Mahnken
Well-Known Member
Those WSB guys are morons, haha. But I guess they're entertaining. It's not about being smarter than wall street, it's about following the money. And most importantly, having good risk management.
Biggest crash in stock market history?
- Thread starter Dave Taylor
- Start date
JerseyPete
Well-Known Member
Quants are all catching up to each other and making their own ASIC's and software to trade faster. Taking an advantage of latency has been a key with some keeping an edge.
I worked for this guy:
Although I was in the research group, many talked about how money was made and how most at the top will always stay at the top. Jeff Bezos worked for him prior to starting Amazon.
Mahnken
Well-Known Member
@rick81721 's beloved NVAX may have a good day today.
Dave Taylor
Rex kwan Do
I think the markets have changed drastically. There is a new generation of traders that do very well. It's not like in the old times. You have to be nimble and quick. Some of these guys use many indicators and when they make money they make it fast. As with any investor, some of them are going to blow up their accounts. But this new type of market takes a special type of trader to navigate it. A lot of these younger guys have systems that work and they may make 20% in one or two trades. All you really have to do is make 20% every couple weeks and you're going to be set.
Cassinonorth
Well-Known Member
Wow, 20%??? They must be using super computers!
Standing on the shoulders of an incredible bull run doesn't make you a good trader.
Dave Taylor
Rex kwan Do
I said in one or two trades smart guy. Not yearly.
Mahnken
Well-Known Member
That's 20% in a year. @Dave Taylor is talking about 20% in a much shorter timeframe. My best trade was around 150% in about 15 minutes. But I'm learning, and will probably just about break even for the year, lol. Was up over 50% at one point, but I have a lot of bad habits I need to break. The psychological part for me has been the hardest to control for me. If I stuck to my rules and didn't make stupid gambles (I know I'm making bad decisions before I make them), I'd be up over 100% for the year.
But the majority of day traders eventually lose.
If You're Day Trading, You Will Probably Lose Money: Here's Why
Day trading has become a popular hobby in the past year as investors around the world were faced with economic shutdowns and social distancing measures.
markets.businessinsider.com
Dave Taylor
Rex kwan Do
Yes, this has always been the case and always will be the case. That number will probably climb higher as you see this next generation of gamble traders wasting accounts with 0DTE options trades. I have made a lot of my stupid mistakes in the past. It took me 10 years to figure the a system that works for myself. I have a couple IRAs and a pension that I don't generally mess with. In my trade accounts I like to trade short expiration options on highly liquid ETFs or large cap stocks. It's very rare that I own shares in my trade account.But the majority of day traders eventually lose.
If You're Day Trading, You Will Probably Lose Money: Here's Why
Day trading has become a popular hobby in the past year as investors around the world were faced with economic shutdowns and social distancing measures.
Cassinonorth
Well-Known Member
There are people who visit casinos and walk out millionaires too. Survivorship bias makes it appealing to day trade. Those are not typical or even smart trades.
Yeah, like day trading lol. You lost 20% on your money by not sticking it in a mutual fund and forgetting about it.
Dave Taylor
Rex kwan Do
It would definitely be a better idea to put your money into Lehman Brothers, Bear Stearns, Best buy or Hertz rentals I guess.
Mahnken
Well-Known Member
This is my play account so that I can learn what I'm doing. All my retirement and long term accounts, I doon't touch. And technically, this account is up 200% since I opened it at the beginning of 2019. I started playing with day/swing trades in April, so that's where I'm basing my starting point from, and I'm up a little less than 10% from that point. If I blow this account up, I'll stick to long term. But for now, this account is basically bought and paid for, and I'm just learning.
Cassinonorth
Well-Known Member
Good lord.
Mahnken
Well-Known Member
The indexes are only getting held up by a few names right now. It's been a stealth correction with most of the market down this year. Could rally from here, but I think those leading stocks are going to get their turn as well and we'll see a good 20% decline in the indexes soon. I'd like it to be sooner rather than later. Get back to good money making setups instead of the chop the market has given the last few months.
Cassinonorth
Well-Known Member
Hope so. I still have 20ish years til I retire, could use a nice sale. One more paycheck and I'll have maxed both my 401k and Roth IRA this year. Another year or two and I could not contribute another dollar and retire at 65 with no issue.
Feels pretty damn good.
terrabike01
Well-Known Member
Buy the dips and sell the rips has always worked.
Never let a winner turn into a loser and cut your losses quickly.
Most traders don't cut their losses quickly and watch whatever they are trading vaporize.
Never let a winner turn into a loser and cut your losses quickly.
Most traders don't cut their losses quickly and watch whatever they are trading vaporize.
Dave Taylor
Rex kwan Do
Sell the rips.Buy the dips and sell the rips has always worked.
Never let a winner turn into a loser and cut your losses quickly.
Most traders don't cut their losses quickly and watch whatever they are trading vaporize.
JerseyPete
Well-Known Member
Bonnie McMurray...
terrabike01
Well-Known Member
You mean buy the dips? Like now? LOL The rip was 3 weeks ago. Everyone should have been selling then at the double top..