Day Trading: Facts, Fiction and Discussion
- TONYBRIG
- KirkL
- DennisL
- TONYBRIG
- TONYBRIG
- litab16
- TONYBRIG
- TONYBRIG
- litab16
- JenL_3
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-- posted by TONYBRIG
» KirkL - Interesting article.
Interesting article. Sounded like reading about someone that won the lottery. Yes it does happen and yes people get rich. Otherwise, the article was lacking any useful information or statistics and read like a "me too" article telling us there are day traders that put up $50K of their own money to trade at a "Day Trading Shop" where they pay several thousand first to go to a school.BTW, do they have black-jack schools?
I get the feeling I am wasting my breath so to speak as nobody has put up any meaningful information other than the numbers given by Levitt and the only "credible" argument was to "call him a fool". Yeah, right.
-- posted by KirkL
» DennisL - Day Trading Article
It is an interesting article. I think the day trading phenomenon is one more symptom a prevalent trend in American society today, especially among the baby boomer and Gen-X crowds, and that is a trend of impatience and very short attention spans. In the investing arena, this translates into folks no longer being satisfied to get rich slowly. As BB has said many times, the impatient crowd not only thinks the markets owe them a living, it thinks the markets owe them a killing overnight, with anything less than 30% annual returns being quite unsatisfactory. Listening to some of the day traders, one would get the impression that anything less than 30% daily returns is unsatisfactory.If you have the deep wallet and stomach for it, fine. More power to you and I wish you well. Me? I don't have the stomach for it. Besides, I am getting very rich, slowly, and am very happy with that approach.
-- posted by DennisL
» TONYBRIG - To each its own
Make it slowly if you want.If you have your preferences tho what would you
choose.
Most jobs are underpaid (to me)
I spent a few years as an Employment Agent/Counselor and always felt since then that
most GOOD WORKERS are underpaid.
When I see a fast cashier at FOODTOWN and she
hardly comes up for air and she is going like
70 mph, I ask her why she is so slow and how much
does she make. She replies $6 hr.
What a dam shame! She worth at least 15/20 hr
if she only knew it. I tell her go to a bank or
a race track. It is very too bad that a high
percentage of able good workers have no idea of
what they are worth.
Yes they to have BLACKJACK SCHOOLS.
To each its own!
VBOLHH
-- posted by TONYBRIG
» litab16 - Few are beating the S&P
There is an interesting column just posted at RagingBull, which shows few day traders, brokers or fund managers are exceeding the returns of the S&P. Here's a quote from the article:"According to the Wall Street Letter, a study to be released in June by the North American Securities Administrators Association will show that the vast majority of day traders are losing money. And according to the Wall Street Journal, the pros aren't doing much better. For the 12 months ended March 31, just four of the 15 brokers surveyed by the Journal beat the 18.5% return posted by the S&P 500. For the same period, only one in seven mutual funds beat the S&P benchmark."
If you interested in reading the column it is at:
-- posted by litab16
» TONYBRIG - Hogwash
I personally dont follow Levitt that closely but if the general impression is thathe has been GREAT then I say OK Ill buy it. As far as GREENSPAN goes I dont understand
his dbl talk so again if the general impression is that he has been GREAT recently then
Ill buy it.
But he was given the dubious distinction of messing things up many yrs ago as far as
my info goes.
A person can be great for the MASSES and still make BLUNDERS which I object to.
This is my rite to do that. An opinion leader such as GREENSPAN/LEVITT can move
Markets. Since I'm in the MARKET and am a short-term trader and deal in OPTIONS
then if someone moves the market I have a rite to expressing my concern.
Greenspan/Levitt should not in my opinion be able to move the Market by their
opinions on the Market. Greenspan has been criticized by many BIG PLAYERS
in the market in the past for meddling. His job is not to put a damper on the
Market or to try to tone it down as his IRRATIONAL EXUBERANCE BLUNDER
did months ago. He should let the chips fall where they may as far as the
Market goes.
I didnt personally hear Levitt say 66/67 Day Traders were failing as you reported.
But if he did then that was HOG-WASH as I have previously opinionated here.
67 Babies could do a hell of a lot better then that. No thinking person should
ever make such a NONSENSICAL BLUNDEROUS STATEMENT. If he did then he
knows less then nothing about DAY TRADERS. I personally guess that he didnt
say that but that you are either mistaken or made it up for CONSERVATIVE CAUTIONS.
Remember your posting on type 2 people and your naming yourself as one?
Why is it so hard for you to believe that Day Traders can be successful?
You co-write with one! You wind-surf with a retired trader?
Do you feel that you owe it to the MASSES to adopt a CONSERVATIVE STANCE?
Even if it is a DISTORTION?
VBOLHH
-- posted by TONYBRIG
» TONYBRIG - Is anyone making Money?
Lita thanks for the article from Raging Bull!My critique on the article:
I dont know bout the Boston Globe hopes its not a scandal type of paper.
(Anyone know of this paper?)
Why in the world would anyone spend 1k a day for pers tutoring is beyond me.
Unless he is Gates and the teacher is Bill Oneill (or similar)
I never heard bout the Wall Street letter nor the North Amer Securities Amdin Assoc
so cant comment on this too well.
However: "The vast majority of day traders are losing money" part I do not believe
if all this talk of them losing $ was true then there would not be any Day Trader's
left. One can only lose $ for a short while without disastrous results.
The grape-vine is very good and effective and has a cleansing effect.
Much more potent then any Levitt or Greenspan combined.
If we see the Day Traders die as a Perofession then its true they were losers;
if we dont then it is untrue. Is very elementary to me!
The Chat with Joe Conrada goes on:
And according to the Wall Street Journal the pros aren't doing much better,
etc. etc. I'm also suspicious when an article is cited that doesnt give the date
and who wrote it. May be true but still I'd like to see it.
Then he goes on to say how Gurus are departing anddd how Stock Mutual Funds
cause of dismal performance are candidates for elimination. "As reported by Aaron Luchetti" Joe goes on to say.
I dont know bout Joe I dont know bout Aaron Luchetti.
I tend to believe bout the poor performance of the Gurus.
I tend to disbelieve the Day Traders are losing part. It makes no good sense to me
and has never. Cautious Gurus like Brinker weave an incorrect biass towards
anything which is flamboyant and other then cautious. But truth will always win
out in the long run and so be it. I personally dont care either way. Just dont like
lies, distortions, pot-shots. Which I truly believe bout the subject of DAY TRADERS
and NUT ADVOCATES.
I have very little respect for so called PROS (analysts) as I have found most of them
are very vague and hedge like mad and although they have the POWER OF ADVERTISING
on their side; results are only fair. They are also well camoufloged (stats aren't reported
in most cases)
A few of the houses are good but I havent done an extensive study of them to
elaborate here at this time. (Would appreciate any feed-back on Who is good/bad/etc.
Some of them have tremendous CLOUT and appear to move a Stock and or Sector
by their TOUTS. Dan Niles comes to mind on his knocking of INTC recently which
Merril then countered by saying he gave out OLD NEWS.
This is (I believe) the 2nd time he has knocked INTC., I dont know if it is justified
or whether he is just wrong or has some vested interest somehow.
In time I will be able to gauge him better.
Joe contrada talks then about the MM's which made sense to me.
I've talked too much so..................
(NEXT LIFE-TIME I HOPE TO COME BACK AS A MARKET MAKER OR BOOKIE!
VBOLHH
-- posted by TONYBRIG
» litab16 - Tony, some answers
Tony,The Boston Globe is probably one of the best newspapers, falling in the second tier behind the New York Times, LA Times, and Washington Post.
Here's some info about the North American Securities Administration Association.
It too has been around a long time.
-- posted by litab16
» JenL_3 - Boston Globe
Tony - You can read on-line....the Business section of the Boston Globe
....Jen
-- posted by JenL_3
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