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Day trading advice, page-3

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ammie

10,855 Posts.

565

11/09/23

20:15

Post #: 69816985
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Originally posted by Veritas2000: ↑

That is such a broad question as so may factors come into play...such as but not limited to;
What do you think day trading involves and what skill sets are necessary?
Do you have another source of income to sustain you until, you perchance become profitable, if indeed you do!
Have you factored in tax implications given that the short-term profits made by share traders are not considered to be capital gains but are instead considered to be business profits of that person's share trading business and as such, those profits are subject to Australia's ordinary income tax rules.
Have you factored in that you will need to apply for an ABN.
Is it worth day trading in Australia - Yes, day traders can make money by accumulating small and frequent gains. Their net profit varies based on available capital, trading strategy, and risk management plan.

Key statistics and facts around day tradings
1 Day traders lost a fantastic $1.14 billion during the pandemic.
2 A whopping 97% of day traders lose money in less than a year.
3 A staggering 77% of eToro traders that use CFDs lose money.An incredible 85% of day traders quit within three years.
4 Profitable traders account for 12% of all-day trading activities.
5 A day trader's average return rate is 10%.
6 There are 9.6 million traders around the globe.
7 Day traders in the US make around $56.2 an hour.
8 Sixty percent of day traders are over 40 years old.

these links may be of some interest

https://www.motiontrader.com.au/resources/investment-insights/how-to-become-a-full-time-trader/

https://www.datasciencesociety.net/what-proportion-of-day-traders-find-themselves-profitable/

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It reminds me of the saying: Day trading is easy. It's like riding a bike. Except that the bike is on fire, you're on fire, the world is on fire and you're in hell.

And now my good friend google tells me that it a common saying which has been applied to pretty much everything.
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