I know that the Mustachian way clearly is very far away from this and I wouldn’t say I am confident.
What I can confidently say is that you can lose (and win) a lo of money by doing this if you are not careful - but the expected returns of day trading are not 1-2% above market (GoogleAI gives me 10% per week and the person I spoke to said 25% per week).
Most people lose money, the ones that win are all over the place, between sub min wage and a few 100K a year. There are also people who traded up 2K accounts to a few 100K - dismissing those people exist is just as ignorant as believing someone like me can just copy that.
Nevertheless I was interested if anyone here tried something similar or even worked in that field (not unlikely, as those folks may have passive investments and lurk here lol).
AND I am not in the business of burning money - 2K can be a very nice weekly vacation for a family here in Europe. So before I’d do anything I would want to prove profitability over a 6-12 months or so.
Hear hear.
So back to believing in the surreal. I’m seeing it now…
Check how long it takes to own the world with a 10%-a-week-return for a reality check of GoogleAI or maybe there is, yet again, more to the 10% “expected return”.
Either you do not want to learn or you troll, which is it?
There is no use to continue a discussion if you continue to believe in those returns. Or you do a wiggle-back-out-of-it response like last time just to bring it back up a half day later wasting everyone’s time.
And this is not sarcasm or anything. Either you drop it or you try.
If you try just make sure to put up real rules so as not to ruin yourself. Like the 2k once a lifetime rule.
Just give it a try. I’d give a try but (and it’s a big butt), I’d start by saying it’s a game or something like that. I suppose it would be fun. Funnier than the 3k I’ve lost with CRO ( on paper lol).
That image from yahoo finance is from today. If I can get a similar image for next monday that would be nice.
I don’t think you can really scale the 10% (or 25% lol) profit goal indefinitely. AND it wouldn’t even be necessary. Real profitability will be relatively higher in the beginning (to even make your time worth of it) and decline later on. You’ll have volume problems quite quickly for the type of stocks that I’d want to trade. In theory however, there are stocks that gain 50-100%+ almost every day and capturing a tiny amount of that movement (which usually isn’t instant but over a few minutes) is at least mathematically possible.
Now - it’s also mathematically possible that all the atoms of me and my door align right and I can quantum warp through it without opening it - both things are theoretically possible .
Also yes, failed companies (they’re all down 90%+ over the last year) can indeed have hiccups, but there’s probably as many of them who go 50% down. (And if the volume is a multiple of the market cap, it’s probably just a bunch of people doing pump and dumps?)
Well I guess I would define criteria for a) stock selection and b) a trade trigger.
a) would be something like:
shares between x$ and y$ in value
stock is up at least 20% today
volume is x times avg volume
stock has breaking news
etc.
b) I’d try to trade a certain pattern - micro pullback for example. the idea would be to only be in a few seconds or minutes at max - if a stock is rallying up 100% in 1h, capturing just 10% of that is a solid return - but the difficult part is of course doing this in practice, before the chart shows +130% today.
you can trade US stocks for free on Charles Schwab’s Plattform (thinkorswim) - and it’s available for international investors. Fees are not that expensive if you choose a good broker
Tax wise, if I would make more than 100K in a year or so I’d incorporate. But that is very unlikely I guess.
I talked to 2 traders (1 American and 1 Swiss) in person - so no credentials I could hand you over.
The Youtuber I mentioned os Ross Cameron - he has a big YT Channel and sells Tracker tools and courses for trading, but many people mention that you don’t need them and he basically puts everything out for free as well, so I see very little conflict of intrest in his behavior.
He also has audited P/L statements which span a few years. Now I don’t think that it’s realistic to replecate what he is doing, since (according to himself) he’s doing it for like 10+y and also lost tons of money, but there you go.
Tons of people still use money, even the ones buying his (unnecesarry) courses .
I know I shouldn’t take this seriously but if your strategy is to buy a basket of stocks at a given time and sell them at another given time, I would expect it to fail miserably.
I would at least expect the buying and selling signals to be individualised for each stock.
Not saying one should day trade nor that it is a rational decision to go for it but if someone’s going to do it, they should at the very least do it serously. Giving it an unserious try and failing isn’t a data point. It’s irrelevant data, a.k.a. no data.
Of course… Ross is the man, self made millionaire. And he doesn’t actually need his channel to make money (literally posts daily), and his videos aren’t full of ads (I regret to have watche done now) and he doesn’t need to sell courses… Oh wait…
Party pooper.
No seriously, If I have to take my post seriously, I’d tell you that there are algorithms that makes you sell at the end of the trading day, no matter what. So if you for a second believe that my starting point was serious (aka the signals were there), then I have to sell at the end, whatever is the result. This is what I’ve read.
Mit dem Lesen und der Teilnahme an diesem Forum bestätigst du, dass du die Forum-Richtlinien gelesen hast und damit einverstanden bist sowie den Haftungsausschluss auf http://www.mustachianpost.com/de/ akzeptierst.
.
.
