitable? Yes definitely. But nobody adheres to a system, everybody knows their market like the back of their hand and tries to stay on top of the game as much as possible. All of them go to the gym on a daily basis, some of them work with a sports psychologist and some of them became depressed and started drinking...especially the STIRs guys since the work on a 12h shift. I tell you, once you are on the mill, the romantic "being your own boss" is gone after a week. You eat what you kill and you just cannot afford a losing month, especially in the beginning. If you like the challenge, if you're very competitive, if you're willing to work like a mule, go for it and you will be rewarded. But don't thing you will be sitting in front of the screen sipping espresso and take home 4 figures each day.
Yup. That’s what I suspected. Being a trader, the probability of this thread as a troll is very high. This comes with experience.
I speak to a fair number of members and non-members. Many members never post and non-member prefer to just read, for the reason displayed in these posts. You do not have to respond to any posts you find are from those are not really looking to help, but let's be a little more welcoming to 1st time posters. To 1st time posters, I know today is Christmas, but please post at a time you can respond to those that are trying to help, otherwise the threads go south quickly. Cheers...bob
Doubt this is trolling, more likely someone who has been following some of the current ES journals (ES Journal -2017/2018) running atm and finds it all very exciting and romantic being caught up in the thrill of the chase. Unfortunately, reading posts on ET from these cowboys illicits in the mind a sense of bravado, daring and easy money, when the reality is, exageration, bending of the truth, and papering over losses, not to mention that some calls are ficticious and from sim accounts.
Kramer: It's a story about love, deception, greed, lust and...unbridled enthusiasm. Elaine: unbridled enthusiasm...? Kramer: Well , that's what led to Billy Mumphrey's downfall. You see Elaine, Billy was a simple country boy. You might say a cockeyed optimist, who got himself mixed up in the high stakes game of world diplomacy and international intrigue.