Day Trading: Facts, Fiction and Discussion
- TONYBRIG
- TONYBRIG
- litab16
- KirkL
- litab16
- TONYBRIG
- JenL_3
- TONYBRIG
- litab16
- KirkL
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-- posted by TONYBRIG
» TONYBRIG - 67/68
Oh I found that bit at About site.It said something like:
One State had recently found that 67/68 day traders at one firm had indeed lost $.
A very general non-specific statement!
Probably made-up.
Doesnt mention the State the Firm the circumstances.
Sounds like something out ofa Gossip Paper.
An insult to ones intelligence?
I dont buy it you can if you want to.
Have copies the full excerpt and will comments on
it more fully later..........FAIRLY!
VBOLHH
-- posted by TONYBRIG
» KirkL - Good article Lita
Good article LitaI got antsy just reading it! 8)
Favorite exerpts (IT is a LONG article)
In 13 minutes, he has made seven sales and 10 buys of EFAX. He has earned more than $2,400, minus commissions.
It's been a strange day. In the first hour of trading this morning, he had made more than $50,000. He spent the rest of the day giving about $10,000 of that back. Overall, he made 596 trades -- and $43,032.30 -- today.
596x$10=$5,960: Interesting, over 10% commission on a good day
Whoever they belong to, the markets can be harsh: Two-thirds of all day traders lose everything they wager within a month, say managers of several day trading firms. About 90 percent are washed up within three months. Masters of the universe thought their fortunes were eternal; day traders know theirs could vanish in a moment.
Tony will say, look at the winners.
All-Tech's typical customer trades five to 10 times a day, but many trade as often as 100 times a day. Together, they buy or sell 5 million to 6 million shares a day and generate about $50 million a year in fee revenue for All-Tech.
Note: That is $10 per trade.
On a recent "60 Minutes" segment on day trading, one trader who lost $200,000 blamed firms like Houtkin's for collecting commissions while watching him ruin himself. Houtkin responds: "All I'm doing is creating a mechanism for people to access the market. That doesn't mean you'll make money. I don't tell people what to buy and what to sell, how much to buy and how much to sell. I'm not their father. I'm not responsible . . . If you're stupid, you're stupid. That's basically the bottom line. Whether that guy was in the market or bought swamp land in Tennessee, he was going to lose money."
-- posted by KirkL
» TONYBRIG - I dont buy it
Only time will prove the truth.It does no good to keep on trying to prove ones
viewpoints.
There are WINNERS and LOSERS.
Comments like 2/3rd are losers or 66/67 to me
are NONSENSICAL.
But the bottom line is TRUTH WILL OUT IN THE
LONG RUN.
If they aint around in a year or two then it was
a losing (PROFESSION?) If they are...............
then why are they still around?
Funny how ones viewpoints tend to show them
that way!
No one can win this debate simply cause there
are no ways to collect all the statistical data
and proofs necessary.
What we have so far are just bits and pieces.
VBOLHH
-- posted by TONYBRIG
» JenL_3 - CNBC Effect
Lita - Thanks for the Day Trading Article and the WashingtonPost.com link. I enjoyed the article, and found this excerpt especially interesting:And then Joe Kernen, one of the anchors on CNBC, says he's going to do a report on Hello Direct Inc., a marketer of brand-name telecommunications equipment, after the commercial break. Lawrence doesn't wait to listen to what Kernen is going to say. He frantically pounds the function key for buying HELO; the computer tells him he snagged 1,200 shares. He has learned that the mere mention of a stock on CNBC prompts traders like him across the country to log on and buy. He calls it the Joe Kernen Effect, and he says he made $200,000 or $300,000 off it last year.
Sure enough, HELO starts to rise within seconds. And as soon as it does, Lawrence sells, making $1,237.50. Turnaround time: less than one minute. The commercial break hasn't even ended yet.
I've heard that some short term traders as well as day traders use CNBC as a trading tool. Sounds like it is race among the day traders to see who can buy and sell first. It's not my idea of investing, but very interesting indeed……Jen
-- posted by JenL_3
» KirkL - I like the video game analogy.
I like the video game analogy.66 of 67 probably put in a quarter into a video game, play for a few seconds to a few minutes and walk away or feed the game another quarter.
Maybe 1 in 67 feed the video game quarters for awhile then start to play longer and longer on a single quarter until they might get an hour or more out of the quarter. Maybe one in a million get really good and can play days on the Quarter.
Day Trading:
Yes, it is possible to make money
Yes, some do it very well
No, not what I want to do for a living.
BTW, if I were to go to a school to learn to do it well, I'd go to one run by someone that is not affiliated with the "house" where their main goal is commission generation.
-- posted by KirkL
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