Day-trading to escape poverty

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Mr. Mishra is a distinctively Indian type of investor. His office is this cramped Internet cafe, strewn with discarded paper teacups. At home, he doesn't have his own computer, Internet connection or even reliable electricity. His portfolio is tiny. His profit target is $10 a day…

Even with the market falling, Mr. Mishra says he makes more money buying on the dips than he could in his previous job selling engine parts for ships. There, the $6 a day he earned wasn't enough to support his wife, two children and mother, who live in a small apartment in the noisy suburbs of this city formerly known as Bombay. He says he earns an average $15 a day from day trading.

Two years ago, he took $1,000 in navy pension money and began trading at Web World. Since then, he has doubled his take-home pay. Every morning he takes a crowded 90-minute train ride to downtown Mumbai and shows up for "work" at the back corner of the cafe before the opening bell at 9:55.

Read the full WSJ article, which includes a great description of the internet cafe trading floors and strategies. Though of course the toughest part may be actually getting that $1000 loan to begin with.

Update: HedgeFundGuy and his readers have more commentary.

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