Why do you daytrade?

Discussion in 'Trading' started by romik, Jun 13, 2006.

Why do you daytrade?

  1. It offers high leverage

    8 vote(s)
  2. I am not a patient person by nature

    7 vote(s)
  3. Less risk to capital per trade

    18 vote(s)
  4. It's a great opportunity to spend less time with my wife

    3 vote(s)
  5. I like to sleep at night

    16 vote(s)
  6. I want/ed to get rich quickly

    15 vote(s)
  7. I had great results in my sim account

    0 vote(s)
  8. I got steel cojones

    6 vote(s)
  9. Hedging

    1 vote(s)
  1. romik


    Hopefully we'll get all 52000+ ET members participate in this poll and as the poll is truly anonymous we'll get a clearer picture :D of what the majority believe daytrading to be.
  2. Because, after trying out dozens of jobs, this is the only thing i'm able to do. And as i'm my own boss, the risk of being fired is minimal.
  3. romik


    you are not disabled are you Spike?:)

    Seriously now, I believe in your case it's you being good at it my man.
  4. romik


    50+ views and only 4 votes?!!!

    Come on fellas, don't be shy and vote and please be honest, if nothing applies to you, simply pick your second choice.
  5. I have ZERO patience for holding any position overnight. I used to wake up in the middle of the night to check on my trades especially if they were going against me. After a few sleepless nights I knew it was time to close 'em out before the end of the day.
  6. lwlee


    I agree with that. No exposure overnight.
  7. I don't mind being exposed, as far as the risk/reward ratio favours me.

    Overnight trade is not as difficult as it may sound.

    PS: As to the vote, I feel "offers high leverage" and "get rich quick" are similar things. You want higher leverage mainly because you wish to get rich quick, unless you are too captial-tight.
  8. Apart from get rich quick, I know another main reasons people daytrade is the very low risks professional daytraders manage to maintain. With good risk management, you can always close your position if the market moves against you.

    Some can manage to keep very low drawdown.

    I think only daytrader can manage to keep high number of daily winning streak, say 200-300 days or more.
  9. If I could get 100:1 or more leverage, with cheap enough margin rates, while buying Municipal Bonds I would. Not to "get rich quick", but because it would just make good financial sense to do so. Do a little bit of research and you can figure out why banks don't allow it. Okay fine I'll just tell you. Because that would make the entire system nothing more than a Ponzi scheme. (some on ET argue that it already is...)

    Like usual, I'm going to have to disagree with you WmWaster. Intelligent investors (unlike you) understand the difference between "get rich quick schemes" like Wizetrade, and "Leveraged Asset Management vehicles" like hedge funds. Leverage is not a crap shoot "I guarantee it'll always work... at least 99% of the time... mostly... on occasion..." Martingale game of chance, it is a means by which you offset the balance of risk and reward. It is a tool, just like you.

    Yeah, that's right, I did just call you a Tool.


    By the way, after hours trading on a Simulator doesn't actually count as exposure. They're just replaying a loop of yesterday's data...

  10. Amen, lol.

    I have benn trading for a while, have good services picked out and make good money doing it.
    #10     Jun 14, 2006