“All I want to be is a day-trader.” … Why do so many people feel that way?
When I first found short-term trading, before the internet and before the term day-trader was invented, I was hooked. I was on my way to a PhD and said “skip that”. So… I have no room to talk when I ask the question with maybe a hint of perjorativeness…. but then again maybe I do.
Back then, in 1993 – 1994, it wasn’t easy to be a short-term trader. I mean very few people had access to quotes or commission rates that would make it remotely possible. Hardly anyone outside of the neighborhood of LaSalle and VanBuren in Chicago even remotely knew what I was talking about. Almost everyone I was trading with had been on the floor of the exchange. In fact, that was really the only way into any kind of short term trading for a living. It was a small and relatively privileged group.
Enter the internet and brokers and traders who want to make some money off of teaching other people supposedly how to trade and now way too many people say “All I want to be is a day-trader”.
It isn’t for the money. The vast majority lose. So what is it?
I believe I know the answer – and it isn’t the lip-service ideas about gambling or thrill. It might be not having a boss or employees but I think it goes deeper than that… What do you think?
Tags: day-trading
I checked my sent mail and I did indeed write that exact quote to Denise on Jul 1, so I’ll respond too. I spent almost a year learning to trade in 2009. Not working, just trading in the early morning (I live in California), surfing in the afternoon and spending the evenings with friends and family. It was the best time of my life, I’d never been happier. I could not sustain it and I had to go back to a desk job. That was difficult after experiencing so much freedom but I’m going to try again next year. It’s after all “all I want”. Most of all I’m enjoying the process. I love waking up every morning and trying to figure the great puzzle out.
I checked my sent mail and I did indeed write that exact quote to Denise on Jul 1, so I’ll respond too. I spent almost a year learning to trade in 2009. Not working, just trading in the early morning (I live in California), surfing in the afternoon and spending the evenings with friends and family. It was the best time of my life, I’d never been happier. I could not sustain it and I had to go back to a desk job. That was difficult after experiencing so much freedom but I’m going to try again next year. It’s “all I want”… Am I really just to feel accepted and loved like Tarigal says? Then I’m gI checked my sent mail and I did indeed write that exact quote to Denise on Jul 1, so I’ll respond too. I spent almost a year learning to trade in 2009. Not working, just trading in the early morning (I live in California), surfing in the afternoon and spending the evenings with friends and family. It was the best time of my life, I’d never been happier. I could not sustain it and I had to go back to a desk job. That was difficult after experiencing so much freedom but I’m going to try again next year. It’s after all “all I want”. Most of all I’m enjoying the process. I love waking up every morning and trying to figure the great puzzle out.oing to have a BIG problem because there is a lot of acceptance and love in my life already. If that’s not doing it, nothing will and I will get very, very depressed if I finally make it a as day trader and am still not satafied, with the freedom and the love and acceptance… On the other hand I’m thuroowly enjoying the proccess.
I can only speak for myself, so here goes. I have been trading since early 1980′s (one of the first to use Velocity) and gave up on buy and hold (fundementals) when I would see my account go up and down by thousands in repeating patterns. Started swing tadeing in the mid 80′s and tried daytrading (on vaction days) when real time quotes becoame available in the late 90′s.
For me it has become a vehicle that I can use to spend time with my family. I resigned a 30 year career in july 2007, making it all the way to senior exec management (working 70-80 hours a week) to daytrade. My 12 year old daughter and I were strangers and I said it isn’t worth it. You only get one chance with your kids, not to mention how things were with the spouse. I don’t have employees, budgets, deadlines and bosses to worry about any more, at the end of the day I look in the mirror as a performance apprasial. Things are a 1000% better around the house and my daughter and I are becoming good friends. My dad was self employeed all of his life and I think I finally realized that what I wanted too.
This is my second go around with trading full time (trying to make a living), the first time lasted for 9 months and I paid my tution. This time I have focused much more on the psychology and it has made all of the difference, those of us who have decided to have a realtionship with tradersphysches are lucky to have DS help us. It is not easy, that is why 95% fail, which DS has reminded us of frequently. But it is a mind thing, not a system thing. In case I haven’t said it before, thanks DS.
Traderpsyches, enjoy your posts and examination of why one does what they do in their investment habits.
I have bought stocks since ’73…have seen and done much. Until about five years ago I was a fundamental investor. That all changed with the crash in ’08-09…Have learned much from the regulars on Stocktwits and several other sites using technical analysis…
I only daytrade when I have a profit…I do not like to hold overnight though I have a core position in quality equities that I tweek from time to time. I have substantial investment resources, no debt, but do not like the fact I am living off of principal with the returns on treasuries being so low…If there is any additional feedback I can provide, I am @ your service! Thanks
You are welcome – thanks for the VERY insightful comment!
Thanks! by the way, its Lucas T. from Facebook. Just started following you on twitter today, good stuff!
I think you are on to something there Tarigal!
I think the reason people say “all I want to be is a day-trader” is that they have assigned the market some kind of authority or “giver” role. In other words, they see “becoming a day trader” as living in an environment where they can freely express themselves, and be rewarded for it. To explain that a bit better, it is as if all the rejection and betrayal they have felt in their life when they expressed themselves has a chance to be addressed if they…can…just…become…a day trader! So if I were to rephrase “All I want to be is a day-trader,” I would put it as “All I want is to feel accepted and loved,” or some variation on that.