Traders money registration

Tradermoni is a loan programme of the federal government, created specifically for petty traders and artisans across nigeria.

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A federal government scheme, traders money registration.

It is a part of the government enterprise and empowerment programme (GEEP) scheme of the federal government, being executed by the bank of industry. If you are a petty trader or artisan in nigeria, and N10,000 can help your business today, then you are eligible for tradermoni! For example, if you are a small kiosk owner, food stuff seller, bread seller, mai shai, wheel barrow pusher, mobile tailor, mobile cobbler, fruits seller, keke rider, etc.

A federal government scheme

Nation wide coverage

Interest free loans

Tradermoni is a loan programme of the federal government, created specifically for petty traders and artisans across nigeria. It is a part of the government enterprise and empowerment programme (GEEP) scheme of the federal government, being executed by the bank of industry.

With tradermoni, you can receive interest-free loans starting from N10,000 and growing all the way to N100,000 as you pay back. You get N10,000 as the first loan. When you pay back the first loan, you immediately qualify for a second loan of N15,000. After payback of the second loan, you qualify for a N20,000 loan, and then N50,000, and then N100,000.

With tradermoni, the federal government wants to change your level by providing continuous loans for your petty business, making each loan bigger to enable you to grow.

For your first loan (N10,000), you do not need a bank account. After your first loan, you will require a BVN and a bank account for the next loans (N15,000; N20,000; N50,000; and N100,000). You have 6 months to pay back your N10,000 tradermoni loan. You are expected to make a small payment of N430 weekly for 6 months.

Federal government understands the plight of the over 20 million nigerians in petty business and in dire need of capital to grow their businesses. These nigerians rarely have bank accounts, and are usually not вђњinterestingвђќ or вђњprofitableвђќ to traditional lenders. They cannot access loans to trade, and they therefore remain in a cycle of poverty.

If you are a petty trader or artisan in nigeria, and N10,000 can help your business today, then you are eligible for tradermoni! For example, if you are a small kiosk owner, food stuff seller, bread seller, mai shai, wheel barrow pusher, mobile tailor, mobile cobbler, fruits seller, keke rider, etc.

NO. The money grows as you pay back! You can get up to N100,000. Once you use the N10,000 well and pay back, you get N15,000, and then N20,000, and then N50,000, and then N100,000. Getting the next loan is automatic! As soon as you pay back any loan within 3 months, you dial a code on your phone and you the next higher loan immediately.

By the end of 2018, the federal government targets to disburse 2 million tradermoni loans across all 36 states and the FCT. Each state will receive a minimum of 30,000 loans.The loan is only being administered by BOI, being a bank with the structures and processes to reach out applicants.

On the trader moni platform, you have 6 months to pay back your N10,000 loan. You are expected to make a small payment of N430 weekly for 6 months. However, you can pay back sooner and get a higher loan automatically. If you choose to pay in 3 months you'll pay N860 weekly.

By the end of 2018, the federal government targets to disburse 2 million tradermoni loans across all 36 states and the FCT. Each state (and the FCT) will receive a minimum of 30,000 loans. Federal government understands the plight of the over 20 million nigerians in petty business and in dire need of capital to grow their businesses.

These nigerians rarely have bank accounts, and are usually not вђњinterestingвђќ or вђњprofitableвђќ to traditional lenders. They cannot access loans to trade, and they therefore remain in a cycle of poverty. Federal government is on a mission to break this poverty cycle.

Fact sheet on MSB registration rule

Treasury is issuing today a final rule concerning the application of the bank secrecy act ("BSA") to those non-bank financial institutions called "money services businesses" (or "msbs"). The rule would (i) revise the definition of certain businesses for BSA purposes, and (ii) require msbs to register with the department of the treasury.

The rule is based on a notice of proposed rulemaking issued on may 21, 1997. See 62 FR 27890. Registration of msbs is required by the money laundering suppression act of 1994, which also requires msbs to maintain a list of their agents that would be available to regulators and investigators upon request.

The rule generally applies to five classes of financial businesses. These businesses are (1) currency dealers or exchangers, (2) check cashers, (3) issuers of traveler’s checks or money orders, (4) sellers or redeemers of traveler’s checks or money orders, and (5) money transmitters.

Msbs must register with the department of the treasury and renew their registration every two years.

Agents of msbs are not now required to register regardless of the dollar volume of their money service activities (in a change from the proposed rule) unless they engage in money service activities both on their own behalf and as an agent for others.

Msbs must maintain a list of their agents and update the list annually.

The initial registration form must be filed by december 31, 2001, and the initial agent list must be prepared by january 1, 2002.

The term "money services business" does not include a bank or a person registered with and regulated or examined by the securities and exchange commission or the commodity futures trading commission.

The definition of money transmitter clarifies that the activity that makes a person a money transmitter must be carried on as a business, and that generally the acceptance and transmission of funds as an integral part of the execution and settlement of a transaction other than the funds transmission itself (e.G., in connection with a bona fide sale of securities), will not cause a person to be a money transmitter.

Issuers and sellers of stored value are included as msbs, but they are not required to register at this time.

Treasury also is announcing its intention that suspicious activity reporting requirements for money transmitting and the traveler’s checks and money order segments of the industry will be forthcoming. In the coming months, treasury and fincen will be working with the industry to develop guidance to assist in identifying suspicious activity.

To permit effective implementation, treasury will not begin requiring suspicious transaction reporting until the registration process is complete.

Guidance relating to the MSB registration rule

This guidance is intended to answer general, basic questions concerning the implementation of the new regulations. It is not meant to be comprehensive and does not replace or supersede the regulations.

1. What is the basis for the final rule?

The final rule is based on one of three proposed rules dealing with money services businesses issued on may 21, 1997. See 62 FR 27890-27917. The notice of proposed rulemaking to which the final rule relates was, in turn, based on the authority granted to the secretary of the treasury under the bank secrecy act, titles I and II of pub. L. 91-508, as amended, codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-1959, and 31 U.S.C. 5311-5330. The bank secrecy act authorizes the secretary of the treasury, inter alia, to issue regulations requiring financial institutions to keep records and file reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters. Section 5330, which was added by the money laundering suppression act of 1994, requires money services businesses to register with the department of the treasury and maintain a list of their agents.

2. What does the final rule provide?

The final rule revises the definitions of certain non-bank financial institutions for purposes of the bank secrecy act and groups the revised definitions together in a separate category called "money services businesses" or "msbs". An MSB generally is any business engaged in money transmission (other than banks, broker-dealers, and futures commission merchants), issuance sale, or redemption of money orders and traveler’s checks, check cashing, or currency exchange.

The final rule also requires that certain msbs register with the department of the treasury and maintain a current list of their agents for examination, on request, by any appropriate law enforcement agency.

3. How does the final rule differ from the notice of proposed rulemaking?

Fincen received over sixty comments, many quite lengthy and detailed, dealing in whole or in part with issues raised by the proposed rule. Based on a careful review of those comments, and after further deliberation, the following principal changes to the proposed rule have been made, and are reflected in the final rule.

First, the final rule eliminates, for the time being, the rules for the registration of high-volume agents. Fincen received many negative comments on the proposed agent registration requirement.

Second, and as a corollary to the first change described above, the final rule adds one additional element to the information required to be included in the agent list – the notation of each month in the preceding 12 months in which the agent’s gross amount from the sale of products or services offered by the money services business maintaining the agent list exceeds $100,000.

Third, the final rule adds language providing that requests for agent list information must be coordinated through fincen in the manner and to the extent determined by fincen.

Fourth, issuers and sellers of stored value, while still defined as financial institutions for purposes of the bank secrecy act, have been exempted from the registration and agent list requirements contained in the final rule.

Finally, the initial registration form must be filed by december 31, 2001, and the initial agent list must be prepared by january 1, 2002.

4. How are money services businesses defined?

Msbs are specifically defined to include each agent, agency, branch or office within the united states of any person (except a bank or person registered with, and regulated or examined by, the securities exchange commission or the commodity futures trading commission) doing business in one or more of the following capacities:

Currency dealer or exchanger;

Check casher;

Issuer of traveler’s checks, money orders, or stored value;

Seller or redeemer of traveler’s checks, money orders, or stored value;

Money transmitter; and

The united states postal service (except with respect to the sale of postage or philatelic products).

Notwithstanding the above, persons who do not exchange currency, cash checks, or issue, sell or redeem traveler’s checks, money orders, or stored value in an amount greater than $1,000 to any person on any day in one or more transactions are not msbs for purposes of the bank secrecy act.

5. Who must register and retain agent lists?

Generally, each MSB other than the U.S. Postal service, a federal, state, or local government agency, or an issuer, seller or redeemer of stored value, must register with the department of the treasury and keep a list of its agents.

Agents of msbs are not required to register or keep a list of their own agents if they are msbs solely because they serve as agents of other money services businesses. Thus, a person that engages in MSB activities both on its own behalf and as an agent for others must register. For example, a supermarket corporation that acts as an agent for an issuer of money orders and performs no other services of a nature and value that would cause the corporation to be an MSB, is not required to register. However, registration would be required if the supermarket corporation, in addition to acting as an agent of an issuer of money orders, cashed checks or exchanged currencies (other than as an agent for another business) in an amount greater than $1,000 in currency or monetary or other instruments for any person on any day, in one or more transactions.

Although issuers and sellers of stored value are included as msbs, they are not required to register or maintain a list of their agents at this time.

6. How does a money services business register?

An MSB must register by filing the form that fincen specifies with the enterprise computing center-detroit of the internal revenue service (or such other location as the form may specify). The information required by 31 U.S.C. 5330(b) and any other information required by the form must be reported in the manner and to the extent required by the form. Fincen expects to continue to work with the money services business industry to develop the registration form. As part of that process, fincen will publish in the federal register a separate notice regarding the form.

7. What information must be retained on the agent list?

The following information must be included on the list of agents:

- The name, address, and telephone number of the agent;
- The type of service or services that the agent provides on behalf of the MSB maintaining the agent list;
- A listing of the months during the 12 months immediately preceding the date of the most recent agent list in which the agent’s gross transaction amount from the sale of products or services offered by the MSB maintaining the agent list exceeds $100,000;
- The name and address of the bank at which the agent maintains a transaction account for all or part of the funds received from the sale of products or services offered by the MSB maintaining the agent list;
- The year in which the agent first became an agent of the MSB maintaining the agent list; and
- The number of branches or subagents the agent has.

8. When do the registration and agent list requirements become effective?

An MSB must be registered for the initial registration period and each renewal period. Generally, the initial registration form must be filed by december 31, 2001; the initial registration is valid for the initial registration period, which is the two-year calendar period beginning january 1, 2002. Each two-calendar year period following the initial registration period is a renewal period.

The initial list of agents generally must be prepared by january 1, 2002, and must be revised each january 1, for the immediately preceding 12-month period. For msbs established after december 31, 2001, the initial agent list must be prepared by the due date of the initial registration form and must be revised each january 1 for the immediately preceding 12-month period.

9. What are the consequences for failing to comply with the registration or agent list requirements?

Any person failing to comply with the registration or agent list requirement may be assessed a civil penalty of $5,000 for each violation. Each day during which a violation occurs constitutes a separate violation. In addition, the secretary of the treasury may bring a civil action to enjoin the continued violation. Lastly, a person failing to register in accordance with the final rule may be subject to criminal prosecution.

10. What is the status of other pending proposed rules relating to money services businesses?

The second proposed rule issued on may 21, 1997, see 62 FR 27900-27909, would require money transmitters, and issuers, sellers, and redeemers of money orders and traveler’s checks to report suspicious transactions. Suspicious activity reporting by all classes of financial institutions covered by the bank secrecy act is an essential part of the government’s counter-money laundering efforts generally and its efforts to strengthen counter-money laundering controls at msbs in particular. The department of the treasury is committed to producing the most cost-effective reporting regime, for both law enforcement and the industries involved. To permit effective implementation, suspicious activity reporting by the relevant classes of msbs will not begin until after the initial registration period.

The third proposed rule issued on may 21, 1997, see 62 FR 27909-27917, would add a special reporting rule for money transmitters involved in the transmission of funds to persons outside the united states. Action on the proposed rule is being deferred, but the proposal is not being withdrawn at this time.

11. Who should a money services business contact with further questions concerning the registration and agent list requirements?

Any money services business may contact fincen’s office of program development at (703) 905-3975, or fincen’s office of chief counsel at (703) 905-3590 regarding questions on the bank secrecy act rules.

Day trading: your dollars at risk

Day traders rapidly buy and sell stocks throughout the day in the hope that their stocks will continue climbing or falling in value for the seconds to minutes they own the stock, allowing them to lock in quick profits. Day traders usually buy on borrowed money, hoping that they will reap higher profits through leverage, but running the risk of higher losses too.

While day trading is neither illegal nor is it unethical, it can be highly risky. Most individual investors do not have the wealth, the time, or the temperament to make money and to sustain the devastating losses that day trading can bring.

Here are some of the facts that every investor should know about day trading:

Be prepared to suffer severe financial losses

Day traders typically suffer severe financial losses in their first months of trading, and many never graduate to profit-making status. Given these outcomes, it's clear: day traders should only risk money they can afford to lose. They should never use money they will need for daily living expenses, retirement, take out a second mortgage, or use their student loan money for day trading.

Day traders do not "invest"

Day traders sit in front of computer screens and look for a stock that is either moving up or down in value. They want to ride the momentum of the stock and get out of the stock before it changes course. They do not know for certain how the stock will move, they are hoping that it will move in one direction, either up or down in value. True day traders do not own any stocks overnight because of the extreme risk that prices will change radically from one day to the next, leading to large losses.

Day trading is an extremely stressful and expensive full-time job

Day traders must watch the market continuously during the day at their computer terminals. It's extremely difficult and demands great concentration to watch dozens of ticker quotes and price fluctuations to spot market trends. Day traders also have high expenses, paying their firms large amounts in commissions, for training, and for computers. Any day trader should know up front how much they need to make to cover expenses and break even.

Day traders depend heavily on borrowing money or buying stocks on margin

Borrowing money to trade in stocks is always a risky business. Day trading strategies demand using the leverage of borrowed money to make profits. This is why many day traders lose all their money and may end up in debt as well. Day traders should understand how margin works, how much time they'll have to meet a margin call, and the potential for getting in over their heads.

Don't believe claims of easy profits

Don't believe advertising claims that promise quick and sure profits from day trading. Before you start trading with a firm, make sure you know how many clients have lost money and how many have made profits. If the firm does not know, or will not tell you, think twice about the risks you take in the face of ignorance.

Watch out for "hot tips" and "expert advice" from newsletters and websites catering to day traders

Some websites have sought to profit from day traders by offering them hot tips and stock picks for a fee. Once again, don't believe any claims that trumpet the easy profits of day trading. Check out these sources thoroughly and ask them if they have been paid to make their recommendations.

Remember that "educational" seminars, classes, and books about day trading may not be objective

Find out whether a seminar speaker, an instructor teaching a class, or an author of a publication about day trading stands to profit if you start day trading.

Check out day trading firms with your state securities regulator

How to apply/register for trader moni 2021/2022 FG loan scheme

How to apply for FG trader moni loan scheme 2021/2022: this post is to give you a detail step on how to apply/register for the federal government loan scheme called “trader moni” FG trader moni scheme 2021/2022. Register now

The trader moni is designed to help petty traders expand their trade through the provision of collateral free loans of N10,000.

Marketmoni loan application scheme

The trader moni was launched last tuesday in five markets in lagos state recording thousands of beneficiaries already. Trader moni was launched in partnership with the bank of industry (boi) in order to enlarge government’s “financial inclusion agenda down to the grassroots, the bottom of the ladder, considering the contribution of petty traders to economic development.

Under the scheme, beneficiaries can get access to a higher facility ranging from N15,000 to N50,000 when they repay N10,000 within the stipulated time period (6 months).

Requirements for the marketmoni/trader moni FG loan scheme 2021/2022

You must be a nigerian

You must be 18 years and above

You must be a business owner or a trader

You must belong to a market cooperative union in your location

You must have a valid identification

You must have a valid BVN

You must have a valid SIM/phone number that is register with the service providers

How to register for the 2021/2022 federal government scheme trader moni

The online loan application portal has been created for the convenience of BOI’s prospective SME customers in the sense that they do not initially have to come physically to the bank to submit their loan applications. It also has the advantage of shortening the loan processing turn-around-time (TAT) of the bank. The portal has document uploading capability as well as allows the loan applicant select the preferred BOI state office location where the application will be processed. The online loan application portal can be accessed on the bank’s website: www.Boi.Ng/apply.

How to use the portal

Go to our website: www.Boi.Ng.

Click on the “apply for loan now”

Click on “register here” to register your account.

A verification link and tracking code are sent to your registered email address; click on the verification link to facilitate log in.

Once logged in, you can complete the application form, save and click on “continue” to submit the form.

A mail will be sent to your email address confirming receipt of the application.

Important notice

The first amount to receive will be the sum of N10,000. Once this can be repaid, you will be granted access to receive N15,000 in your next application, etc.

So wait for the turn of your state and find out more from your market cooperative unions or visit the bank of industry website

The loans are repayable within a period of six months.

Closing date for trader moni

Not closing date slated yet

How to register for the 2021/2022 federal government scheme trader moni

We thought you should also know about

Fact sheet on MSB registration rule

Msbs must register with the department of the treasury and renew their registration every two years.

Agents of msbs are not now required to register regardless of the dollar volume of their money service activities (in a change from the proposed rule) unless they engage in money service activities both on their own behalf and as an agent for others.

Msbs must maintain a list of their agents and update the list annually.

The initial registration form must be filed by december 31, 2001, and the initial agent list must be prepared by january 1, 2002.

The term "money services business" does not include a bank or a person registered with and regulated or examined by the securities and exchange commission or the commodity futures trading commission.

The definition of money transmitter clarifies that the activity that makes a person a money transmitter must be carried on as a business, and that generally the acceptance and transmission of funds as an integral part of the execution and settlement of a transaction other than the funds transmission itself (e.G., in connection with a bona fide sale of securities), will not cause a person to be a money transmitter.

Issuers and sellers of stored value are included as msbs, but they are not required to register at this time.

Treasury also is announcing its intention that suspicious activity reporting requirements for money transmitting and the traveler’s checks and money order segments of the industry will be forthcoming. In the coming months, treasury and fincen will be working with the industry to develop guidance to assist in identifying suspicious activity.

To permit effective implementation, treasury will not begin requiring suspicious transaction reporting until the registration process is complete.

Guidance relating to the MSB registration rule

1. What is the basis for the final rule?

2. What does the final rule provide?

3. How does the final rule differ from the notice of proposed rulemaking?

First, the final rule eliminates, for the time being, the rules for the registration of high-volume agents. Fincen received many negative comments on the proposed agent registration requirement.

Third, the final rule adds language providing that requests for agent list information must be coordinated through fincen in the manner and to the extent determined by fincen.

Finally, the initial registration form must be filed by december 31, 2001, and the initial agent list must be prepared by january 1, 2002.

4. How are money services businesses defined?

Currency dealer or exchanger;

Check casher;

Issuer of traveler’s checks, money orders, or stored value;

Seller or redeemer of traveler’s checks, money orders, or stored value;

Money transmitter; and

The united states postal service (except with respect to the sale of postage or philatelic products).

5. Who must register and retain agent lists?

Although issuers and sellers of stored value are included as msbs, they are not required to register or maintain a list of their agents at this time.

6. How does a money services business register?

7. What information must be retained on the agent list?

The following information must be included on the list of agents:

- The name, address, and telephone number of the agent;
- The type of service or services that the agent provides on behalf of the MSB maintaining the agent list;
- A listing of the months during the 12 months immediately preceding the date of the most recent agent list in which the agent’s gross transaction amount from the sale of products or services offered by the MSB maintaining the agent list exceeds $100,000;
- The name and address of the bank at which the agent maintains a transaction account for all or part of the funds received from the sale of products or services offered by the MSB maintaining the agent list;
- The year in which the agent first became an agent of the MSB maintaining the agent list; and
- The number of branches or subagents the agent has.

8. When do the registration and agent list requirements become effective?

9. What are the consequences for failing to comply with the registration or agent list requirements?

10. What is the status of other pending proposed rules relating to money services businesses?

11. Who should a money services business contact with further questions concerning the registration and agent list requirements?

How to become a day trader

During the heyday of the tech bubble in the late 1990s, day traders made easy money buying and selling internet stocks. It didn't take much skill to succeed in those days. In just a 17-month period between october 1998 and march 2000, the NASDAQ composite skyrocketed from a low of roughly 1,344 to a high of around 5,133. all you had to do was ride that tidal wave to rake in the profits. Many of those traders made just as much shorting the index on its way down to a low of about 1,108 in october 2002, as the index lost 78% of its value in 31 months.

Once the bubble fully deflated, the easy money dried up. Many of those who profited through good luck and timing left trading and looked for other work. They discovered that day trading, like any other profession, requires education and skills to consistently make a living.

How to become A day trader

What defines a day trader?

As of sept 28, 2001, FINRA and NYSE, prompted by the SEC, amended their definitions of day traders. A new term they use is "pattern day trader." an investor can be classified as a pattern day trader by having one of the two following characteristics:

They trade four or more times during a five-day span, provided the number of day trades is more than 6% of the customer's total trading activity for that same five-day period, or

The firm where the investor is making transactions, or opening up a new account, reasonably considers them a day trader.

Once an investor is considered a day trader, the brokerage must classify them as such, and the investor is then subject to increased equity requirements. Mainly, the brokerage must require minimum equity of $25,000 at the beginning of the customer's trading day. This minimum equity requirement has been introduced by the U.S. Securities and exchange commission (SEC) and the NYSE. ensuring that any substantial losses can be offset by the day trader's own equity, the requirement addresses the inherent risk imposed on brokerages by leveraged day trading activities.

A more restrictive margin rule has also been implemented. Day traders are permitted to purchase only four times their maintenance margin levels. If this level is exceeded, the firm must issue a margin call to the day trader who subsequently has five business days to deposit the funds before the account is restricted to trading on a cash-available-only basis for 90 days or until the call is met.

A tale of two traders

There are two different kinds of day traders. Professional day traders work for large financial institutions. They have access to the tools and training needed to make their careers a success. The big advantage of being a professional day trader is that you aren't trading your own capital. Instead, it is capital from clients and/or the firm, so there's no risk to one's personal equity. Most professional traders are able to leave their emotions and biases at the door.

The other kind of day trader is the individual trader, who play the markets solo. These traders need to be able to understand the market, technical analysis, and price movements. They should also have access to research, news, and analysis. And unless they have clients for whom they trade, they're usually trading their own capital, which means there's a lot at stake.

On the subject of capital, individual traders usually have a couple of options when it comes to their trading accounts—cash vs. Margin accounts. In a cash account, traders utilize their own capital when making a trade. In a margin account, the trader gets a loan from the brokerage. Most firms will require a minimum investment before traders can begin trading on margin. Since they're dealing with money from a firm, there are usually more rules to follow.

Day trading basics

Day trading requires a professional software platform and a high-speed internet connection. While it's possible to design and build your own trading platform, most traders use a prepackaged setup provided by their brokerage or a specialized software company. It's best to have a powerful desktop with at least two monitors—preferably four to six. You need multiple screens to display the charts and technical indicators that will provide your buy and sell signals.

When you use a brokerage platform, ensure that real-time news and data feeds are included in the package. You'll need that data to construct charts that expose trends and portray the time frames and trading strategies you want.

A pure day trader buys and sells stocks or other investments and ends the trading day in cash with no open positions. If a position is held overnight or for several days, it's called a "position trade." day traders can use both approaches, depending on their trading style and the nature of their investments.

Technical indicators

Familiarity with stocks and market fundamentals isn't enough to succeed as a trader. You should understand technical analysis and all of the tools used to dissect chart patterns, trading volume, and price movements. Some of the more common indicators are support and resistance levels, moving average convergence divergence (MACD), volatility, price oscillators, and bollinger bands.

Learning and understanding how these indicators work only scratches the surface of what you'll need to know to develop your personal trading style. Hundreds of books and thousands of articles have been written about day trading. You can also take classes online or in person.

Day trading strategies

Trading requires sufficient capital to take advantage of leveraging fairly large positions. Most traders make their money on relatively small price movements in liquid stocks or indexes with mid to high volatility. You need price movement to make money—either long or short. Higher volatility implies higher risk, with the potential for greater rewards and losses.

Unless you can buy several hundred or more shares of a stock, you won't make enough money on trades to cover the commissions. The lower the price of the stock, the more shares you'll need to gain sufficient leverage and total price movement.

The key to successful trading is developing techniques to determine entry and exit points. Most traders develop a style they stick with once they are comfortable with it. Some only trade one or two stocks every day, while others trade a small basket of favorites. The advantage of trading only a few stocks is that you learn how they act under different conditions and how movement is affected by the key market makers.

Day trading success

The success rate for day traders is estimated to be around only 10%. With all the attention day trading attracts, it seems to suggest the theory is sound. Critics argue that, if that were so, at least one famous money manager would have mastered the system and claimed the title of "the warren buffett of day trading."

The long list of successful investors that have become legends in their own time does not include a single individual that built their reputation by day trading. Even michael steinhardt, who made his fortune trading in time horizons ranging from 30 minutes to 30 days, claimed to take a long-term perspective on his investment decisions. From an economic perspective, many professional money managers and financial advisors shy away from day trading, arguing that the reward simply does not justify the risk.

So, if around 90% of day traders are losing money, how could anyone expect to make a living this way? The answer lies in professional training, diligent research, refined skills, great discipline, and the ability to admit mistakes and cut your losses. You have to be prepared to make split-second, unemotional decisions based on information that is sometimes incomplete, contradictory, and changing by the second. The statistics prove it's clearly much easier said than done.

Develop a process and try it out with fictional trades. Refine the process and find what works for you. Only then should you put real money on the line and start actively trading the markets. Experienced traders define what constitutes a trading setup, and the pattern and indicator combination they want to see before pulling the trigger. They rarely deviate from those setups in order to maintain focus and keep their emotions at bay.

Once you enter a position, stops should be placed to get you out of that position when a specified loss threshold is reached. If a trade is going the wrong way, hope will not help turn it around. Exiting the trade frees up your capital to redeploy to a more promising trade. You want to exit losers as soon as possible and ride the winners as long as they're profitable.

The bottom line

Day trading is not for the faint of heart. A winning strategy may involve executing many trades in one day while avoiding the trap of overtrading and running up huge commissions. Day trading can be fun as well as profitable—if you learn the ropes and set realistic goals. If you are interested in becoming a day trader your first step should be to choose a broker that fits your needs.

8 reasons why you should never become A day trader

But its all a lie to yourself. I still occasionally daytrade. And I’ve daytraded for other people. I’ve daytraded for hedge funds and for prop trading firms. Right before I started daytrading, an old-timer who had spent 40 years in the business told me, “don’t do it. Why do you want to be involved with those people.” but I wanted to be “those people”. I was one of them. I was a TRADER.

Suicide

At some point you will feel suicidal. That doesn’t mean you lost all of your money. You might just be having your worst week in 2 or 3 weeks. But for whatever reason you bought when you should've sold and that sent your head spinning and now you need to be talked off the ledge. I’ve talked many people off the ledge in the past 10 years and had to be talked off a few times myself. Its not a pleasant feeling. Why do that to yourself?

You'll overheat

Why not? You just put on the trade and the second you did it went against you. So you put on more and it went against you some more. So now you are staring at it and you are feeling bad. Your body needs to feel good. Your body is very short-term in its thinking. Its saying, “you did something that made me feel bad so now I need a doughnut. I know that will balance the bad feeling so go do it. Hurry.” so you eat a doughnut. The trade goes against you more. Screw it, you eat 5 more doughnuts. Six. Seven. I’m getting sick even writing this. Eight. Nine. And so on.

Your eyes go bad

Imagine you have two screens in front of you and thousands of numbers and they are all blinking and changing from green to red to green. You’re staring at these numbers for thousands of hours over the course of years. I can’t read books close to me anymore. The letters all melt together and look like a kaleidoscope. I have to take my glasses off to read them. Although, is that so bad? Maybe I won’t need glasses anymore eventually.

Do you really think that losing $500,000 of your client’s money in a day is going to make you a happy, chipper person when you go out with your friends that night. One person told me, “play with your kids. Kids always make you happy.” what the hell? Do I really want to listen to a four year old jabber about something when I’ve got money on the line? Forget it.

Blood pressure

When I have a trade go against me, I can sit there and feel the blood pumping through my entire body. I can feel my heartbeat. That might seem like a superpower but it isn’t. If you hear every single pulse going all through your body then something very bad is happening.

Nothing productive

My biggest regret in life is the hours I spent watching trades when I could’ve been making a website business or starting some other kind of business that could’ve actually been helpful to people. Like a doughnut store. Who am I helping by trying to snatch a few thousand dollars out of the market every day? If anything, its like I’m trying to pick someone’s pocket - the unfortunate, overeating, suicidal, bastard on the other side of my trade.

No career

When you sit there and trade every day you’re not networking with friends or other professionals. You’re not learning anything new about the world or business. Every second you sit there watching a trade you are removing yourself further and further from any notion of a career since daytrading is not a career. You are closer to being an inmate in a mental institution and not a functioning member of society that your kids can be proud of.

It's impossible

I know some very good daytraders. In the long run it is possible to make money daytrading. But it’s hard and it takes years to build the psychology. Every good daytrader I know suffers from all of the above. You have to be extremely humble, have no delusions of grandeur when it comes to your market opinions, take losses as quickly as possible, and not get discouraged. Alas, in the long run, I have none of these qualities. And neither do you.

Best trading chat rooms

Dan schmidt

Contributor, benzinga

Stock trading chat rooms offer an excellent opportunity to learn new techniques and even get some actionable info for successful trades. Just remember, the internet is full of con artists, and finding a credible chat room can be difficult, especially if you’re a novice.

Featured chat room: warrior trading

Warrior trading has one of the most active trading chat rooms to date. With over 5,000 people online daily, you have the potential to reduce your losses by trading alongside fellow investors. Use the code benzinga20 for 20% off any product.

Best trading chat rooms:

Best overall: warrior trading

Runner-up: bear bull traders

Best for active traders: buyside global

Most content: haikhuu trading

Free service: trade ideas live trading room

Multiple chat rooms: investors underground

Best for creating polls: hashtag investing

Best free trial: benzinga pro

Table of contents [ hide ]

What are trading chatrooms?

Remember chatting on AOL chat rooms back in the 90s? Sure, they may seem primitive in the age of twitter and instagram, but this was the most popular way to communicate back in the early days of the internet. Chat rooms put a bunch of strangers together to share ideas. The investment community has been a meeting place for new ideas for decades, so naturally, trading chat rooms were born.

Trading chat rooms are online hangouts where individual traders can converse and share ideas. In an industry full of pros looking out for themselves, trading chat rooms offer spaces where investors could learn new strategies, ask questions, and develop a trading style. Moderators control the chat programs and help police for malcontents. Most services also charge a fee, which further deters trolls.

Price structure and chat style can vary, so make sure you know what type of trading you want to do before signing up for any specific room and seek out opinions from current or former users.

Pros of trading chat rooms

Chat rooms can be a big boost for traders, especially those who are just starting out. Here’s a few of the advantages:

Learning opportunities for new traders: novices can learn the ins and outs of the market from pros who have years of experience.

Lots of eyes on the market : even the most sophisticated investors can’t watch every corner of the market. Chat rooms offer dozens of people who watch individual stocks and relay information.

Community of support : the life of a full-time trader can be a isolated and stressful one, especially when the market goes sideways. Trading rooms provide a place for you to vent, share stories and pick each other up after you make mistakes.

Cons of trading chat rooms

Not all trading chat rooms will steer you in the right direction. Here are a few red flags to to consider before getting a membership to a room:

Membership fees : to prevent trolls and other malicious users from joining, most rooms charge fees. Nothing good is free, but this is an instant cut into any profits.

Lurking scammers : carefully vet your chat options and make sure scammers and manipulators are quickly ousted.

Bad ideas spread quickly : chat rooms have the capability of spreading good as well as bad ideas. Fact-checking is a must.

What to look for in a trading chat room

The best trading rooms all have a few common characteristics. Benzinga used the following criteria to make selections:

Strong moderators who weed out trolls

Fair price for the service and experience offered

Civil engagement and respect for different viewpoints

Best trading chat rooms

Check out the trading chat rooms that traders can’t stop talking about!

Warrior trading offers on-demand educational courses, tools and community support to new and experienced traders

Let us help you simplify and accelerate your journey of learning how to day trade

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Learn about my day trading strategy — from stock selection to risk management, and more

Led by ross cameron and his team of trading mentors, warrior trading is a leader in online trading education with extensive courses, trading tools and community support.

Our program starts with an educational platform where new traders can learn the fundamentals of trading in our courses and then hone their skills in our simulator. Once traders are ready to trade with real money, they’ll find an entire array of tools at their disposal including our stock scanners. Our live trading chat room provides a community where traders can celebrate milestones and learn from mistakes. Our mission is to educate a community of traders on the fundamentals and strategies our educators use each day.

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Warrior trading may publish testimonials or descriptions of past performance but these results are NOT typical, are not indicative of future results or performance, and are not intended to be a representation, warranty or guarantee that similar results will be obtained by you.

Ross cameron’s experience with trading is not typical, nor is the experience of students featured in testimonials. They are experienced traders. Becoming an experienced trader takes hard work, dedication and a significant amount of time.

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Available research data suggests that most day traders are NOT profitable.

In a research paper published in 2014 titled “do day traders rationally learn about their ability?”, professors from the university of california studied 3.7 billion trades from the taiwan stock exchange between 1992-2006 and found that only 9.81% of day trading volume was generated by predictably profitable traders and that these predictably profitable traders constitute less than 3% of all day traders on an average day.

In a 2005 article published in the journal of applied finance titled “the profitability of active stock traders” professors at the university of oxford and the university college dublin found that out of 1,146 brokerage accounts day trading the U.S. Markets between march 8, 2000 and june 13, 2000, only 50% were profitable with an average net profit of $16,619.

In a 2003 article published in the financial analysts journal titled “the profitability of day traders”, professors at the university of texas found that out of 334 brokerage accounts day trading the U.S. Markets betwe caen february 1998 and october 1999, only 35% were profitable and only 14% generated profits in excess of than $10,000.

The range of results in these three studies exemplify the challenge of determining a definitive success rate for day traders. At a minimum, these studies indicate at least 50% of aspiring day traders will not be profitable. This reiterates that consistently making money trading stocks is not easy. Day trading is a high risk activity and can result in the loss of your entire investment. Any trade or investment is at your own risk.

Any and all information discussed is for educational and informational purposes only and should not be considered tax, legal or investment advice. A referral to a stock or commodity is not an indication to buy or sell that stock or commodity.

This does not represent our full disclaimer. Please read our complete disclaimer.

Citations for disclaimer

Barber, brad & lee, yong-ill & liu, yu-jane & odean, terrance. (2014). Do day traders rationally learn about their ability?. SSRN electronic journal. Https://papers.Ssrn.Com/sol3/papers.Cfm?Abstract_id=2535636

Garvey, ryan and murphy, anthony, the profitability of active stock traders. Journal of applied finance , vol. 15, no. 2, fall/winter 2005. Available at SSRN: https://ssrn.Com/abstract=908615

Douglas J. Jordan & J. David diltz (2003) the profitability of day traders, financial analysts journal, 59:6, 85-94, DOI: https://www.Tandfonline.Com/doi/abs/10.2469/faj.V59.N6.2578

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