Is day trading/home trading dead and gone?

[strokey tone]

A sad tale of CFD trading and Logic Investments London

Long story short traded for 18 months.

First step: prop trading, firm went under I think but they got rid of all of us before we could even know.

Next step: Did some home trading; FX and CFDs.

After that: went back into work, idea was save money and back myself.

Saved the money- however backing myself at a decent trading floor costs a heck of alot; still not too convinced about CFD trading and doubt I would find anywhere like a hedge fund or something that would back me.

I was speaking to people I met whilst prop trading, some of them with years of profitable trading experience, who are telling me the good days are gone. Its so hard out there I'm best just sticking to my job else I'm throwing good money away.

One senior trader even said he thought day trading/home trading as we know it will be dead and gone in 5 years. Only way to be a trader in his eyes was through a massive hedge fund or bank.

So............I'm still missing the trading game but obviously wondering; is day trading/home trading really a lost cause now? Are the good days over and the idea of making money off markets gone unless you have deep, deep pockets?

"Churning the shares" something that the media who want to sell advertising assist the brokers and Market Makers with in order to create a bit of panic amongst private investors so that they trade and then the brokers get their commission.
If these experts know so much then they would be trading themselves on their own advice instead of trying to make sales out of private investors!
Worse thing I ever did was to get persuaded after 3 months of daily phone calls by a chatty chap from Logic Investments of London to open a CFD or Contract For Difference trading account which runs on a 10% leverage principle, most trades in the city are run like this now because No Tax or Stamp Duty is paid to the government, If you have a £100 to invest this turns into a £1000 with a CFD leverage so increasing greatly your possible profit, but also increasing by even more your possible loss because you have the brokers £50 open and £50 close position plus commission to pay each trade and if you keep the position open overnight the interest meter starts clicking so you are paying interest on the loan by the minute 24/7 on shares that are in loss times 10!
So in 12 months I lost more than in 12 years of trading myself by taking the advice of Logic Investments who wanted me to trade as many times as possible each day and every trade they got paid whether it went right or wrong, it is a complete but legal way of scamming private investors.
So I now do my own trading and have turned things around by using the principles taught to me years ago by a respectable old broker with principles and integrity towards his clients, sadly qualities that have no place in the city trading world of today as I found out, but it was a lesson well learnt albeit an expensive one and I now try to stop other people falling into the same trap that I did which is very satisfying!

 

[Range Finder]

"Churning the shares" something that the media who want to sell advertising assist the brokers and Market Makers with in order to create a bit of panic amongst private investors so that they trade and then the brokers get their commission.
If these experts know so much then they would be trading themselves on their own advice instead of trying to make sales out of private investors!
Worse thing I ever did was to get persuaded after 3 months of daily phone calls by a chatty chap from Logic Investments of London to open a CFD or Contract For Difference trading account which runs on a 10% leverage principle, most trades in the city are run like this now because No Tax or Stamp Duty is paid to the government, If you have a £100 to invest this turns into a £1000 with a CFD leverage so increasing greatly your possible profit, but also increasing by even more your possible loss because you have the brokers £50 open and £50 close position plus commission to pay each trade and if you keep the position open overnight the interest meter starts clicking so you are paying interest on the loan by the minute 24/7 on shares that are in loss times 10!
So in 12 months I lost more than in 12 years of trading myself by taking the advice of Logic Investments who wanted me to trade as many times as possible each day and every trade they got paid whether it went right or wrong, it is a complete but legal way of scamming private investors.
So I now do my own trading and have turned things around by using the principles taught to me years ago by a respectable old broker with principles and integrity towards his clients, sadly qualities that have no place in the city trading world of today as I found out, but it was a lesson well learnt albeit an expensive one and I now try to stop other people falling into the same trap that I did which is very satisfying!

Thanks for the warning.

 

[HeavLeighGill]

Don’t think it’s dead. I’m a home based day trader and manage to make profits.