Why do people believe day trading will get them rich quick?

Discussion in 'Trading' started by emg, Dec 28, 2010.

  1. MZG

    MZG

    really a billion? and you are in this forum to help!

    by the way you have a permission to post the link
     
    #211     Jan 5, 2011
  2. Apparently you have trouble understanding the English language.

    You completely misconstrued what I said.
     
    #212     Jan 5, 2011
  3. gobar

    gobar

    put $5000 and it triples or Quadruples within 2 years... where u can get that kind of return?
     
    #213     Jan 5, 2011
  4. madoff
     
    #214     Jan 5, 2011
  5. It can be done, but you have to know what you are doing. If you know that you are not up to the task, then get some help from someone who is.

    A little over 5 years ago, a friend changed jobs and rolled over his 401k into a self-directed IRA at a well known retail broker for the masses.

    He had no clue as to what to do and he knew that I traded and lived comfortably from my results. He asked me to trade his account. I really didn't want to do it, but he was a good friend, so I did it for no charge. He put me on the account as allowed to trade. I could not make any deposits or withdrawals.

    Since it was an IRA account, I really had no leverage, so I told him I would position trade the account. All I asked of him was that he keep his mouth shut and don't ask questions. The results would speak for themselves. Over the 5 years he watched the buys and sells and sometimes the account was 100% invested and other times the account was 100% in cash. It just depended on the timing and opportunities in the market. I traded US equities only.

    Once a year he would take me out for lunch or dinner and ask questions about the trades. He would review all the trades and the monthly statements from the retail broker and took lots of notes. Not sure if he ever learned anything but he sure does like the performance of his account. In a little over 5 years has account has grown 10 fold, from about $50k to over $500k.

    He is very happy with the results, but he is realistic enough to know that he can't do the same on his own. Alot of people think they can trade and make alot of $$$ if they just got some training and could scrape up a few thousand dollars. There are alot of websites, TV infomercials, miracle trading systems that are advertised all over the place. When people see this, they all think, "Well, I'm just as smart as the next guy, so why can't I make alot of $$ in the market?"

    The reality is that it is alot tougher to trade consistantly profitable than those TV infomericals would have you believe...but folks still want to believe and most will try and fail...
     
    #215     Jan 5, 2011
  6. MZG

    MZG

    really? you teach English now?
     
    #216     Jan 5, 2011
  7. MZG

    MZG


    misconstrued?
     
    #217     Jan 6, 2011
  8. MZG

    MZG

    misconstrued?
     
    #218     Jan 6, 2011
  9. LOL
     
    #219     Jan 6, 2011
  10. NY_HOOD

    NY_HOOD

    typical American loser attitude. a pie in the sky dream. these types will be losers forever. ai'nt nothin gonna come easy in this life. if you go into anything just to get rich,you are going to fail. fuckin guaranteed. you need to love what you are doing and also respect what you're doing.
     
    #220     Jan 6, 2011