{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,8,13]],"date-time":"2026-08-13T11:30:03Z","timestamp":1786620603839,"version":"build-2736575974"},"posted":{"date-parts":[[2019]]},"group-title":"SSRN","reference-count":9,"publisher":"Elsevier BV","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>We show that it is virtually impossible for individuals 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. We find that 97% of all individuals who persisted for more than 300 days lost money. Only 1.1% earned more than the Brazilian minimum wage and only 0.5% earned more than the initial salary of a bank teller \u2014 all with great risk.<\/jats:p>","DOI":"10.2139\/ssrn.3423101","type":"posted-content","created":{"date-parts":[[2019,7,31]],"date-time":"2019-07-31T07:32:17Z","timestamp":1564558337000},"source":"Crossref","is-referenced-by-count":10,"title":["Day Trading for a Living?"],"prefix":"10.2139","author":[{"given":"Fernando","family":"Chague","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-3461-8621","authenticated-orcid":true,"given":"Rodrigo","family":"De-Losso","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Bruno","family":"Giovannetti","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","reference":[{"key":"ref1","doi-asserted-by":"publisher","DOI":"10.1093\/rapstu\/raz006","article-title":"Learning, fast or slow","author":"B Barber","year":"2019","journal-title":"Review of Asset Pricing Studies"},{"key":"ref2","doi-asserted-by":"publisher","DOI":"10.1016\/j.finmar.2013.05.006","article-title":"The cross-section of speculator skill: Evidence from day trading","volume":"18","author":"Brad M Barber","year":"2014","journal-title":"Journal of Financial Markets"},{"key":"ref3","doi-asserted-by":"publisher","DOI":"10.1002\/fut.20398","article-title":"The disposition eect and investment performance in the futures market","volume":"29","author":"Hyuk Choe","year":"2009","journal-title":"Journal of Futures Markets"},{"key":"ref4","doi-asserted-by":"publisher","DOI":"10.2469\/faj.v59.n6.2578","article-title":"The protability of day traders","volume":"59","author":"Douglas J Jordan","year":"2003","journal-title":"Financial Analysts Journal"},{"key":"ref5","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbankfin.2013.04.036","article-title":"Overcondent individual day traders: Evidence from the taiwan futures market","volume":"37","author":"Wei-Yu Kuo","year":"2013","journal-title":"Journal of Banking and Finance"},{"key":"ref6","article-title":"The Anatomy of Day Traders, SSRN Scholarly Paper ID 472182","author":"Juhani Linnainmaa","year":"2003","journal-title":"Social Science Research Network"},{"key":"ref7","author":"Juhani Linnainmaa","year":"2005","journal-title":"The individual day trader"},{"key":"ref8","doi-asserted-by":"publisher","DOI":"10.1080\/10293523.2012.11082543","article-title":"The protability of day trading: An empirical study using high-quality data","volume":"41","author":"D Ryu","year":"2012","journal-title":"Investment Analysts Journal"},{"key":"ref9","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12295","article-title":"Presidential Address: Does Finance Benet Society?","volume":"70","author":"Luigi Zingales","year":"2015","journal-title":"The Journal of Finance"}],"container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,8,13]],"date-time":"2026-08-13T10:40:48Z","timestamp":1786617648000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=3423101"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2019]]},"references-count":9,"URL":"https:\/\/doi.org\/10.2139\/ssrn.3423101","relation":{},"subject":[],"published":{"date-parts":[[2019]]},"subtype":"preprint"}}