Day Trading: Facts, Fiction and Discussion
- matttheduck
- Jaybird248
- TONYBRIG
- KirkL
- TONYBRIG
- TONYBRIG
- TONYBRIG
- KirkL
- TONYBRIG
- TONYBRIG
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» matttheduck - paying the bills while daytrading
i've posted some of this before, so if any of it is redundant to you, i apologize. tony's question of how a daytrader pays his/her bills is absolutely key to understanding whether this is a "real" occupation or not. if a daytrading school graduate has his day-to-day living costs paid by his spouse, his $500,000 savings account from his former job, his trust fund from daddums or from any other source but his profits from daytrading, he is not "making his living from daytrading." the most recent money magazine has an article which include the diary of a daytrader. this guy earned a gross profit of $20,000 in 10 months. his account balance, which started at $50,000, sank as low as $14,000 as he learned the business and got hammered as the market cratered last summer/fall. there is no mention in the article of how the guy paid his rent, or what he used to buy food, except one day when he did well and at the horsetrack (!) and took the guys out for drinks and dinner. as the guy had to borrow about 1/3 of his $50,000 stake to get started, you really wonder. this to me is not a real career if he was living off someone else while doing it. sounds more like a government job.-- posted by matttheduck
» Jaybird248 - How it works
Before I started my current trading, I visited Harvey Houtkin's All-Tech. Harv charges $5K for a two week course in New Jersey (living expenses are your problem). Then it costs $25 a trade at his branch offices, and add $400 a month to rent his software if you want to do it from home. Make 10 round trips a day and you've got $1K a day in commissions.There are volume discounts for very heavy traders.
With about 250 traders on the service at that time, per the branch mgr, Harv is raking in $250K A DAY in commissions, plus the $5K tuition and the software rentals.
I passed on Harvey and friends. The only one making money there was him.
-- posted by Jaybird248
» TONYBRIG - Day Trading
Kirk:Caution is good to a degree. We however are not babies (all) at this site.
You weave a very perilous journey to those who may be inerested in
Day Trading. What happebned to balance? My suggestion to you is
present the FACTS fairly without slanting it only towards the BAD NEWS.
All is not DANGER here.
Personally I gain nothing by being DEFENSIVE (your words) Probably better
for me to have it your way and to let it exist that one doesnt DARE TO SWIM IN DAY-
TRADING TERRITORY. More pie for me this way.
But I dont want to!! My message is present all the FACTS FAIRLY.
Thats all I ask!
OK?
vbolhh
-- posted by TONYBRIG
» KirkL - Name an unfair fact
I present what Arthur Levit said as well as what a caller to Moneytalk said. What is wrong with that?I have said I KNOW some good traders that make good money.
- I windsurf with one trader that did it professionally (he just retired).
- I got a good stock tip from another one recently.
- I work with a third one doing our newsletter. He even prefers to be called "Lazy Day Trader" and his portfolio is up 59% YTD beating mine be a good margin and smoking Brinkers by nearly 6:1 (send for a free sample and he'll show you)
I don't think they are as common as those losing money. Facts I have been able to dig up support my belief. People here like Jay also support my beliefs. I all I hear from you are complaints but no case studies or whatever.
Am I allowed an opinion? Your seeing all negative in my fairly balanced presentation of the facts that I am aware of is defensive in my book. Perhaps you read from a different book?
-- posted by KirkL
» TONYBRIG - Stats
Kirk:On May 8th you said you believed Levitt said that
67/68 in one Day Trading School were losing $
or hadnt made any.
Baloney/Garbage/Lies- I dont buy this as truth.
Someone is very badly misinformed here on this.
68 Babies could do a hell of a lot better then
this.
vbolhh
-- posted by TONYBRIG
» TONYBRIG - Harvey's sounds like a Rip-off
Jay:I dont blame you for passing on this Guy.
But even with these big fees.
I doubt if the traders (regulars) weren't making
$. Also if they had/have much smarts would not
be there for long.
They cant lose for long have to pay the bills.
vbolhh
-- posted by TONYBRIG
» TONYBRIG - Usually have balance
I would say more often then not.Sometimes tho as in the Levitt report I think Not.
Take a look at who said it. Think he has balance?
On this subject? It doesnt appear to me so.
Seems ultra conservative and very Set in his
ways.
I try to determines ones GENERAL STANCE when I
consider their communiation.
vbolhh
-- posted by TONYBRIG
» KirkL - I happen to believe Levit.
I happen to believe Levit.His credibility is wonderful as he, more than anyone else, has leveled the playing field for us individual investors more than anyone in history. He should be a hero of Day Traders.
Besides, his spelling and grammer are good! 8)
VBOLHH
-- posted by KirkL
» TONYBRIG - Cautious people
He may have a good Grandma but still I think he should be investigated forthat Hogwash statement 67/68 was it?
Would love to see a transcript of it.
Take a look at these guys probably never even used the Net?
Stuck in the past somewhat!
Levitt Greenspan Brinker
It's a different World!!
vbolhh
-- posted by TONYBRIG
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