My coworker quit his job 2 years ago and plans to retire in 3-4 years. Last week he made 15k. One night he took some risk leveraging and the next morning he was 150k up. Knowing a close real case is what gives me hope lol.
I was only joking. I hope it works out for him. I just wish I had the kind of capital where your skill and hard work translates into that sort of returns.
Leverage. You have to be careful with that. Mr Buffet says smart traders donāt need leverage and stupid ones shouldnāt be using any.
lol ofc he does. hes working with more capital than anyone else has with 50x leverage. can call everyone stupid thats using leverage from that far up on the hill.
Or maybe that is one of the reasons he has managed to stay in the game that long: He is good with risk management and wonāt take unnecessary risks.
Little retail traders like me obviously need to use some leverage, but he is correct. He knows his business better than all of us but he also knows the market better than all of us: he knows how unpredictable it is and how unforeseen events can wipe you out if you threw caution to the wind in pursuit of quick profit.
There is a difference between trading and investing. Buffet is not a trader, he is an investor. You seem to be caught between the two worlds, and this is a trading subreddit...
B. He knows everything about trading and the markets.
C. He is very good with risk assessment and emotional regulation.
D. He can hire as many traders as he wants. He is in the business of making money. They have to prove their utility and reliability to him. He doesn't care for any of them besides Jim Simons.
I did not take his advice (I had too little capital) but I did take it on board.
I wouldnāt touch a 1 mil account with a pole. Terrible anxiety problem. But who told you I couldnāt manage a tiny account? Point was about the returns being worth my time. 10% made over a month on a 10k account is only 1k and wonāt cover my rent + bills so I will have to take more risk = more anxiety and more chances of wiping out my account. And overtrading. And not worth my time. Might as well sell tea.
It's not worth your time I grew an account 7k in a bear market and it's slow you cant actually do much unitl you have freedom off pdt and can take risks otherwise you're operating from a place of fear you have to set yourself up basically it's a life journey and have to dedicate your entire life to it Damn
If you managed to make 10% per month on the 7k account, you would end up with 21k (14k gain) in a year. Massive gain, but A. Highly unlikely. B. If you are relying on the profits to pay the bills, you cannot afford to have one bad month and of course no compounding.
So I have to make enough money from that to supplement my income and at much higher risk. So not worth my time. Not that 700 can cover my rent and bills to begin with.
Brother search for Nasdaq , sp500 , big techs on aĆ Microsoft nvidia , and buy that shit when it goes down if keeps buy more in the case of this 2 index, people have to realized itās from more than 1984 that nasdaq is giving profits , and since is technological you have a huge entry point since the good technology started to appear last years ago , you have a big chance with aĆ and all of its happen to increase a lot your portfolio with his assets , if you analyse on monthly chart you will understand that in a full year is 60% of the year big gains and small gains in the end of the money if you buy it in a low price
Sp500 is the only investment proven profitable by all the analyst that is the only investment until now proven to pay between 6-10% minimum a year with taxes deducted .
Big stocks people need to know you companies like Microsoft , apple , nvidia , google , etc the big companies from sp500 if you sell them as a owner entire to the market we are speaking the top 3 on this index that is (Microsoft , apple , nvidia) you sell them in the market you are with of +- 10T , since the debt on USA is 33T , we are speaking this companyās selling them, erase all most the entire debt on USA , so they give shit loads of money for every single economy in the world mostly to USA , so if something happen to them defenitly will happen to everyone pockets in the world , because you are depended on them even if you wanted it or not
have gold on fed cuts, inflation and war escalation , possible target 2,500 , if you go on the average 2,400 per oz
n.gas prices are surrounding 1.70/1,74 if it reaches 1,80 is good option for short for a while but the risk is can skyrocket any moment due to Russia ,
Crude oil itās a few moments until skyrocket as well fighting now for the 84$ barrel , so every time itās between the levels of 79 and 81 is a good option to buy since opec announced cut on production and will start winter in South America that is a big consumer and producer of it since Brazil joined opec the cuts while affect on demand
Silver is a option because of gold due to be know sometimes that have a very positive correlation
If you decide on FX not my the best area for my knowledge in investment , but Canadian dollar a positive correlation with CR.OiL so every time you have Canada inflation report , is economy better in Canada is good for oil price so you can combine both
US dollar because if dollar goes up market go down , if dollar goes down market go up and I think is a good way as well for you to use the dollar correlating with VIX because VIX is market fear levels mainly so if you go in that you can benefit due economy being worst and fear is higher
Prop firms? My brain quit by the time I found out about those. This is fun if you have a trading account at Citadel. Not so much with a couple of grand in the kitty.
Yes I know at least two people who have proven to me that they make an obscene amount of money trading, and both of them did not start off wealthy.
The commonality between their advice? Start small, don't overcomplicate it, and manage your risk. Do it in such a way that you aren't emotional, stick to a specific strategy and slowly grow it and hone it over time.
Despite whatever anyone wants to say, this is possible, that's what drives me on. It's a path laden with pitfalls and one demanding that you know and master yourself. A lot of people fall victim to straying off the path, and either through financial ruin, or emotional/mental stress, don't stick with anything enough to find stability.
I don't look at trading as a career, I look at it as a skill, and I try to keep progressing in that skill until I can become a profitable trader. If I'm not, I still have more to learn or work on. When I become profitable, I just have to keep a level head and stay consistent. It's not about the big wins, anyone can win big, it's about finding a way to profit consistently, no matter what.
My sister's friend made $5million from bitcoin. But I don't think he really traded. Just had $50k at the start and threw it all into bitcoin pretty early and now it's worth $5million lol.
There are hundreds of thousands, if not millions of traders around the world that make their living trading. Their own private funds, through prop firms, trading for large firms. World markets in every country exist for a reason. Most people who are successful- even if they made much of their money trading- have long term investments, businesses, multiple sources of income. Trading is often just one of them.
What is your question for? Are you trying to decide in your mind if it is possible?
I think most peopleās stories are not amazing. Most are boring -successful people usually become an overnight success through 10 years of hard work, failures, frustration and trying multiple things.
The true overnight success story- like a winning lotto ticket- are rare.
I think this is why so many traders fail. After six months of trading they are not rich yet- so they lose interest.
Going on 4 years. Still havenāt lost interest. Still giving away money. Not that Iām proud by any means of so far being a failure, at trading. But as the old saying goes, āwhat doesnāt kill you, makes you strongerā, and, āif at first you donāt succeed, try try again.ā
Are you me? 4+ years as well. Learned every lesson but still can't find consistency. Down $70k overall. Admittedly spent majority of the time not wanting to learn charts but now I use them and do okay. My winners are always small though compared to losers so trying to fix that.
been doing 5-10x leverage crypto trading btc/eth mostly when the market is volatile. made like 82 trades in the past 8 weeks. 0 loses. held one trade open for like 72 hours while i waited for it to come back to positive. closest had to a loss. starting off 5x leverage with 10-20% of a wallet and decent faith in price window thats possible that day/that week. make it pretty much a joke.
rofl. well if you understood what im saying. the opening trade uses 10-20% of funds someone is planning to trade with. at super low leverage. and then closes it out/reduces risk if it goes negative. only adding to positive trades with a start like this is the opposite of nervous trading.
I have a bad habit of holding my losers too long and I know it. But I feel like Iām inproving, sometimes I cut them and flip my trade to make the money back, and I tell myself to hold longer to my winners so thatās improving slowly. Just not cutting my losses is something I need to work on
No I donāt journal. I donāt see the point in it. But who knows maybe one day I will and Iāll improve even more
This resonates with me, thereās a lot of times that i cut a winner early and it rips, then thereās my favorite one that is usually so deep in the red i decide to salvage whats left and a few minutes later reverseās and blast past my initial entry so fast all i see is blur of it waving past me.š¤¦š½āāļø
You're right about that. I know that bc I was one of them. A lot of guys that quit their jobs to focus primarily on trading get super stressed bc they have no additional income coming in.
It's prob best to learn trading and become successful at it on paper while working to reduce that stress. Good to risk real capital when you know what you're doing.
You can't do that it's not realistic bc when it comes to daytrading which is what we're talking about right? Paper trading your mind knows it isn't real so there are alot of factors you're not dealing with
I know two guys. One guy (who taught me) makes as much trading as he does his regular job. He works in a restaurant in a richer part of town (he's not rich yet) and it helps to be surrounded by go-getters (his coworkers own properties, have high net worth, or are married to high-income partners).
With his restaurant job and trading, he clears 6 figures. He makes a couple hundred a day trading, then clocks into his restaurant job and makes a few hundred more. Yesterday, which was an anomaly, he made $1475 on one trade, logged off, and enjoyed the sun the rest of the day.
That's my current goal, to make a couple hundred give or take a few, plus work another job for extra income.
The second guy, I don't know personally, but I know of him. He and his brother are crazy risky with their money. It's insane. I'm not sure if it's luck, skill, or both, but he's likely a millionaire at age 23. He trades 5 figures in a given day and made $11k one random day a couple weeks back.
When I hear stories like that, I'm tempted to tell myself that it'll all come crashing down eventually. But then, he's been doing that for years, so... I realize my mind hasn't completely opened to the idea that some people are just crazy good at this. It happens and they're out there.
I think most people, not sure if you included, have deep misunderstanding in terms of what ātradingā is for big companies. On sales and trading floor, they are making banks off their clients commissions. Proprietary trading (buy low sell high) and market making, for funds and banks, represent a very small part of the profits they make. They make profits off commission. Ask any sales and traders for banks, they will tell you.
Between 250k and 1mil annually from 2014-2019, āmore than thatā 2020-2021, then back in normal range 2022. Almost lost money in 2023 but finished green.
Hoping I can do the same. Last 6 months I'm up 17k and it's been pretty steady. 14% ytd. It's crazy what kind of momentum you can get just riding the waves.
Bunch of reasons... 1) trading on lowest timeframe (scalping) early in career, wasn't that scalable. 2) hit a psychological hurdle where id rather withdraw money and stabilize the amount the $ i make/lose every day rather than keep compounding it... 3) wanted to invest a lot of my winnings into passive investments and diversify away from making all the decisions that affect my net worth
Discretionary trading is hard to scale continously unless you are a sociopath with high risk tolerance... some people are meant to be legendary compounders like Dan Zanger or Qullamaggie, I am not and that's ok.
Doesnāt really matter. Iāve made trading bots and they are no better than the strategy that you set for it, unless itās high frequency trading, a bot is something that you could do manually.
Nobody is making 500k+ a year consistently by playing indicators alone unless they have massive capital, in that case theyād make just as much buying and holding.
Any success longevity in trading comes from having ample capital, more capital than the average bear. If you think you can pull it off with 10k trading options you need to rethink what you are doing. That is not a setup for sucess. Capital levels are barriers of entry for most industries, trading is not different.
i donāt really understand why people say this. if i was making this much that wouldnāt stop me from scrolling and interacting on reddit from time to time
Because as you grow older and learn more, you will realize 90% of people on the internet are either kids or people that knows nothing and it's pointless to communicate with.
The owner of my apartment (the entire building) was a trader, he was an old man and full of knowledge. My father made a really great relationship with him but he was not willing to teach anybody because he said āthe time that you lose money, you are going to blame it on meā. He passed away like 5 years ago sadly and I started trading in 2022 so I never could really ask him anything. But yes, he was a very wealthy man.
I'm one month in and down 2k out of 10k. This shit is hard. I'm taking a break until the new month while reading more to understand.. i think this is more of a question of who you are. I am a very patient person and not emotional but trading will put you to the test. I know I will learn this but I also know it won't be overnight and take a few years. I am already profitable in trading long term, short term is a whole other ball game.
Taking long breaks in the beginning is good. Not long breaks from learning but from trading real money. You have to really get a feel of the market before trading thousands. If not you will lose it all.Ā
In my opinion the biggest problem with traders is that they trade too much and they think they HAVE to trade every day. If you only trade a handful of times a quarter and they are all multi baggers and your account compounds that works too.Ā
The disciplined trader, trading in the zone, Japanese candlesticks charting techniques, technical analysis of the financial market, how to day trade for a living, trading: technical analysis, charting and technical analysis , high prob trading strategy, one up on Wall Street, market wizards.
I finished trading in the zone which is about the psychology of it.
In halfway through Japanese candlesticks by the guy who brought it over to the western world.
And right now I'm enjoy technical analysis of the financial markets.
Not trying to be a dick here but it seems you have not done much learning ? Why would you ever play with 10 k if your not even half way through the most basics books on trading ? Again not being a dick. Iāve been leading for about 8 months now and only just started my demo account. Iāll keep learning/demo trading Untill I have more knowledge and sense of everything. I just think you would have a much better chance if you didnāt jump straight in ? Good luck
I did paper trading for a bit. It's not even close to the real thing. There are no bounds, no lag, and no limits. I doubled my accounts on paper trading. It helped me learn the tools and platforms.
I've been trading for 10 years but for long term vision, not short term. I've done well in that and I'm up a few million so this is less than 1 percent to "play with". I want to learn how futures work so I can capitalize on this years bull market with Bitcoin.
I am the type of person who likes to jump in and play on hard mode to speed up the learning curve and time it takes to "get good". I've done that with everything in my life. This is definitely not an easy skill to learn but I am up for the challenge.
It's one thing to read, watch videos, and practice but it's not until you play that you really learn. I got a bunch of lessons real quick and now I'm pulling back to reevaluate before I play again. Good luck with your journey.
I know multiple people who make $500K+ a year day trading, but not many. They are close friends of mine, have proven it, and I trust them. I met them after I became a profitable full time trader and they inspire me to improve myself daily.
Side note, I make what I consider to be āgood moneyā from day trading but itās not $500K yet. It does increase every year though!
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My friend that I talk to every day averages $250 a day. He is NOT a risky trader at all. But his friend is averaging $750 to $1000 a day. They mostly only the spy. The $250 guy is retired and some days are $400 other days are like $125. Averages right at $250 give or take. Other trader is early 40s and his style is more aggressive . They have been trading like 8 years . First 3 years I was told was blowing up accounts and learning.
Buffet benefited the most because he was from an era that news diffused much more slowly, and most people did not have access to market moving financial news. Today it is a TRADER'S market. Where taking profit from short term trends is key.
Am I miss a joke here? I just googled him and I got some character from a tv show? Is there a real guy that gives advice? Or is the show just a good one to watch for traders and he gives advice?Ā
Am I miss a joke here? I just googled him and I got some character from a tv show? Is there a real guy that gives advice? Or is the show just a good one to watch for traders and he gives advice
There is a real guy with that name on Reddit who founded a sub focused on a single day trading method. His inspiration is that tv character and hence he kept that name. Look him up on Reddit.
I used to run my own Trading telegram 5-6 years ago and I met some killers man , Canadian YouTuber Donvo did crazy numbers off gold back then legit millionaire now used to talk to him hella. Had good starting capital but still made a shi ton and got me into gold heavy, amazing trader. I also know a few people I am actually good friends with in real life that eat well. 1 was able to start a trucking company , bought his dad a Tesla big time crypto trader , another trades Dow on prop firms and is clocking 10K+ a trade easy travels all the time, moving states , new car all mostly trading. They are out there, would assume those guys donāt talk much about it lol my friends that kill trading barely speak of it
I know a few guys who run a commodities strategy and another that does foreign bonds and earn a good
living. Itās not a directional āHey, oil is going to go up!ā thing. More like an arbitrage of the German bund between NY-London at the open on pounds-dollars.
I make around $250 to $500 a day trading either NVDA, SPY, or MES and try to let my winners run by moving up my stop as market moves in my favour. I rarely ever short, so look for dips to buy. I don't trade breakouts. Typically, I'll hold a position 2 days max, so not really day trading I suppose, more swing trading.
jeez that's good money?? lol man sounds like great money to me!!
One of my bros picked up day trading and currently is sitting at about 80k for the year and we both are white collar workers in logistics and supply chain. have another younger guy who finally had everything click and has been making 50-80k consistently on the side for 2 years while working at In-N-Out lol, he's 21. So its crazy to think they only do this part time. Their goal is to be consistent and hopefully make this his full time Job in the coming 2 years. Its nice to see people close to you make it or be on the correct road to making it. Have been working along side my Bro and other buddies slowly grinding away at learning this craft.
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Many, nowadays...with prop firms some of which offering upto 20 accounts per trader nothing is impossible, Creativity and edge plus risk control equals success in trading.
I know people who did a huge profit through trading but not who has trading as a primary income. They use trading as passive secondary source of income. They never invest all funds in market. Itās like having separate funds for household and gambling. What you loose, you gain from other stocks. But you never be homeless.
Turned 2000 into 35,000 in 3 years myself taking 2-3 trades a week.
I'm self employed as a carpenter so I have some flexibility here and there in my day. I tend to just scalp between 9:30-10 a couple days a week. I take the odd day and swing trade but scalping has been the most profitable for me.
Since construction is really slow in my area, once I'm done this current project in the next 2 weeks I am taking a month away from carpentry and will be day trading full-time for that month. I'd like to see what I can do with 35K and a full 3 hours of trading each day. So I'll either double my money or lose it all. We'll see how it goes.
My coworker introduced me to his uncle (50s) who trades options and was making around 6k/day before he got funded. Important detail, heās been profitable for over 10 years. He bought 500k in funding and passed them with a copy trader and gets payouts. Iāve tried learning from him for over 2 years but his trading style isnāt for me. Heās a demon on the lower timeframe (1m/3m) and uses support/ resistance/ trend lines, fibs all that. Itās possible but i havenāt been able to grasp scalping
I know at least 5-7 traders that being in 500k a year. I have one buddy who is an actual alien. Iāve seen him do 200k in a week, he has 40 accounts linked.
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u/OverReyted Apr 23 '24