Day trading for a living? Fernando

Fernando Chague and Bruno Giovannetti Rodrigo De-Losso
Authors registered in the RePEc Author Service: Bruno Cara Giovannetti and Rodrigo De-Losso

No 2019_47, Working Papers, Department of Economics from University of São Paulo (FEA-USP)

Abstract: We show that it is virtually impossible for an individual to day trade for a living, contrary to what course providers claim. We observe all individuals who began to day trade between 2013 and 2015 in the Brazilian equity futures market, the third in terms of volume in the world, and persisted for at least 300 days: 97% of them lost money, only 0.4% earned more than a bank teller (US$54 per day), and the top individual earned only US$310 per day with great risk (a standard deviation of US$2,560). Additionally, we find no evidence of learning by day trading.

Keywords: day trade; day trading for a living; retail investors; HFT; course providers; futures market (search for similar items in EconPapers)
JEL-codes: C92 G02 G11 G12 (search for similar items in EconPapers)
Date: 2019-12-11
New Economics Papers: this item is included in nep-ore
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