Ask Rande

» RandeS - Tony,

Tony,

Yes, you can view and download on line. Here's the link, once again, to the IRS publication file manager. Just scroll down to see the list of publications. Highlight number 550 and follow the instructions for viewing/download. You'll need Acrobat. BTW, there's a lot of stuff at this site that's prety good. Pub 17 is a good overview of basic individual income tax compliance, there's a publication on mutual fund reporting, IRAs, 403(b)s, etc. -- tons of stuff.

http://www.irs.ustreas.gov/forms_pubs/pu...

-- posted by RandeS

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» TONYBRIG - Thanks Rande!

Thanks Rande!
Thought you were gonna say:
Are you Crazy?

vbolhh

-- posted by TONYBRIG

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» MichaelC_AU - % of daytraders losing?

Seems like I heard that %75 of daytraders lose money overall over time, this statistic was widely used when the Atlanta shootings were front page.

If this is true wouldn't it be important to warn all the Tonys out here!

-- posted by MichaelC_AU

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» TONYBRIG - The Tonys out there view it as a plus

The Tonys out there view it as a plus.
That means my competition loses 3/4 so
an edge for me.
If 25% can do it then why not me?
Follow a statistic blindly based on a figure
and one is very narrowminded.
Day Trading is a new Industry it takes time
to weed out the losers both individuals and
Companies.
The statistic will change upwardly as this
Vehicle moves forward.
Two sides to every coin.
So if this is true then one should consider shorting the Day Traders buys and vice versa!

vbolhh

-- posted by TONYBRIG

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» KirkL - No Tony

No Tony

You don't understand it yet.

You DON'T short the day traders picks, the picks are random.

You charge them $20 to $25 per trade each way and encourage them to make 10 to 100 trades a day and make sure they are all closed before they go home.

THAT is how you make money if you own a Day Trading School. Take the House odds.

Ever hear of a good gambler getting rich by doing the opposite of an unlucky one?

-- posted by KirkL

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» RandeS - Kirk's point is a good one.

Kirk's point is a good one. Day traders aren't going long or short based on any fundamental notion about a stock. It's all technically driven based on guesses regarding extremely short term dynamics. What the successful day traders try to do is get in between on the spreads, squeezing out an extremely small fraction here and there in the hope it will all add up to a decent day's wage by they time they're done. Trouble is the tens of thousands of dollars at stake to eke out a hundred or so and the risk the trade could backfire on you. Day traders who actually speculate on a stock outright, rather than trying to squeeze in between the spread, are even worse. Nothing more than a guess and a hope on minute-to-minute direction of a stock. Bring on the Rolaids. Michael makes a good point too, except that caveat emptor falls on deaf ears when the hope of quick riches enters the picture. We've talked a lot about the dangers of day trading and options trading at this site for some time. Tony and others of legal age who wish to make a go of it are entitled. At the very least, if you're going to do it you should at least know the tax rules and potential pitfalls and I think this site has done a lot to educate in that regard. One last thing about Tony's idea to do the opposite of the loser day traders. As Kirk says, that probably won't work too well. If you absolutely have to try your hand at day trading, though many of us advise against it, wouldn't it be better to seek out the 25% (10%?) or so who are successful at it and seek instead to emulate them?

-- posted by RandeS

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» TONYBRIG - Gambler..........that word kicks in

Gambler..........that word kicks in

Kirk said in part:

"Ever hear of a good gambler getting rich by doing the opposite of an unlucky one?"
No but maybe a system could be devised based on this.
Luck plays a part in it but in Horse Racing the crowd is wrong 70% of the time.
The favorite wins about 30% of the time and is usually overbet and an underlay
(overvalued) to use Wall Street Jargon.
The astute specualator pounces on this when he comes up with a different horse
then the favorite.
Think about it.

vbolhh

-- posted by TONYBRIG

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» RandeS - Tony,

Tony,

I may get "kicked" myself for saying this, but there ARE such things as astute gamblers. They tend to be successful, not based on what they know about the "system" or the best way to "bet," but because of what they know about themselves and their ability to exercise discipline. The average gambler/speculator (that mythical 90%) would be a chronic loser even if they figured out every nuance of the game because they don't have what it takes psychologically to overcome their own self-destructive nature.

-- posted by RandeS

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» TONYBRIG - Correct they want to lose.

Correct they want to lose.
Even if you put it in some peoples pocket for
them they would figure out a way to lose.
Maybe drop the $ or the tip sheet!
Some like to sell low and buy high.
vbolhh

-- posted by TONYBRIG

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» TONYBRIG - Computer Program for Stock Selection

Rande:

Do you know of any that exist on the Market
for the Market?

vbolhh

-- posted by TONYBRIG

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