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How does day trading work? Is it a good idea?
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message 1:
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Scout
(new)
Feb 12, 2021 09:11PM
After seeing what happened recently in the Stock Market, those are my questions. What do you think?
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I don't do it myself nor intend to, so can't offer anything first hand, but a friend of mine who works with Australian Securities Exchange told me that many trading houses use sophisticated algorithms and software for daily trades and tendencies. Short term - not sure it's much different from gambling. When Gamestop's share went into space, I was sure it was going to crush, but wasn't organized to short it swiftly before it happened :)
A friend of mine made 40K in just a few weeks, because someone tipped him about gamestop share, he put a few hundred bucks and forgot all about it, until it popped up on the news. He immediately closed his position with the handsome profit. Sheer luck he says. And even that doesn't convince me to enter
He was lucky, wasn't he? That sounds too much like when I played black jack in Vegas. No way to know what card would turn up. I came back a winner, but only because I stopped playing while I was ahead, determined not to be a loser. As an aside, our cab driver said that he came to Vegas and eventually put up the deed to his house to keep playing in a Texas Hold'em game, lost, and ended up driving a cab. Pretty sure this was a fabrication to make him seem interesting, though. I do see how one could make a lot of money day trading - and also lose a lot.
Wonder if cab driver is the ultimate gambler's fate, for I too know a ex-diamond dealer, who gambled almost every night 20-40k and whose consequent career move was taxi .
Oh snap! We met gamblers with the same fate :-) My guy's story did stick with me, as I had never gambled before and was worried that I might be a person who would get addicted, as some people take a drink of alcohol and find that they're an alcoholic. I felt I was lucky not to have the gambling gene. Is there a gambling gene, do you think?
Scout wrote: "...Is there a gambling gene, do you think? ..."Wouldn't know, but it's seriously addictive to some, who are somehow convinced they'd be lucky.
