Articles
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24 Reasons To Day Trade, A Response To James Altucher’s ‘8 Reasons Not To Daytrade’
By Timothy Sykes, #1 ranked trader out of 50,000+ on Covestor, blogger and author of ‘An American Hedge Fund’
When I read James Altucher’s latest article entitled “8 Reasons Not To Day Trade” I couldn’t help but feel anger and within a few hours of reading it, I experienced many of the symptoms he describes, although in a slightly different context…my blood boiled over, I felt as though I couldn’t produce anything until I wrote this response, I rubbed my eyes to see if his post was even real, somehow thinking it was impossible that he could write such blasphemy and then I had a delicious meal at my favorite Rome Restaurant Da Ivo…and I burped a loud and satisfying belch.
You can read my whole biography here but to summarize: as a trader for the past 12 years, day trading made me a millionaire by age 22, a wannabe hedge fund manager by age 23, a reality-TV star by age 25 and now a trading coach/blogger with over 1,000 students by age 29…and trading has taught me many more qualities which are less apparent but equally, if not more, important…
In short, I owe day trading everything and despite my friendship with and my tremendous respect for James, the industry cries out for a rational defense…which I intend to provide.
And just like the occupation itself, whether or not you should day trade comes down to risk-reward. While James lists 8 potential risks, below I have listed 24 potential rewards, giving day trading an overly simplistic yet surprisingly accurate risk-reward ratio of 3-1, an enticing ratio indeed…as any trader will tell you.
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