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Things I have Learned From Daytrading

Things I have Learned From Daytrading Millions Of Dollars

ORIGINAL POST: JAMES ALTUCHERTHE ALTUCHER CONFIDENTIAL

 

Daytrading is the best job in the world on the days you make money. You make a trade, then maybe 20 minutes later you are out of the trade with a profit, and for the rest of the day you think about how much money you made. It's the worst job in the world on a bad day. I would make a trade, it would go against me, and then I wanted my heart to stop so my blood would stop thumping so loudly. 

Here's what I learned. All of these lessons I will certainly use today, many years after I stopped day-trading. 

1) You can't predict the future, everyone thinks they can but they can't

This applies not just to trading but everything. You could be married for 10 years and the next thing you know — you are divorced and you would not have predicted that. 

You can always seek to increase the odds in your favor — if I don't jump off bridges, for instance, it's more likely I'll be alive a year from now — but certainly a path to unhappiness is thinking the future can be predicted and controlled.

2) Hope is not a strategy

If you get to the point where you "hope" you don't get ruined, then you did something wrong beforehand. 

"Hoping" is not a bad thing. I hope that every day my life goes perfectly.

But if Hoping is the only thing I'm relying on, then it means I didn't really look at all the possible outcomes of something that was important to me.

3) Uncertainty is your best friend

100% of opportunities in life are created because people are uncertain about almost everything in their lives. 

We are constantly trying to close the enormous gap between the things we are certain about and the things we are uncertain about and almost every invention, product, Internet service, book, whatever has been created to help us close that gap.

Read more: Things I have Learned From Daytrading

High-Frequency Trading is on Dispute

High-Frequency Trading is on Dispute Once Again

High-Frequency trading is often considered as an unethical practice in US and UK as it may lead to risk-free trades before the rest of the market has the time to react. Here are some interesting facts and information about this modern way of trading.

What is High-Frequency Trading All About

High frequency trading is based on state-of-the-art computer technology and internet connections which allow opening and closing trading positions in milliseconds, that’s why we are referring to the millisecond-markets.

Mr Schneiderman Concerns

New York's attorney general, Mr Schneiderman has recently raised concerns that corporations mastering high-frequency trading can benefit from the special conditions provided by stock markets today. These conditions include key market data as volume, pricing and order confirmation.

Furthermore, Mr Schneiderman said "If a firm can detect a large order from an institutional investor - like a pension fund - it can instantaneously position itself on the other side of the trade, driving up the prices artificially,"

Automated Computerized Trading may add Systemic Risk to the Global Financial System

According to BBC, there are several cased when computerized trading led to enormous losses. Here are two similar events according to BBC:

■ In 2012, a New Jersey-based trading firm, Knight Capital, lost close to $440m after a computer glitch caused the firm to execute 150 mistaken orders to the New York Stock Exchange.

■ In May 2010, computerized trading was blamed for the "flash crash" which briefly sent US markets down 5% before the error was discovered.

In a few minutes the New York Stock Exchange plunged, and then just as suddenly recovered again. Share prices in some firms, such as the consultancy Accenture, plummeted to a fraction above zero, while Apple soared to $100,000. For months afterwards, nobody could explain what had gone wrong.

Read more: High-Frequency Trading is on Dispute

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