Any day traders in the forum?

[ludmila]

Over how long a period of time? And I know people who lost 50-100k a day doing it too. Proprietary trading for a financial firm is a job. Not a gambling job at all. But to think that you can beat a Fortune 500 financial company's multi-million dollar HFT algorithm on your desktop is a bit delusional. If it was so easy the big companies would be all over it, and they are, at your expense.

I get it. In the short term there is money to be made. With prudence and a system there is money to be made as well. But what was written in this thread about emotional trading and learning to control emotions and acceptable loss percentages etc. thats downright scary.

You have a VERY good point. I have been trading for a very long time, and I trained with one of the best traders ever who was one interviewed in the New Market Wizards, a few years ago I broke one of my rules by getting stubborn and not covering my short position in crude oil with a small loss, I was short 1 contract only and had a loss of $2000, instead of sticking to my stop loss and covering with a loss of $2000 I started adding to my short position on every little move higher, till without being aware of what I was doing , I ended up short over 20 contracts and the market kept going higher till it reached my pain point and I had to cover with over a $100000 loss, all in one day and it wiped out a whole year's profits of day trading. My point is we all can read about emotional discipline and sticking to the rules, but one bad day, one bad trade can wipe you out.
I have never repeated this mistake, I have my set of rules on a small sheet of paper taped to one of my screens, I follow it blindly after learning from my mistake, and I have not had a losing month for over 5 years, but most of my trades last days to weeks, I do not do much day trading.

[aygart]

If it ends with someone having information they didnt have before it is not pointless. And they thread is titled Any day traders in the forum. I was one. Now I get to ask the question, why the hate?

I think this is what you are referring to

This is the message he supposedly sent to all his people (victims?)

1/20/2018
What are we doing to restructure. ?
we already cut expenses wherever we were able to and are working with a skeletal crew. We cut back on staff and  inventory and negotiated with any vendors and services we were able to negotiate with
Are we getting a large loan to consolidate. ?
we are working on a bank loan as well as discussing the options with a debt consolidation expert. As soon as we have more insight we will share
Where did the money go and where is it now?
Where did the $4M dollars over the last 6-10 months go?
At the beginning the money was to help us get through a couple of bad investment deals. In later months the money was just to repay itself
What is the payment plan?
We are actively working on formulating a plan with our accountant. He is helping us work on applying for loans and we will iyh put together a loan repayment plan as soon as possible
Will I get paid back every cent of my principal. If yes,  approximately how long?
Yes, we plan to pay back every penny we borrowed. Our intent was never to borrow and not pay back; it still isn’t.  We are just asking for some time to figure out how and when we can pay it back
What about interest charges. ?
At this point I can not commit to the interest, however if the company profits allow it I defiantly will pay it back 
When did we find out things were bad?
things were looking better but once we did an in depth company financial analysis we realized that they really weren't.  We discussed different options with our accountant but weren't able to get financing fast enough to help get out of trouble
What changed overnight?
we could not make payments on bills anymore our account was overdrawn for a few days with no end in sight
Am I or my staff taking a pay cut to pay it offer faster?
Yes I defiantly will be taking a pay cut and i already cut all non-essential staff and expenses to try to avoid this. At this point, short of going out of business, there is no more room for cuts
What is the plan of action to restructure. ?
we already restructured as much as we could by cutting staff, consolidating into smaller offices, renegotiating service contracts... this was all done in an effort to try to avoid getting into the position were in today
Are we bringing any professional help in or getting new management?
we are talking to professionals to see what our options are and what the best course of action should be. No final decision has been made yet
Will we cut employees and outsource some work to become profitable. ?
as much as possible, this has already been done
Was there negligence or batloshinkeit?
no, there was no outright negligence ,just poor business choices and investments 
Who is getting paid back first? Will it be proportionate?
I don’t have a preference who gets paid back first and I’m open for any reasonable suggestions 
Why did we swipe cards on Wednesday? Where is that money and shouldn't it be used to pay people back?
on Wednesday we did not yet know that we wouldn't be able to continue to make payments.  As soon as we realized we immediately stopped swiping
What would each person get it we liquidated today. ?
Much less then what’s owed 
What will happen if we dispute as unauthorized?
It’s a risk you’d be taking since theres been a pattern of swiping and repayment, however I cant blame you for trying 
What about as goods/services not received?
I really don't know. Considering that there is a past history of having swiped with the company and paid I am not sure what ramifications there will be if disputed now. The credit card companies can see that there was a past relationship. Also, disputes en masse may trigger an investigation both into our companies and the individual cardholders
we are talking with an expert who deals with situations like this and are trying to get information to help us all get out this as quickly and painlessly as possible. We are asking everyone to please give us a few days to work through some things internally and we promise to get back to everyone with more concrete plans and solutions.
I’d like to end this letter with a heart full apology and I want everyone of you to know that i never intended to hurt anyone and am very sorry to have gotten you in this position. i know it's not much right now but we are doing our best to try to resolve this and not do more harm then humanly possible.
G**** N****** 646*******

[yesitsme]

whats with the latest bad investment/investor?

[gozalim]

I think this is what you are referring to

I think you meant another thread

[ludmila]

I think you meant another thread

+1 Do not swipe for others thread----

[aygart]

I think you meant another thread

+1 Do not swipe for others thread----

You think that I inadvertently copied from that thread?

Where did the money go and where is it now?
Where did the $4M dollars over the last 6-10 months go?
At the beginning the money was to help us get through a couple of bad investment deals. In later months the money was just to repay itself

[ludmila]

You think that I inadvertently copied from that thread?

Where did the money go and where is it now?
Where did the $4M dollars over the last 6-10 months go?
At the beginning the money was to help us get through a couple of bad investment deals. In later months the money was just to repay itself

Got it

[hvaces42]

I think this is what you are referring to

I wasnt but wow!!!

[YesThatsMe]

It wasn't day trading, it was an E-commerce biz.

[aygart]

I wasnt but wow!!!

I didn't mean that you were referring to this case specifically.

It wasn't day trading, it was an E-commerce biz.

I see.

I think @hvaces42 point is that this is a dangerous game and very easy to slip into destructive habits.

[hvaces42]

We can go on and on with this discussion, and it will never end, we are all aware of your position on this topic.

Can we please leave this thread on topic for those who decide they still want to do it, instead of pointless arguments?

I think @hvaces42 point is that this is a dangerous game and very easy to slip into destructive habits.

I thought what i said was pointless... 

[aygart]

I thought what i said was pointless... 

I guess saying things to those who are not ready to hear is pointless even if it has a very good point.

[hvaces42]

I guess saying things to those who are not ready to hear is pointless even if it has a very good point.

First rule of speaking...make sure you have a listener.

[12HRS]

First rule of speaking...make sure you have a listener.

as crazy as it sounds... it reinforces my desire to stay away and I am well aware it would be destructive for me.

[ludmila]

I didn't mean that you were referring to this case specifically.I see.

I think @hvaces42 point is that this is a dangerous game and very easy to slip into destructive habits.

destructive habits,is the real danger, also our ego plays a part , most people will enter a trade and if it goes against them, instead of taking a small loss, the ego comes into play, they do not want to admit or believe that their judgement was wrong, so instead of taking the first small loss, they either freeze and do nothing or start adding to the losing trade by buying more at lower prices, sometimes they are lucky and the price bounces back, but all it takes is one trade where prices keep on falling and that day trade suddenly became a losing long term investment .

[hvaces42]

destructive habits,is the real danger, also our ego plays a part , most people will enter a trade and if it goes against them, instead of taking a small loss, the ego comes into play, they do not want to admit or believe that their judgement was wrong, so instead of taking the first small loss, they either freeze and do nothing or start adding to the losing trade by buying more at lower prices, sometimes they are lucky and the price bounces back, but all it takes is one trade where prices keep on falling and that day trade suddenly became a losing long term investment .

E.G.O. = Easing G-d Out

[Boruch Parnes]

WOW!!  CRAZY!!