Day Trader
Categories: Trading
Isn't there a Beatles song with this title? "She was a daaaaaay tripper..." Eh, maybe not.
OK. It’s 9 a.m. You check your email to find a rather unexpected solicitation. “Become a 7-Figure Day Trader.” Seven figures. Which seven? And you wonder, "Could this be related to The Deadly Sins?"
Day traders buy and sell stocks...in the same day. Shocking, yes. Buy MSFT at $105.32 at the opening bell; sell it at $105.89 an hour later. Great. You made 60 cents (less the 3-cent commission) on that trade. And then you pay ordinary income tax on the gain.
Day traders are generally retail-level-knowledge "investors" who didn't quite finish their application to grad school; didn't quite get the job at Morgan Stanley; didn't quite...make it on Wall Street. Very few day traders survive more than a few years, trying to scratch out a living on their own. The big money makers in the field are those who sell education books and materials and supplies to the would-be millionaires, filled with self-unawareness. Yes, you want to be selling picks and shovels to miners in a perceived gold rush.
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Finance: What is a Floor Broker v. Floor...13 Views
Finance allah shmoop What is ah floor broker versus a
floor trader All right Well here's a floor fixer and
here's a floor broker but okay Shocking a floor broker
Brokers stocks on the floor of a stock exchange Right
Well here's the new york stock exchange here's its floor
These guys down here they're floor brokers That is they're
trading stocks and other securities on behalf of their clients
Basically this is the scene from trading places with eddie
murphy Great old film Old rich white guys in a
building up here Call down to their guys on the
floor who execute their bidding All right well it's a
bunch of brokers all trading their clients stocks right here
and here And here and here and here all over
the world within among each other So that money is
well pushed around thoroughly like that Cato's in grandma's hash
browns recipe Note that a floor broker is different from
a floor trader Who although he or she works on
the floor of an exchange also makes trades as a
principal for his or her own account So yeah that's
floor broker No jackhammer required Thank you very much Go