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originally posted in:TFS The Floods Sanctuary
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4/19/2013 3:54:21 PM
7
7/10 day traders lose money
Multiple sources on these statistics, but I was wondering why is there such a big failure rate in day trading. I been doing a lot of research on it, but I don't see why it can be as risky as investing, because you can keep your positions even if they go down and wait it out, except for futures and such.
I still want to day trade, but I know going to a training program is just a scam so I figure I will learn by myself and from my work experience.
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3 RepliesBut either way, you can't expect to live off of day trading without about a $800,000 or so to start. If you average 15% returns per year - and if you can manage that, believe me you are good at what you do - that only leaves you with $120k pre-tax each year - and since these will be short term gains, you'll be paying ordinary income tax rates. Some years you'll make less than that, some years you'll make more. You have to be disciplined to save when you do well one year to have extra principal in years you are down. You never want to touch that original principal investment for your costs of living.
