You daytrade because making money without hard work is too good for you?

Discussion in 'Psychology' started by crgarcia, Dec 24, 2008.

  1. As Warren Buffett said:
    "The Stock Market is designed to transfer money from the Active to the Patient".
     
  2. LOL...At different points in history it hasn't been great to be a buy and hold. My Dad has taken a 30% hit on his portfolio of equities this year. He's old enough that the odds are greatly against his making that back before he passes. Those who were 5 years or less from an age 65-70 retirement and who aren't government employees are probably seeing buy and hold in a whole new light right now also. They may have gotten crushed in their 401k's, IRA's and other personal holdings that may take closer to 5 or more years to fully recover.
    Also I think most daytrade as an income not as an investment. The income from trading funds retirement, college for kids, and everyday life costs, just like any job. For those of my friends who seem to think I stay at home and screw around all day I explain to them that this is business and it's my own business. So, unlike them I eat my losses and I don't get a paycheck when I have a bad day, week, month, unlike their job where someone else pays them when times are tough, and funds their retirement. Most have a 401k and a pension building, I don't unless I self fund it. They have company matching for their 401k's and company funded pensions. Dang I need to go back to the cake walk world full time where somene lines my pockets with money whether I work hard or not!
     
  3. I have to say the ignorant title of this thread really irritates me. I work my ass off before during and after the close, and I know a load of people that walk away from work at the end of the day and don't do a damn thing until works starts the next day.
     
  4. Euler

    Euler

    crgarcia == troll?? And with 2266 posts??? Checked some other crgarcia posts -- looked like trolling to me.

    One thing that amazes me about this board is that there are trolls who have posted thousands of times. How can trolling be that interesting? I figure that, at the least, it would take 100's of hours to perform such a feat (unless some have automated the process -- scary). And crgarcia talks about not wanting to work...

    And what's the motive? To anger other posters, for fun? I can see certain personality types doing this, a few times, as an extension of junior high pranksterism, using it as a somewhat annoying way of blowing off steam. But to devote hundreds of hours to it seems to beg for therapy.
     
  5. Precisely, and you only wish you could.

    "I am through with working. Working is for chumps"......... Bartholemew J. Simpson.
     
  6. maxpi

    maxpi

    Work is nonprofit, that's what WIN stands for. I haven't done it for a couple years now, don't miss it... I'm working real hard on some autotraded schemes but it's not hard work, it's fun :D
     
  7. The title of this thread is so confusing I'm not sure where to start with an answer.
    If I thought that working hard was too good for me, then I wouldn't work hard. I'd day trade instead. Right?
    ?!?!?!?
     
  8. schizo

    schizo

    The funny thing is that these same buy-and-hold folks who derided swing traders in general and daytraders in particular even just a few years ago are switching into traders en masse. What they don't know is that daytraders might only hold their positions for one day, but this ain't something that you can learn and master in a day. It'll require a buttload of hard work. Now get your head out of your ass for once, damnit!
     
  9. Handle123

    Handle123

    I told 15-20 friends last year July that I got out of my entire stock positions and I thought the highs were in. Did anyone listen? One guy, one guy pulled out and going to Hawaii for the holidays and the rest call and ask what should they do now? I still tell them it is going much lower, "oh no, I can't get out now". I think there will be dead cat bounces to suck in retail customers, but continue layoffs will force the world markets to decline, the Party is over.

    So when some of these "friends" lose their jobs, they will think "hey "Handle" day trades, if he could do it so can I", they are so wrong.

    And those who have taken up day trading last several months and think this is easy, you lack experience and will fall hard when the CHOP will eventually happen, and those of us who have been trading decades and have experienced all types of market conditions will adapt to these conditions.

    I adapted in August to stop trading ES, because I don't do well day trading trends in ES, am good with 12 point range days, which one day we will have years of this type of enviroment again.

    It takes long long hours to stay good at day trading, keep monitoring conditions, tweaking, as do many others. So anyone who thinks a few short hours work, they will fail eventually.

    And those who lost their jobs and think this is the answer, it will become an evil end. For the years of fighting within yourself to understand how, you'd have a better time working at McDonalds.
    If you are willing to work 100 hours a week plus for a few years and make no money, you have a good shot at this career choice, but if you think you can waltz into profits without working.....
    This is only based on my experiences. I always thought I was real smart, markets told me different. The more willing you become to be Patient, the quicker profits can come.
     
  10. toc

    toc

    who says day trading is without hard work.........if you are doing trading easily then you are not doing it right.......beware the long term results :D
     
    #10     Dec 24, 2008