He trades about four or five times a day (he's a second year college student at UvA)J...average time in market is 13 minutes. He only make about $200 a day...after loses and commissions. I'm afraid that even though he is doing okay, it will wear thin, especially if he incurrs a big lost.
2006-11-22 03:51:16 · 5 answers · asked by GeorgeOfFairfaxStation 1 in Business & Finance ➔ Careers & Employment
As a former trader, I view it sort of as poker. You can have pocket aces, but the market can still have the nuts.
No matter how much research you do, there is always situation out of your control. Depending on your son's personality, he either thrives on knowing that he can hit it big or that he's interested in the mechanics of it.
Raising a family with it? Get a degree, and get with a firm. In the long run, the good stock player usually makes out OK. But during this run, he may have losses that adversely affect his family or mental health.
2006-11-22 03:58:24 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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2016-12-24 06:53:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
He is doing okay because he is making 1K a week which is not bad for a college student. Some students don't make that in a week. I know a few traders in the market and they are very well off. If he keeps going with trading he could end up a millionaire if he watches the stock market closely. Encourage him to keep going. If he is in the world of finance the sky is the limit.
2006-11-22 04:14:56 · answer #3 · answered by Medical and Business Information 5 · 0⤊ 0⤋
Until they lost all their money. A few years ago the US Senate conducted a study on day traders. Their report (Appropriately titled: Daytrading, Everyone Gambles But the House) said that they could not find anyone who consistently made money day trading. Eventually, he will lose everything. It's just the way it is. It's like playing blackjack in Vegas. You may win some hands, but eventually the odds are going to catch up with you.
2006-11-25 07:14:08 · answer #4 · answered by Steve B 2 · 0⤊ 0⤋
I guess that a small percentage of day traders are successful by dumb luck or sheer genius.
I recall that Sean Hannity, a famous KABC radio personality, counseled a fan who had been out of work for more than a year, "You've got to get out of this day trading..."
2006-11-22 04:13:37 · answer #5 · answered by George 1 · 0⤊ 0⤋