MarketWatch reported on millennials looking to get rich or die tryin’ with riskiest oil plays. In one case, “World Chaos” as known on Reddit’s WallStreetBets multiplied on his betting money playing against the S&P 500. Jeffrey Rozanski, 18-year-old Florida high schooler, proudly bragged: “Y-O-F**KING-LO, 900 to 55K in 12 days!” The latest obsession for these millennials on WallStreetBets is an exchange-traded UWTI betting on oil with extremely volatile that uses derivatives and debt to amplify the profits and losses. Pharma Bro Martin Shkreli is a role model for the members and at one point was one of the moderators on WallStreetBets.
Day trading is a dangerous game to play for these 38,000 members with “YOLO” spirit (short for “You Only Live Once”). “This subreddit, they love Martin Shkreli,” said Asad Butt, a 25-year-old Pennsylvania trader who posts frequently to WallStreetBets. “He is living their dream. He got rich. He might have lied and cheated along the way, but on the forum that’s encouraged.”
Millennial Day Trader Podcast
You can listen to MarketWatch’s take on these Millennial Day trader below. The podcast covers how Reddit transformed into a gathering place for young millennial day traders.
More Insight from Millennial
If you got spare time, you can watch this talk from Jeffrey Rozanski explaining how to turn passion into profit after overcoming dyslexia and depression. Jeffrey is a graduate of Pine Crest School (class of 2016) and will be studying business and finance at Hofstra University. The discussion is hosted by TEDx Talk.
Fast Life of Millennial Trader in Wall Street
Wall Street Millennial traders are living fast and hard in an unsustainable world. These young Millennial traders take meth and illegal drugs to boost their attention for the intense trading. Many of young Wall Streetes also compulsively pay for sex to deal with stress and demand of their careers. “In an effort to cope with job stress and self-imposed pressure, these Type A’s are working murderous hours while relying on prescription medication and—primarily among the men—street drugs, such as cocaine and crystal meth, to help them focus and reach peak job performance,” reported by ThinkAdvisor. It’s very hard to get out of these bad influences in the name of greed.
Conclusion
In general, day trading is a bad idea. By definition, day trading requires frequent buying and selling of securities and financial instruments such as stocks, bonds, and options. By holding for a short period of time like hours or days, day trading is more like gambling in contrast with long-term investment with holding period over many years or even decades. Success at day trading needs good forecast by market timing doesn’t work. Invest for the long run is still the preferred method over day trading.