Decide after much deliberation that day trading is probably my best option for...

Soft_member
Soft_member

decide after much deliberation that day trading is probably my best option for getting rich relatively quickly
search 'day trading introduction' on google
read some of the articles
my fucking face

So... how do people make a living from this, exactly?

Is it just a meme?

haveahappyday
haveahappyday

Hell if I know. It sure seems scammy, so I stay away from it. Just get some good rental property, put done into index funds, it's a very reliable way to build your wealth.

Realize that Get Rich Quick (tm) is not a plan of action for you, it's a technique to sell you product.

SomethingNew
SomethingNew

@Soft_member
how do people make a living from this, exactly?
They sell instructional videos, useless charts, educational programs, and blog click-bait to idiots like you.
Is it just a meme?
Fucking duh.

cum2soon
cum2soon

I'm in the same boat as you OP

Push on through it, brew up a huge cup of coffee, get reading, watch youtube vids and all that.

It's possible if you really want it.

takes2long
takes2long

@SomethingNew
I'm only an idiot if I actually give them my money

And [spoiler]I haven't and won't[/spoiler]

Bidwell
Bidwell

@haveahappyday
Realize that Get Rich Quick (tm) is not a plan of action for you, it's a technique to sell you product.

This is 100% accurate.

iluvmen
iluvmen

@Soft_member
daytrading is easy.. just do research, stay patient and dont trade with emotions. dont buy the videos..

Gigastrength
Gigastrength

@cum2soon
Have you actually turned a reasonable profit?

Skullbone
Skullbone

@takes2long
I'm only an idiot if I actually give them my money
@Soft_member
decide after much deliberation that day trading is probably my best option for getting rich relatively quickly
Your posts say otherwise.

RavySnake
RavySnake

@Skullbone
Hella f*ckin' epic

BunnyJinx
BunnyJinx

@Gigastrength
Reasonable, yes. Huge? Hell no. But as I said I'm only getting started. I do feel confident though but maybe that's just beginners naivety

Sir_Gallonhead
Sir_Gallonhead

@Soft_member
Exponential growth and careful research, called due diligence. Visit Investopedia and you can learn a lot about how to invest properly.

Spamalot
Spamalot

@Soft_member
be me
start out in industry as prop trader
promoted to assistant manager
then manager
then partner
oversee 25 traders with tens of millions in discretionary trading capital
all is going well
flash trading comes along
we used to be fighting over bread crusts, then bread crumbs, now there are no bread crumbs left because the quants have them all
close down all the prop floors and just let the computers rule
retire, live off of longterm investments, and swing trading

Listen numbnuts, the point I'm making here is that I daytraded for a living, I recruited, trained and managed daytraders for a living, and then in 2009 I just realized that daytrading was taking up 90% of my time, generating 99% of my stress, and yielding profits that were not adequate to live on by themselves. I know more about daytrading than 99% of the population, and that isn't just boasting, I am stating with a straight face that if you randomly selected 1000 people of the street, my knowledge and experience would rank me in the top 10. And I am telling you also with a straight face that I will not waste my fucking time and sanity for daytrading.

It's over. The gold rush is over. There are still sheisters trying to sell you picks and shovels and pans, because they know that you don't know.

askme
askme

@Spamalot
THIS

massdebater
massdebater

@Spamalot

I know more about daytrading than 99% of the population

That wouldn't even be impressive but

if you randomly selected 1000 people of the street, my knowledge and experience would rank me in the top 10

Confirmed for mathmatically retarded. Opinion discarded.

@Soft_member
Day trading isn't for everyone and most fail, a lot of people outright lose their nestegg.

Daytrading out of desperation is a horrible horrible idea and you should not do that. Find another way to invest your money that will get your returns ina way that you will understand.

Day trading may attract idiots but

likme
likme

@massdebater
con'td

a lot of intelligent people have tried and failed. This kind of thing isn't about ego or emotion. You can do everything "right" and still fail hard.

Also a pro-tip for you, most people claiming returns are either lying or will not last; they made a few lucky trades. If you can beat the ROI of top hedge funds and indexes (hint: it's 1%-10% a year depending on what we're talking about, 10% is almost unheard of) then someone will give you a job on wallstreet.

I don't know the last time when we had a confirmed wallstreet worker here.

PackManBrainlure
PackManBrainlure

@iluvmen
listen to this user.

look up a short term strategy. read up on ichimoku clouds.

be able to take risks and act relatively fast. trade the news, dont look for the next big company thats going to blow up.

again, read up ichimoku. get into FX or commodities, options if your gut can handle it

dont ever put more than 50% of your capital in a trade.

dont be a faggot

dont be a pussy

mfw all of you index cucks die poor

Emberburn
Emberburn

@RavySnake
kill yourself

Evilember
Evilember

@PackManBrainlure
read up on ichimoku clouds.
trade the news

what the fuck...

BlogWobbles
BlogWobbles

@Evilember
ok trade the news sounds weird, dunno how to explain it.

but the ichimoku indicator is hands down the best

CouchChiller
CouchChiller

95% of people dont make any money on day trading.
find another strategy to get money. take the "quickly" out of the equation too. if you're after get-rich-quick, you're running into a scam.
you have better odds learning to play poker professionally than making a a profit day trading.

TechHater
TechHater

The buy the lows and sell the highs.
Duh

I think maybe you should have tried reading one of those if you didn't get that much.

Stupidasole
Stupidasole

@PackManBrainlure
mfw all of you index cucks die poor
hue hue hue

Evil_kitten
Evil_kitten

@Soft_member
Poloniex.com

But DayTrading is amazing on Poloniex. You only get sweet gains if you buy the dip and sell at the peak, without that much risk because the dip never lasts more than 1 minute. You need to have already bought in order to profit. So that works as a safety net for retards who buy high and sell low.

Poloniex is amazing you can make +300% daily and +2000% at the end of the month.
You simply have to guess a few good coins to leave your money on. Never leave all your bitcoins on 1 coin, especially not the one that already got pumped or isn't popular enough to get pumped.

w8t4u
w8t4u

@Soft_member
They don't "become" rich. They're already rich and make risky plays for a 5% gain in a week instead of a year. Those 5% gains for you would be $20, for them it's tens or hundreds of thousands.

askme
askme

@Evil_kitten
you can make +300% daily and +2000% at the end of the month

Inmate
Inmate

@w8t4u
They don't "become" rich.

Who are you quoting?

Gigastrength
Gigastrength

@Evil_kitten
What do you look for when you want to define a coin's popularity?
How do you know a coin reached its bottom? Do you just analyze the all-time chart?

Firespawn
Firespawn

@w8t4u
They're already rich
Pretty much.
There's no way in hell I would be doing it if I didn't already have money. I would've burned out from stress a year in.

CouchChiller
CouchChiller

@Evil_kitten
longtime trader here. No you do not make 300% to 2000% daily. Unless you have a crystal ball.

5%-10% per day is more likely

500% events are rare. Case in point: Monero

massdebater
massdebater

@CouchChiller
10% per day
128,330,335,606,403,472.00% annually
Tell us more about the voices in your head, kid.

Methshot
Methshot

@Inmate
OP are you still reading this thread?

Methnerd
Methnerd

@massdebater
wagecuck cope

stay mad user, you;ll never know the feeling of making 10% ROI per day

PackManBrainlure
PackManBrainlure

hahahahahah

i love daytrading threads. they are my favorite out of all Veeky Forums. usually the post starts "ive been trading for years"..., then the next sentence is something completely hilarious

Carnalpleasure
Carnalpleasure

@massdebater
COPE

Burnblaze
Burnblaze

@cum2soon
Day trading is not a meme, but most of the people that partake in it have no idea what they are doing.

Also, most traders do not daytrade exclusively, because it is very limiting. It's a meme in the sense that the time you spend generating above market returns will be better spent at a job, and if you have enough capital for it to be worthwhile, you're likely not going to daytrade but put your money in a balanced portfolio and fuck hookers instead.

Most traders are better off working for a firm if they're any good and getting a comfy 80K+ salary as well as a share of profits.

Emberburn
Emberburn

@Gigastrength
Basically you just buy ethereum

LuckyDusty
LuckyDusty

@massdebater
Confirmed for mathmatically retarded.
What is it with this board and math? Do ANY of you guys own a calculator?

1000 divided by 10 = 0.01. That's 1%. 100%-1% = 99%.

TechHater
TechHater

The last month i had a three week vacation and i daytraded most of the time because i have no friends.
Made around 1250 while investing the same 40000 over and over. took no big risks.

AwesomeTucker
AwesomeTucker

@Methnerd
Damn this is really really funny if you actually know math.

Even if you made just a 5% increase every day, and you started with a measly $100, at the end of one year you would have-wait for it- 5.4 BILLION dollars. Oh I am laffin.

PurpleCharger
PurpleCharger

@AwesomeTucker
nigger, do you know what a market cap is?

Can you trade 5 billion dollars on a 20 million dollar market cap?

GoogleCat
GoogleCat

@PurpleCharger
That's what makes it even funnier!

New_Cliche
New_Cliche

@GoogleCat
I never said anything about re-investing the profits. The market cap couldnt handle it

You cash out the profits, numbnuts

Need_TLC
Need_TLC

@Soft_member
if there was a sure way to get rich relatively quickly by day trading everyone would be a millionaire by doing so, you doofus

Raving_Cute
Raving_Cute

@PackManBrainlure
"ive been trading for years"
was given stock as a gift 5 years ago
sold it

Lunatick
Lunatick

@BlogWobbles
Ichimoku clouds are the best senpai

massdebater
massdebater

@New_Cliche
Doesn't matter if you reinvest or not. 5% on $100 is just exactly hard as 5% on $10,000. And still, with a market cap of 9 billion, you would still be making MILLIONS AND MILLIONS of dollars.
You don't understand the simplest part of investing. When you tell a real investor that you make 10% a day they know instantly you are lying. Warren buffet makes like what, 20% a year? Even if you get 5% a year that is considered good. Seriously, look it up.

Techpill
Techpill

@massdebater
holy shiet.. for someone who is good at math you are quite retarded.

have you ever invested before?

Do you know what Diminishing Returns is? The more you dominate a market cap, the less your returns.. too many big fish in a small barrel.

One of the reasons you dont invest big money on something with a low volume and market cap.

Low volume and market cap is great for volatility, but isnt great to park alot of money in.

Your Exponential growth arguements are sounding more and more retarded. Go back to doing math, because you clearly have no grasp on economies of scale

VisualMaster
VisualMaster

@Techpill
all this damage control
Hey man I know I embarrassed you, but just so that everyone reading this is clear, with my first post I wasn't trying to make any sort of statement on Bitcoin. I was only making a statement on exponential growth, and what can reasonably be expected. 10% a day is not reasonable, with any amount of money. I'm not saying that people trading Bitcoin can make 5 billion dollars. Just the opposite. I'm trying to show how unrealistic it is. I'm showing how if it was possible to make 5% a day, you would be swimming in millions.

So yes. We agree. The exponential growth I outlined in incredible unrealistic because anyone who is able to make 5% a day would soon control the whole market.

AwesomeTucker
AwesomeTucker

@VisualMaster
just to give you an example. monero jumped +16% since my first post..

Now tell me. how someone who is trading these cannot make 10% per day? when 200% per day fluctuations are quite common?

FastChef
FastChef

Ichimoku is better used for swing trading than day trading imo

JunkTop
JunkTop

@VisualMaster
why would i lie and make up bullshit when ive been trading these things for years

Sharpcharm
Sharpcharm

@AwesomeTucker
Congrats bro, 16% is awesome.
The difficulty comes in when you try to make 10% the next day too. You might get +16, +6, -30, +100, -7, +1, -60 etc but over the course of a year if you can make your money grow 10% I will be impressed. Even if you only make one trade a year, and that trade is a 10% increase, that is still impressive and is considered good.

StonedTime
StonedTime

@Sharpcharm
One of the things that seems to skew every backtest, is the idea that you always have to be in the market. This is really only true for large firms. Individual investors (with low capital) can exit at anytime with relative ease.

You can liquidate when you see a bear market coming. Strategies like value investing or even just index funds can have much greater profits if you just exit when a bear market comes.

But I can't foresee market cycles
You don't have to. You cannot predict what the market will do, but you know what the market has done. Exiting at the start or even the middle of a decline is better than riding it out completely.

The general trend is economic growth over the long term. This will be true so long as part of the production of the world is used to reinvest and innovate. This is the positive feedback loop which generates economic growth.

The key to good profits is therefore cutting your losses. Your winners will run regardless (assuming you've invested in the entire market or sufficiently diversified your positions), all you have to do is cut your losses.

CouchChiller
CouchChiller

@Sharpcharm
5-10% every day is doable, but i cash out after it gets to a certain size.. part of mitigating the risk of hackers. Which you could potentially lose all your money.

So taken that into account. 10% per day is possible with a certain amount of capital, but it is not possible to make your money grow into billions, because of the limited market cap and volume, and the constant risk of hackers.

No one in their right mind would leave 100% of their digital wealth in an exchange for years. Its a high risk game, i only put in what i can afford to lose.

I have other traditional 10% PA investments too, but i dont even think about them.. theyre boring

Garbage Can Lid
Garbage Can Lid

@JunkTop
ive been trading these things for years
might want to stop saying that

VisualMaster
VisualMaster

@Soft_member
My manager paid off his college with it when he was approx. 24 yrs old. That's like years ago though so idk

StrangeWizard
StrangeWizard

Martin Shkreli recommends getting good at it on your own (assuming you have a knack for it) and then trying to get a job with a firm.

You won't make millions if you only invest thousands, but you can make millions on a salary and use that money to invest big. You have to be good though.

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