Monday, March 10, 2014

Daytrading Millions

Several things spoke to me in this article and I'd bet they do to you too!

11 or 12 Things I Learned About Life While Daytrading Millions of Dollars
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2 comments:

  1. AnonymousMarch 10, 2014 at 10:21 PM

    Sounds like a huge chunk of his problems would have been solved by using hard stops which would have limited losses when on the wrong side of the market.

    I would have thought this guy in particular have enough Wall Street connections to realize that day trading is possible, but like so many others, he makes a broad statement that it can't be done due to his difficulty and observations of others having problems. Using that logic one could warn folks against starting a business or being in the professional sports or entertainment industry.

    I'm sure if he would have taken a more disciplined approach with a trading plan and defined entries and stop loss values. Trading would have been far less traumatic. Having a pattern of strong "emotional" outbursts is a key indication that something is wrong. It sounds like he was "gambling" more than trading professionally.

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  2. YM-TraderMarch 11, 2014 at 12:05 PM

    If you ever want to find out what you are REALLY made of (not the sop you tell yourself when all is well and good), then become a daytrader. This guy, just maybe, was under a lot of pressure to meet goals. When you are able to use patience however, and can wait for the market to come to you (rather than you come to it) then success can be found. Not "easy as pie" success, but success nontheless.

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