There are two types of traders, with two motivations; to get rich to reserve wealth 1) The young guy/gal starting out wanting to get rich, in order to make a lot and then presumably invest it in real estate, private business something to generate income to further trade with no worries of the month to month broker statements. 2) Old geezer like me who wants to preserve wealth in these inflationary times by getting a return of inflation++ I have made the mistake of focusing on month-to-month gain while a lot of my money was sitting in cash earning nothing. I have lost a bit since July when I started. I have put the cart before the horse. Now I am focusing on portfolio management and a little scalping on the side. The primary goal is to be invested at least 75-percent. Then I can focus more on trading. I have a passive royalty income so making money every month is of no concern to me. P.S. I am also getting Social Security, so US-based traders PLEASE make sure you all pay your share.
If one knows what hes doing, time horizon - becomes irrelevant. They said that Warren was done, 20 years ago. Some of em, probably have died themselves & hes still kickin. So, be it 30 or 70 y/o, one still should go for the kill.
There are other types of traders but you would not know that considering you started in July. Curious why you're not invested 100% with a little money on the side like a hobby...a little scalping as you refer to it although I prefer to call it just "play money"...no different than spending a little time playing poker with the friends that come over to the house. ??? wrbtrader
I was working and had my money in cash. No free time to watch the markets, I was working on my publishing business... A day before the July meltdown, I plowed 50k into covered calls on dividend-paying stocks, (real stupid, I know), then I bought BABA before it went 300, so I made some money back... What other types do you mean? (On and off, I have been in the financial market since 1987, I was a broker through the crash, it must have scarred me or something), I am not that new. If you referring to arbs and bank traders, then I must restate which type of a retail trader are you? you either trade for a living or part-time or just want to get market gains to beat inflation.
It really doesn't matter what other types of traders even though you been "trading" since July. Trading itself is in the "financial markets" but you seem to segregate into something else. That then implies you have some sort'uv a hierarchy which is why you now mention retail trader are you. Lets put it this way, there are institutional traders and retail traders...each can be broken down into different categories. One of those sub-categories of retail traders is the hobbyist. Another sub-category of retail traders is the academia (e.g. forever demo traders, traders that love to talk about trading but actually just study it like it a college class...nothing more than that)...these particular sub-category retail traders have another source of income via inheritance, job, business owner, retirement and so on. Simply, there clearly are different (more than two) types of retail traders that's more than just two you've mention. Thus, the value of money and purpose for trading has a different purpose across many different types of traders. wrbtrader
You're new to trading...you'll start seeing within a few more years those other sub-categories of retail traders. wrbtrader
wrb you are missing my point, on a macro level we trade either to make a profit or preserve our money with some income and growth. Even broker's as these questions...