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Whenever people tell me they're going to go into day trading, I usually say, "How many people do you know who've become wealthy day trading?" They say, "Zero."
by tdees40 11y ago
Whenever people tell me they're going to go into day trading, I usually say, "How many people do you know who've become wealthy day trading?" They say, "Zero." I also know zero people who got rich doing at-home algorithmic trading. But hey, there are probably some! That's the nature of randomness.
- deleted 11y ago[deleted]
- icefox 11y agoI do know at least one person that day traded for a few years. He didn't get rich, but it was in the very nice salary range. Ultimately quit because it was stressful every morning starting all over. This is also the same reason I only buy undervalued stocks that I hold for years. When I get to the age where I could retire I don't want to have to play the market every morning, I want to do other thing.
- tdees40 11y agoWhy would playing the market result in higher returns? Why would you think day trading would outperform buying-and-holding? The research all shows the opposite.
- icefox 11y agoI wasn't implying that playing the market would result in higher or lower returns simply that one person that I know that did day trade successfully did it as a full time gig.
- des429 11y agoThis seems like nonsense to me. How many Phd's are awarded every year? Doesnt mean its a random occurrence... I know quite a few independent day traders who do quite well. I think its about who you know-- i.e if you are working in Finance you'll know more day traders.
- jsprogrammer 11y agoHave you seen their trade logs?
- des429 11y agoJust a few of them.
- tdees40 11y agoUh, I work in finance. I know zero. And by "do quite well" do you mean outperform an S&P 500 index fund? Or at least perform similarly with lower risk?