Yes it's true. Years ago I used to generate the bulk of my income from trading stocks on a daily and sometimes an hourly basis. My computer monitor was always displaying trades as they happened, and all of the pending bid and ask prices of my favorite trading stocks were prominently indicated.
I didn't care if a company was financially sound or not, as my investments were never long term, usually no longer than 24 hours. All I cared about was volatility, or how much a stock moved during the day.
I watched the "tick" and would "ladder" stocks both up and down, playing long and then selling short following the sine wave of price to the best of my abilities. And I was pretty good at it.
And catastrophic losses were prevented by placing "stop losses" on my equities. My rule was seven and a half percent. If a stock moved in the wrong direction by that margin it was automatically liquidated.
Thousands of dollars were made or lost in hours. And those around me knew not to interrupt me in the last ten minutes before the markets closed. That was the time when I put my investments "to bed" for the night in anticipation of "after market" trading.
Does it sound complicated? Well, after a while it got to me and I had to stop. I was constantly on the edge and eventually decided to give up the trading and concentrate more on my real estate career.
Man, was that a mistake! Day trading was a walk in the park compared to this real estate market!
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Real estate is a unique career. Lots of negotiation, nice commissions and a general public who usually doesn't understand your value:) But if you were a day trader you can take it.
Everything looks easier these days!
Hi Richard:
This is definitely the most stressful work I've ever done!
Adding to the equation is the 7-day work week also...(as opposed to 5 days and having vacation time.) Ahhhhh, the memories!!!
Syreeta...
Yeah, I can take it! Thanks for the comment!
Mel...
Actually, I can't think of anything that is more difficult! Have a great day my friend.
Toula...
Come to think about it ... the market closed at 4 PM every day and did not open on weekends or holidays ... interesting! Thanks as always.
Richard, day trading is a walk in the park! So that's where you got your training to deal with the changing market. I think I'll stick with real estate though. Have a good week!
LOL... I, too, used to trade foreign currencies, spices, and lots of precious metal options. I did allright, but I could forsee ulcers, so I went into a calm stable business. (Real Estate?).
Richard: Can't imagine day trading to be a walk in the park compared to real estate. Seems so iffy and complicated. Oh wait...when you add short sales into the mix, this makes perfect sense. :)
Richard- having never been a day trader or ever wanting to be I can only imagine the stress that business would put upon someone. As for real estate, a walk in the park has never been a part of its makeup no matter what the market. Grant it some are easier than others but its the love of the business that keeps you moving one foot in front of the other and getting through every market. Heres to a great week!!
Michael...
It taught me to roll with the punches, that's for sure! hanks for the comment.
Alan...
Isn't that the way it always goes? You and I are probably responsible for this whole mess! THX
Chris Ann...
Why of course it does! lol and thanks.
Richard - I feel your pain. I have been doing this for 13 years, and it seems like there are more hurdles thrown into our path than ever before.
Talk about out of the frying pan and into the fire. My husband still piddles with trades and makes some decent profits.
Richard, while I too find real estate pretty difficult, I'm not sure if day trading would have continued to be such a walk in the park. I have had some friends really loose quite a bit doing that.
Sounds like jumping from the frying pan into the fire. :)
Richard,
A walk in the park? Awww....think only positive thoughts!
Ann
PS Do you sell in Lilburn?
Richard, I always hear that day traders like gamblers in the end have to stop cause they just lose too much money. Crazy business for sure...
Richard...in today's world I would bet it was. 3-4 yersa go...this was ne of the easiest jobs I had ever had.
I would take Real Estate any day of the week over being a day trader. I wouldn't be able to sleep at night worrying about my investments.
I would not go back to what I did before which was manage a women's retail store. Long hours, mostly on my feet and horrible pay.
Maybe one day this whole mess will calm down and our profession won't be so bad my friend. Until then, let the tension mount.
I'm guessing some of the day traders are saying Real Estate might be easier than what they do.
Richard, are you kidding me? Now that takes nerves of steel, no wonder why you are such an aswesome agent. This has to be a walk in the park for you, LOL.
Richard, my sister is doing some of that right now, and she does have nerves of steel and good insticts. Day trading is not for sissies, but then neither is real estate!
Richard - Thanks for the grins! And here it was you thought you were getting into a "relaxing" profession....