The writer is a bond portfolio manager at Barksdale Investment Management and co-author of ‘Undiversified: The Big Gender Short in Investment Management’
“What’s a day trader?” My godson calls to ask me this just after his 18th birthday, newly in possession of a Schwab brokerage account flush with high school graduation cash.
When I define the term, he confesses to me that, yep, he has become a day trader with a $1,000 paper profit in his first week as a legal adult. I say “confesses” because he has done what I recommended against doing: perusing Reddit forums and gambling on stocks that dominate them such as retailer GameStop.
My godson is not going to the poorhouse if he bets wrong. I doubt most day traders are. And I am sure he is learning a lot from his experience.
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