First of all you can bark orders to your children, assuming you have any. As to not understanding trading or not having confidence in trading pay a visit to this thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=138066 I am a market timer. I trade only options, only puts and only positionally using technical analysis almost exclusively(I only check whether a company is going to be acquired or was acquired). I also buy puts with 1 month or less to experiation. Doing all of that requires considerable confidence. When I lose money it is because I run out of time or the stock is not moving down as fast as I wanted to and I switch. When I am right I make 300%-500% in a week roughly.
People seem to start with day trading ebcause it is low capitalisation. if you don't know how markets work you are not going to have time to think about it vs people who are trading on conditioned reflexes.
i agree this is a pretty stupid statement. as there isnt any single thing that has made anyone a billionaire but a multitude of efforts. although im sure it could be done but not by one man alone trading markets by himself lol i guess this could by achieved my opening a prop firm or starting a hedge fund with ones trading knowledge... are there not any traders turned hedge fund managers that have made a billion? come on...
There aren't many billionaire day traders and for a good reason. The techniques a day trader applies require large amounts of liquidity. At one point the compounding process will cease to work and slippage and spreads will start to heavily work against you. Buffet however could easily invest millions in a stock that would be considered to illiquid to day traders.
There are billionaire daytraders but the only stock they are messing with is BRK-A 5000 share block of that will run ya 675 million! Looks like on friday BRK-A was up 1900 dollars. That would mean with 5k shares you would've been up 9.5 million for the day. I could see a billionaire messing around with that.
Hey Publix nice call although i could not withstand from laughing uncontrollably after seeing the last comment of you only having $500 to trade with.
"The Top Seven Reasons Why 90% of Daytraders Fail" Spending time on this forum too much talking trash instead of studying and back testing, thinking everything that can go wrong and having an answer for it.
In my experience traders blow out for two main reasons. One, they don't keep losses small. Call it lack of discipline or whatever you want, but it is just very hard to take a lot of small losses. I have been doing this a long time and I still find it tough to do. The other reason is trading too big for your account size. Leverage is a killer. You can make a lot of mistakes and survive in a cash account if you keep losses small. If you are using margin, your margin of error is a lot smaller.