Daytraders After Market Lounge 24th November

Originally posted by Msir ↑

Ask and ye shall receive

Got my mojo back on today
CXO is what I am talkin bout!! Beuty of a trade today from 8 to 9c for me.
There were opportunities in RMX, NTI and GPP but I didnt take them...too busy with work.

Does anyone on here ever wonder how much some of our respected posters make in a financial year??? It is a question that has always been in the back of my mind....but a question that is obviously difficult to answer. I have always thought to myself if people are on here day trading all day 365 days a year then they must make around 200k+++ for it to be worth it?

Hmmm should be a good topic to discuss tonight.

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Hi folks (and Dooley),

4 of my tiddlers went down today. See what happens tomorrow ...

Hi @Msir

OK, I'll bite.
So, let's do some maths ...
First thing, trading 365 days is tricky, so let's call it 250 days or so, including some holidays when the market is closed.
So, about $800 profit per day on average, every day for a full year.
Certainly doable and I have little doubt that some of the rock stars on this thread and the STT are doing that, and better.
I suspect the ones that are would never admit to it. Would seems like boasting and probably not their thing.

What I find interesting is your assumption that around $200K p.a. is necessary for full-time trading to be worth it.
According to Dr Google, the average wage in Australia is about $80K p.a.
That wage gets you paid holidays, sick days, time off, super payments made to your nominated account, some social contact with work colleagues (even if you can't stand some of them), and no stress (usually) when you finish for the day.

Full-time trading gets you no paid holidays, no sickies, no super payments, no social contact (usually) whilst you are trading and the probability that you are thinking about trading 24/7.

It is such a First World thing, this never-ending quest for more money. Is there such a thing as enough? Most traders go broke, I think that's commonly understood. I suspect that the one BIG thing which isn't acknowledged enough is that the people who are the gun traders have spent years and years and years learning their craft. I have huge respect for these people, whilst at the same time realizing that I will never be one of them. I'm not interested enough to spend that time/effort in front of charts/screens to acquire those skills.

$200K p.a. profit? I reckon anyone expecting those sort of returns is putting some huge pressure on themselves. You'd need quite a cash stash to support that level of trading plus enough cash to pay the bills in the meantime. I'd be interested to know what @tradesurfer might have to say about this - he's been doing this for some time, plus works hard to maintain a balanced lifestyle (and likes punching things too ).

It's a great topic