Day Trading !!!

In japan it would be.. overnight evening trading.

I, like many, often ponder just becoming a professional trader and work from home.. or on the beach.. many do it.. many lose their life savings.  Are they skilled or just lucky?

I'd say as someone working in the finance industry, and witnessing many folks smarter and harder working than me lose alot of money that its luck more than skill.   If you are stupid you will lose 93/100 times, but even smart folks lose 41/100 times.

The idea that if you are disciplined and smart and etc that you can consistently make money is questionable.  I watch pro traders daily.. they are mainly doing the same thing.  They buy on a tick down and wait.  Tick back up sell and take a small gain, tick down and drop for a loss.   Its quite stressful because it ticks down,down,down,down... in a blitz at times, then up,up,up,up etc..  very stressful life and no sleep !

I watched JPM tick by tick the last 5 days and went to sleep at 3am, probably slept 3hrs a day as I played the life of a day trader.. each penny tick was worth +/- $120-150 (depending on the day), I saw unrealized gains/losses of $5k wiped out instantly.  In the end, as I tried to visualize and legitimize the idea of a barrier or chart patterns, I really realize its just luck. Get in at the right time and get out at the right time.

I got into LEH years ago at worse possible times and lost it all.
Got into AAPL at a great time, exited at a great time..  pure luck!
Put on JPM at decent time, got out ..  again luck!

Blankfield from Goldman said it best.. I rather be lucky than smart any day.