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The taxes on futures trading are much lower than stock trading or wage income due to the section 1256 rule that taxes all futures contracts as 60% LT capital gains and 40% short term.
Fees? 4 dollars a round trip per contract is not excessive.
As far as it being a casino; it is only a casino if you treat it like one. Most traders are not looking to become billionaires, they do it for income. A lot of people made a good living trading at the CBOT as floor traders before the move to electronic trading.
How many of those guys on the floor were day trading and how many were scalping? I'm not sure throwing out one of the most successful energy traders full supports day trading anymore than someone pointing out Buffett for buy and hold
How many of those guys on the floor were day trading and how many were scalping? I'm not sure throwing out one of the most successful energy traders full supports day trading anymore than someone pointing out Buffett for buy and hold
Don asked a specific question; name a trader that made over a billion dollars. I do not know why Don wanted an example. You will have to take that up with him.
As to the scalping vs trading question I have no clue.
Don asked a specific question; name a trader that made over a billion dollars.
I asked for examples of "day traders" that were billionaires. If it is a successful strategy, there should be multiple examples of people who were able to do it on a consistent basis so as to build a fortune.
I asked for examples of "day traders" that were billionaires. If it is a successful strategy, there should be multiple examples of people who were able to do it on a consistent basis so as to build a fortune.
Really? Do doctors or lawyers make good money on a consistent basis? How many of them are billionaires?
I asked for examples of "day traders" that were billionaires. If it is a successful strategy, there should be multiple examples of people who were able to do it on a consistent basis so as to build a fortune.
Yep, if you make less than a million per year by trading you should give it up and get a job at McDonalds.
I get it Don; you don't think trading is worth it. I suggest you refrain from trading.
BTW- "day trading" aka intraday trading is NOT a strategy; it is a time frame.
Most people who become millionaires from stocks are day traders and option traders. If you start out with $10,000 VTI will never make you a millionaire. People need to understand there are multiple techniques when it comes to investing and trading. Real day trading is a very formulative and complicated strategy that is based on technical analysis that is far beyond the average person's comprehension. There is a difference between a real day trader vs a person that buys and sells throughout the day. A real day trader is not a gambler in my opinion, but a person that simply looks at ups and downs and says okay I will buy in the down and sell on the up 4x per day is a gambling man. I tried to learn day trading and it was way to complicated for me, but I don't write it off as bogus just because I can't grasp it.
I asked for examples of "day traders" that were billionaires. If it is a successful strategy, there should be multiple examples of people who were able to do it on a consistent basis so as to build a fortune.
Why does it have to be at the billions level for them to be considered successful?
In general, how many successful people are successful at the billionaire level? Millions, maybe, but billions? Get real.
You are just setting an unrealistically high level to prove your point. Billionaires are total outliers and should not even factor in a conversation about rates of success for the majority of people.
Don asked a specific question; name a trader that made over a billion dollars. I do not know why Don wanted an example. You will have to take that up with him.
As to the scalping vs trading question I have no clue.
To be fair a vast amount of Arnold's wealth came from the fee structure he charged his clients. If I charge you 2% of assets regardless of performance plus 20% of profits that does tilt the scale a bit. He was very successful at energy trading no doubt. Arnold's fee were actually were 3+30
Last edited by Lowexpectations; 10-07-2014 at 01:24 PM..
problem is the premise that there are good day traders.............lol.
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