VP trading diary

[frugal]

Hi,

I will open a new account for swingtrading or daytrading.

I will keep here a trading journal.

Regards.

[Ad Orientem]

[MediumTex]

Icarus taxis down the runway.

[Alanw]

Icarus taxis down the runway.

Let's hope it's a cloudy day.

[Pointedstick]

Icarus taxis down the runway.

Let's hope it's a cloudy day.

And that his first investments are in some Gorilla Glue.

[frugal]

You all mean that I will lose on that account , right?

It is difficult but possible.

(it is a very small % of my VP )

[MediumTex]

You all mean that I will lose on that account , right?

It is difficult but possible.

(it is a very small % of my VP )

Consistent profits through active trading is hard.  That's all we're saying.

[frugal]

You all mean that I will lose on that account , right?

It is difficult but possible.

(it is a very small % of my VP )

Consistent profits through active trading is hard.  That's all we're saying.

How many thousands, if not millions exist in the world living from trading everyday?

Is there any number?

[MediumTex]

You all mean that I will lose on that account , right?

It is difficult but possible.

(it is a very small % of my VP )

Consistent profits through active trading is hard.  That's all we're saying.

How many thousands, if not millions exist in the world living from trading everyday?

Is there any number?

Probably 5% or less of those who try it.

[ozzy]

Before anyone embarks on speculative trading they should read Harry Browne’s book "Why the Best-laid Investment Plans Usually Go Wrong".  It will sober you up.

Browne said on one of his radio shows that it was his worst selling book, yet the one he enjoyed writing the most. 

I love the book.  Browne spends the first half ripping apart of every aspect of speculative trading.

Anyway, nothing wrong with a little speculation with money you can afford to lose.  Good luck.

[frugal]

Before anyone embarks on speculative trading they should read Harry Browne’s book "Why the Best-laid Investment Plans Usually Go Wrong".  It will sober you up.

Browne said on one of his radio shows that it was his worst selling book, yet the one he enjoyed writing the most. 

I love the book.  Browne spends the first half ripping apart of every aspect of speculative trading.

Anyway, nothing wrong with a little speculation with money you can afford to lose.  Good luck.

I'll add it to my list.

My question remains the same: if there are thousands of successful daytraders all over the world, why you cannot be one?




rgds

[Pointedstick]

My question remains the same: if there are thousands of successful daytraders all over the world, why you cannot be one?

I would say that you can't be a successful daytrader without being able to think like a successful daytrader, without being able to accept the unique stresses and life trajectory of a successful daytrader, and without having a good deal of luck.

Luck can't be directly controlled, but the others can. Have you studied what distinguishes successful daytraders from unsuccessful ones? If not, you probably face the likelihood of winding up in the latter group.

[dualstow]

No offense, frugal, but you don't seem like the type.
With all the questions you ask about the pp, I took you for a very cautious and careful investor (and maybe you are).
Daytrading, by definition, doesn't leave time for caution. It takes daring and, frankly, chutzpah.
I hope you change your mind about this, but if you decide to do it, I wish you the best. Make some escudos!
Market was wild today, btw.

[frugal]

Well,

that's an old dream, maybe you are right but I think I will try.

Paper trading is not the same, so I have to put some money on the table...

[Mdraf]

If your office looks like this you may have a chance at day trading

[Ad Orientem]

Make sure you know and are obeying the rules for gambling / speculative investing.

* Never gamble with money you can't afford to lose.
* Never take money from your permanent portfolio or any other designated financial reserve to cover gambling losses.
* Never gamble if you don't know how the game is played. Remember you will be playing against the big boys and their pockets are A LOT deeper than yours. And these guys are not gentlemen. They don't cut any slack for beginners.
* NEVER EVER gamble on margin.

Beyond that, knock yourself out.

P.S. Have you considered maybe a trip to Vegas or Atlantic City? Honestly your odds are probably better and you will likely have more fun. Also the food and house entertainment is usually pretty good.

[Mdraf]

Good point Ad but now that I think about it I dabbled in day trading for about a year and I lost less money than the PP did this year.
(Do not attempt at home)

[cnh]

Well,

that's an old dream, maybe you are right but I think I will try.

Paper trading is not the same, so I have to put some money on the table...

Just one question. frugal: How do you feel about VWAP?

[Ad Orientem]

Good point Ad but now that I think about it I dabbled in day trading for about a year and I lost less money than the PP did this year.
(Do not attempt at home)

I once won several hundred dollars playing black jack in the Sands on the Atlantic City boardwalk.

Once...

[Reub]

Good point Ad but now that I think about it I dabbled in day trading for about a year and I lost less money than the PP did this year.
(Do not attempt at home)

I once won several hundred dollars playing black jack in the Sands on the Atlantic City boardwalk.

Once...

That was you?

[Mdraf]

Both blackjack and day trading are entertaining but this is The Year Of Options for me in my VP

[Pointedstick]

Have you placed any trades yet, Frugal?

[frugal]

Make sure you know and are obeying the rules for gambling / speculative investing.

* Never gamble with money you can't afford to lose.
* Never take money from your permanent portfolio or any other designated financial reserve to cover gambling losses.
* Never gamble if you don't know how the game is played. Remember you will be playing against the big boys and their pockets are A LOT deeper than yours. And these guys are not gentlemen. They don't cut any slack for beginners.
* NEVER EVER gamble on margin.

Beyond that, knock yourself out.

P.S. Have considered maybe a trip to Vegas or Atlantic City? Honestly your odds are probably better and you will likely have more fun. Also the food and house entertainment is usually pretty good.

maybe you are right but I think I have to try once more

Well,

that's an old dream, maybe you are right but I think I will try.

Paper trading is not the same, so I have to put some money on the table...

Just one question. frugal: How do you feel about VWAP?

I am very conservative with money

Have you placed any trades yet, Frugal?

not yet, I need preparation
in the past I lost some money
but when alive I will try every 5 years, probably

[Pointedstick]

Have you placed any trades yet, Frugal?

not yet, I need preparation
in the past I lost some money
but when alive I will try every 5 years, probably

You're going to lose money this time, too. The trick is in making more than you lose. 

I am very conservative with money

Then are you sure active trading is something you enjoy? Or are you doing it mostly out of greed--the desire to get rich quickly without much work? If the latter, I must once again caution against it, having recently been reminded in my own life of the folly of doing things purely out of greed.

[Thomas Hoog]

Just an other view
I know 2 day traders:
one (actual a couple) is a very smart economitrist, very discpline. They make a lot of money
two: my brother in law; trading for month and he did well (to my surprise). (he has only three screens)
So it can be done: personally I think it is a zero playing game in which the bank always wins.