Million Dollar Traders

[Wd40]

https://www.youtube.com/watch?v=v6ciY8u04Kk

A reality show on trading. JR8 you are going to love this

[ohmz52]

Thanks. Gonna watch this later, looks good.
I want to be a trader.

[Wd40]

Ohmz52, I am not sure if that video series will teach you trading, but you will definitely love it if you like what trading is all about

I watched the 3 videos(1 hr each) continuously and loved it.

This morning, I am watching another interview series by the same guy, who is the manager of the team, in the reality show, guiding university students on what trading is about.

https://www.youtube.com/watch?v=9h3lByx59ns

Its nice.

[ohmz52]

Looks good.

Thanks for the heads up!

[Beeroclock]

Thanks. Gonna watch this later, looks good.
I want to be a trader.

why do you want to be a trader ? I think I can guess the obvious reason, but just curious to check if anything different

[Beeroclock]

Thanks wd40 I got around to watching it, interesting. A sober warning for those wanting to day trade their way to millions. I didn't think it reflects well on the hedge fund industry, like a form of glorified gambling. Shame on the pension fund managers who invest retiree's hard earned savings into shops like these.

I do sometimes wonder when and how the financial (and lately IT) sectors came to rule the world. How a company like Apple can be worth more than exxonmobil; where will the next Albert Einstein come from when the best and brightest all want to be traders and investment bankers; how can these guys earn 10's or 100's times more (for what, being market efficiency instruments) than say teachers and nurses (who make educate future generations and care for the sick). Sorry for the socialist rant, I should be old enough now to know the world's not a fair place ....

Ohmz52, still keen to be a trader after watching this ?

[ohmz52]

Thanks wd40 I got around to watching it, interesting. A sober warning for those wanting to day trade their way to millions. I didn't think it reflects well on the hedge fund industry, like a form of glorified gambling. Shame on the pension fund managers who invest retiree's hard earned savings into shops like these.

I do sometimes wonder when and how the financial (and lately IT) sectors came to rule the world. How a company like Apple can be worth more than exxonmobil; where will the next Albert Einstein come from when the best and brightest all want to be traders and investment bankers; how can these guys earn 10's or 100's times more (for what, being market efficiency instruments) than say teachers and nurses (who make educate future generations and care for the sick). Sorry for the socialist rant, I should be old enough now to know the world's not a fair place ....

Ohmz52, still keen to be a trader after watching this ?

Yes, even more so

[Wd40]

I love financial markets and have done day trading and lost quite a lot of money I was bit like the retired IBM engineer from the show Whatever trade I do, goes in the opposite direction. I stopped day trading, but every now and then I do give it try and when I make money it gives me more confidence and then I trade more and then stop after losing money again. I still love markets and always keep in touch with whats happening. But now most of my investments are into unit trusts/mutual funds and not direct stocks or futures.

[Beeroclock]

Day trading is very tough. What most people won't tell you, the failure rate is at least 90 or maybe 95% in the first 6 months. This documentary was quite useful at revealing some of the pitfalls/failure mechanisms. I reckon 1-2 of the 8 people had a genuine passion for financial markets and trading as in your case, but the majority 6-7 are really just there to make money as a means to an end.

The manager/trainer guy who retired rich at 27 and is now 29... you have to give him credit for this achievement but he also looks to me more like a 40 year old, so I also wonder, at what cost? He also managed to time his career almost perfectly with one of the biggest equity bull runs from 2003 to 2008.... Handy to have a tailwind.

A relatively easier (but still difficult) place to start would be position trading over a 2-8 week timeframe. And if successful at that, then try to move into the more difficult world of day trading. But many people in their eagerness to get rich quick attempt to day trade from the get go, and it's like lambs to the slaughter.

[JR8]

https://www.youtube.com/watch?v=v6ciY8u04Kk
A reality show on trading. JR8 you are going to love this

Thanks WD, and indeed I did (sorry for late reply, been away).

I think the false dichotomy here is that trading (as opposed to investing) is something you can learn or be taught. I completely disagree with that, I think of it as a trait/knack/skill/instinct that you either have or don't.

It took me a few years to realise and accept that I didn't, and then shift my goal-posts accordingly [It was super fun trying during that time though, and it didn't matter much how useless I was as I was very young].

That TV show plays to the old saw that 'Anyone can be a successful trader'. And yet, as you see, most if not all spectacularly fail...

[ohmz52]

Trait it is I think. But then again one cant be a complete dummy

[JR8]

Trait it is I think. But then again one cant be a complete dummy

I don't know how to define it. And schools don't offer exams in it via which you can 'qualify' and show a certificate. It is ironic that several of the best traders I knew were without qualifications, even the most basic ones (O levels). But it was a mix, from (amongst my group), a Park Lane hotel car-jockey to a post-doctoral nuclear physicist. I don't recall anyone being in any way 'qualified to be a trader'.

Too right they aren't dummies. But there seems no metric for what they have, beyond the statement products that they spend their wealth on.