While I believe that trading today is fiercly competitive, perhaps more competitive than it has ever been, I strongly disagree that it is a losing proposition. nitro
I am in this situation. The risk of losing your edge is what keeps you always looking for the next edge. If I can make $100-150k trading then it's worth it to me to take on that risk. This is better than any day job.
The other three days I dont trade. I trade only on days that stocks are heading up. Would you have done any long side trading on Thursday and Friday last. You would'nt do that when laying out several positions. And I do not do any short selling.
I traded those days and it made almost no impact on my profitability, either from the long or the short side. In fact, I got a bonus as my long positions went plus, and my short positions went plus. nitro
good point, Ozzy! The whole goal of trading is using your money to somehow multiply (leverage) your income. We're not in this business to make a mere $50k a year. The goal of a good trader should be to progress to the point where doubling your account is not outside your reach. Then, of course, by continuing to double, double, double and so forth you're suddenly making millions of dollars every year. Try that by working at Jack-In-The-Box.
There were some long side winners on Thursday and on Friday. I am aware of them. But, the risk is much higher for going long on sell-off days.
ozzy, that's a good point. There are PLENTY of other types of jobs that would pay at least $50K and possibly even more with very little experience and virtually no risk at all(in terms of blowing up, dwindling down your account, stres, or whatever). For a vast majority of retail traders, it's a pipe dream. I didn't say it was impossible. But someday, people will have to wake up and smell the account balance. misc
skalpz, I appreciate and admire your enthusiasm. But that kind of compounding is astronomically difficult. I lost how many doubling that is. Anyhow. And your last line "Try that by working at Jack-In-The-Box." is not a very valid comparison. Why would you compare trading to a minimum wage no dead-end fast job ??!! There are plenty of other jobs that have steady career path and growth much better than jack-in-the-box and virtually no risk. Yes, you can't make a million a year. But wtf? If you work hard at it, you can still make high 5 figures to low six figures/yr over your career and save $, invest for retirement, pay for college, blah blah. Yeah, it sounds boring. But sooner or later a lot of people will realize that. misc
I never said it was easy. You need to sacrifice at least one nut and maybe even the other. Through my own exp. I can see how easy it is to wash out from this career/business. Peace Out oz
I tend to value freedom to more than millions of dollars. Trading to live (even if some are not making 300K$ a year...) is always better than being forced to work everyday 9-5...