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quarter MOA visionary |
My friend has decided to go into day trading. He has a "mentor", read a book, and a desire to get rich. Not that I don't think he shouldn't try I wonder if this is really that easy. His mentor is paying him a salary for six months to do fake paper trading. He must do it for five days a week 8:45~2:50 > for six months. THEN if he looks like he has it then he gets to use the mentors money which he will receive a fraction of any profit (don't know if he will be responsible for losses). After one year he is on his own. He doesn't think it is all that hard albeit there is an obvious learning curve. Anyone do it, like it, got rich from this out there? Something tells me this is not a slam dunk and more risk than is on the surface.  | ||
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| Ammoholic |
Interesting situation paying him a salary to do paper trades for six months. A lot of risk for the mentor. What happens if he gets hit by a bus in the middle of month six? Does the mentor just eat the loss? | |||
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Tinker Sailor Soldier Pie |
I know a guy, worked with him on ships in fact, who decided he was going to get rich day trading. He ended up losing every last cent he had as well as his mother's house. I should add that this guy is one of the biggest idiots I've ever met, so there's that. ~Alan Acta Non Verba NRA Life Member (Patron) God, Family, Guns, Country Men will fight and die to protect women... because women protect everything else. ~Andrew Klavan | |||
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| Member |
For every success story in day-trading, there are probably a dozen hard luck stories. Good friend of mine has been determined to beat the system - in and out of day trading for the past 7-8 years. He claims he is up about 100K overall. I said "great" - but you haven't had a legit job in almost a decade !! | |||
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| quarter MOA visionary |
I don't know the details of his deal, if there are any catches only what he said. It would seem the mentor is assuming some initial risk or at least expenses up front which does make me wonder why he wouldn't insist the "mentee" put some skin in the game first.  | |||
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| Green grass and high tides  |
Really bad idea. If he is a true friend be prepared for how it might/will affect your friendship. "Practice like you want to play in the game" | |||
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Member |
I had a client who considered himself a sophisticated trader. He inherited a bunch of cash and now had nearly $1 million to play with. It didn’t take him long to loose it all. I felt sorry for him as he was a good guy. I'm sorry if I hurt you feelings when I called you stupid - I thought you already knew - Unknown ................................... When you have no future, you live in the past. " Sycamore Row" by John Grisham | |||
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Excitable Boy |
I've been studying it on my own and trying it on a small scale part-time for about a year. I enjoy learning about it and if I can prove to be consistently profitable it is something I would like to do in retirement. People are lured into it by the possibility of easy riches. It's not nearly as easy as it looks on the surface. It's amazingly easy to lose money. It can also be quite stressful. I'm guessing that at least 90% of those that try it do fail. I've never heard of such a mentorship. I do wish I had someone that I could just watch and learn from. I opened a Robinhood free brokerage account 6 months ago funded with $1000 that I could afford to lose. The value of that account today stands at $900. I won't admit defeat until it is mostly gone. Time will tell... China is Asshoe | |||
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| 186,000 miles per second. It's the law. |
Very bad idea. He will fail at it 99.99% odds. Paper trading has very low correlation with real money success. With today's HFT machines out there, day traders do not have the edge they did in the 90s. You may hit one or two good trades, but over time you will not succeed imo. Swing trading over cycles gives a much better chance for success. Also, we are near the end of a 10 year bull market and trading in a bear market is much harder. | |||
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Member |
Interested in what literature you studied; study materials in general?
I was looking more for documentation identifying how to handle the short term gain/loss if dealing with similar equities versus dissimilar equities. Taxes and tax implications.This message has been edited. Last edited by: craigcpa, ========================================== Just my 2¢ ____________________________ Clowns to the left of me, Jokers to the right ♫♫♫ | |||
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| 186,000 miles per second. It's the law. |
Jeff Cooper is legendary. I studied him in the 90s and he is the best of the best. Good luck. https://www.amazon.com/Intra-D...-ebook/dp/B009K92D4I | |||
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| Excitable Boy |
My "literature" has been simply free on-line resources. I started with Stocktwits, OMG, LOL. I learned some hard lessons about "pump and dumps" there. It is good for alerting you to what is being watched each day though. There are tons of Youtube videos regarding chart reading and technical analysis. I read every relevant blog and article that I can in my spare time. Finviz is a good free resource for news. Most beneficial for me has been lurking on a certain chat room with some folks that really know their stuff and are willing to teach newbies occasionally. There is a wealth of training materials linked there also. I've tried to send a link to friends before and it never seems to work for some reason. Seems the link changes when once it shakes hands with your PC? I've lost the original link that I used to find it. Not sure if it is kosher to try to link it here but if you like I will try to email it to you. China is Asshoe | |||
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| Big Stack |
This is where JAllen would have been handy. | |||
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| quarter MOA visionary |
I would say there is some advantage in learning the process but obviously no guarantee. I would imagine that computers (HFT machines if that is the same) would have already figured this out by now? | |||
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A Grateful American |
I'm gonna put all my money on the basket, spin that wheel! "the meaning of life, is to give life meaning" ✡ Ani Yehudi אני יהודי Le'olam lo shuv לעולם לא שוב! | |||
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| Member |
I would much rather follow the Buffett / Munger method of buying shares of great businesses at fair prices and letting them continue to make money. | |||
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| Leave the gun. Take the cannoli. |
Well said. Can you beat the computers? | |||
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| Leave the gun. Take the cannoli. |
More good advice | |||
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Member |
A friend was a day trader on margins in the 1990s. He became a multimillionaire and then was broke in 2000. I tried day trading in individual stocks for awhile. It is too much work for the reward. I got up a 5:00 am to study the market which opens at 6:30 am here. I never used margins. I traded until the local 1:00 pm closing. Then I moved to a brokerage that allowed premarket and after market trading. After a couple of years, I realized I was averaging what the market averaged or slightly better. Now, my funds are invested in ETFs that follow the S&P 500, NASDAQ, and Russel indexes. Once or twice a year, I rebalance. I make about the same with much less work. U.S. Army, Retired | |||
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| Ignored facts still exist |
wait, what? Someone is paying him to do what? Why would any "mentor" do this? . | |||
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