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Don't Steal Money from Day Traders Before They Lose It

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Re: Don't Steal Money from Day Traders Before They Lose It

#31

Post by dav43 »

anonu wrote: post #25

I was a trader at a big bank for many years. The tools and access I had there put me in a different class of trader that very few other firms or individuals can attain. There is such information and technology asymmetry in this business - its not worth trying to day trade as an individual. Buy and hold forever... only way to invest.

Likewise, I was prop and the tools, access to borrow and reduced exchange fees and balance sheet made it all possible.

As an individual it’s way more difficult and time consuming.

Re: Don't Steal Money from Day Traders Before They Lose It

#32

Post by qwtel »

anonu wrote: post #25

I was a trader at a big bank for many years. The tools and access I had there put me in a different class of trader that very few other firms or individuals can attain. There is such information and technology asymmetry in this business - its not worth trying to day trade as an individual. Buy and hold forever... only way to invest.

I find it hard to believe there’s any day trader using any kind of information making a consistent profit. Isn’t everybody just dabbling around hoping to be in the 50% that outperform by chance?

i’ve read about ed thorp pioneering statistical arbitrage in the 80s (?) which would fit the bill of “consistent returns”, but I doubt that there is any of that left close to 50 years later.

I’m wondering what all these quantitive funds are doing.

Re: Don't Steal Money from Day Traders Before They Lose It

#33

Post by zhte415 »

pfisch wrote: post #5

Honestly, this sort of seems fine as long as they covered winners. It doesn't actually matter from a black box standpoint who took their bets as long as they were given the proper outcomes. It isn't any different from running a casino really, except it has potentially better odds.

Until one in ten thousand of the losing accounts hits the jackpot and Nonko can't cover it, thus taking down all customer funds in it's collapse.

Re: Don't Steal Money from Day Traders Before They Lose It

#34

Post by gricardo99 »

marketgod wrote: post #30

What kind of returns did you get at the bank per year? What was the best traders returns at your location? Care to share? I ask because I think I can beat anyone.

I hope you’re joking.

The level of sophistication is insane: microwave networks tuned down to nearly theoretical min latencies, specialized hardware systems where teams worry about shaving nanoseconds, data cleansing teams, research teams, automated news/sentiment analysis...

And that’s on top of all their non-technological advantages: connections on the street, getting preferential deals with exchanges, banks, brokers and other counterparties, lobbyists ensuring their interests are protected, etc,etc...

That being said, there’s always another angle to get a leg up. I’d love to hear how you can beat them. If you can, they’ll hire you soon enough or figure it out pretty quickly.

Re: Don't Steal Money from Day Traders Before They Lose It

#36

Post by marketgod »

gricardo99 wrote: post #34
marketgod wrote: post #30

What kind of returns did you get at the bank per year? What was the best traders returns at your location? Care to share? I ask because I think I can beat anyone.

I hope you’re joking. The level of sophistication is insane: microwave networks tuned down to nearly theoretical min latencies, specialized hardware systems where teams worry about shaving nanoseconds, data cleansing teams, research teams, automated news/sentiment analysis... And that’s on top of all their non-technological advantages: connections on the street, getting preferential deals with exchanges, banks, broke…

Not joking. I don't need the sophistication, I trade options and I don't need instant orders, or to be near the exchange. I don't need insider information because I can already see what's going to happen with a high probability.

You can view my profile, sign up for a trial and see it for yourself.

I don't care about fees, taxes, or any of that because it's inconsequential to me.

Re: Don't Steal Money from Day Traders Before They Lose It

#38

Post by marketgod »

aantix wrote: post #37
marketgod wrote: post #35

How much do you want to make per year? How much do you want to start with? What kind of return do you want each year on the initial investment? Believe it. I do make it consistently.

Show your tax returns for the past decade.

Not going to do that because I don't need to. :)

My trial makes more money than most people make in a year.

Re: Don't Steal Money from Day Traders Before They Lose It

#39

Post by [deleted] »

qwtel wrote: post #32
anonu wrote: post #25

I was a trader at a big bank for many years. The tools and access I had there put me in a different class of trader that very few other firms or individuals can attain. There is such information and technology asymmetry in this business - its not worth trying to day trade as an individual. Buy and hold forever... only way to invest.

I find it hard to believe there’s any day trader using any kind of information making a consistent profit. Isn’t everybody just dabbling around hoping to be in the 50% that outperform by chance? i’ve read about ed thorp pioneering statistical arbitrage in the 80s (?) which would fit the bill of “consistent returns”, but I doubt that there is any of that left close to 50 years later. I’m wondering what all these quant…

[deleted]

Re: Don't Steal Money from Day Traders Before They Lose It

#40

Post by gricardo99 »

marketgod wrote: post #36
gricardo99 wrote: post #34

Earlier quoted context omitted.

I hope you’re joking. The level of sophistication is insane: microwave networks tuned down to nearly theoretical min latencies, specialized hardware systems where teams worry about shaving nanoseconds, data cleansing teams, research teams, automated news/sentiment analysis... And that’s on top of all their non-technological advantages: connections on the street, getting preferential deals with exchanges, banks, broke…

Not joking. I don't need the sophistication, I trade options and I don't need instant orders, or to be near the exchange. I don't need insider information because I can already see what's going to happen with a high probability. You can view my profile, sign up for a trial and see it for yourself. I don't care about fees, taxes, or any of that because it's inconsequential to me.

Omg, this is so meta. In the comments on a post about guys running a shady day trading site is a guy trying to hawk another shady day trading site?

I think you’re barking up the wrong tree. This HN crowd is usually pretty skeptical and you’re making wild claims.

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