Among the findings was that the vast majority of day traders...
Among the findings was that the vast majority of day traders lose money: “While about 20% earn profits net of fees in the typical year, the results of our analysis suggest that less than 1% of day traders (4,000 out of 450,000) are able to outperform consistently.” The other 99 percent would be better off abandoning their day-trading efforts. In other words, day-trading is hazardous to your financial health.
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MHTSOS : This is why I stick to momentum. Most trades only last from a few moments, minutes or up to an hour with the rare exception lasting about 3 or 4 hours.
Losses in the last month have been at a total of $400 which is pitiful compared to the daily profits.
Mcsnacks H Tupack OP : Then if you do make profits they get it back on the taxes you have to file.
MHTSOS Mcsnacks H Tupack OP : Yeah mate. My taxes are insanity. Between the three of us every night and the amount of volume we buy and sell it really doesn’t sit well. We do all the work and they rake it in.
We’re set up for one push buy-in and exits here and we only go after certain movers. We get in and get out generally anywhere between the 10c to 50c mark unless it is really flying. I won’t lie though. I am literally glued to my screens all night and as well as it may work out, I have absolutely zero life besides trading. I even spent thanksgiving doing research. I am at the stage where as much as it is profitable, I am questioning it’s weight on my life. Days, weeks and months disappear and although We are making serious money, I need to step away from it all and the sooner, the better.
Mcsnacks H Tupack OP : I feel ya. I’m reading news and charts 16-20hrs a day. But I don’t do it for myself. I try to use it to help people out. So many of them don’t get 99% of what goes on in the market. Some won’t listen at all. And I’m by no means perfect. But I can get it right 80-85% of the time and I definitely know when I see red flags and just because I may be off about some it’s about selling when you see a red flag even if you are wrong that matters. But I get a lot of good feedback from the ones that listen and make money.
Mcsnacks H Tupack OP : I just like sticking it to big business. Plus there are ways to get around a good amount of the taxes. Legal ways.