qxr1011 you are absolutely correct.
Back then (somewhere around 1999, 2000), there was some b/s stock OMKT (Open Market). I don't even know what it was, but I did pretty well on it. During that time, I used to sometimes look at the posts on Raging Bull. I'm sure a few were good advise, but I expect most were just pumping their position. I remember there was some guy who bought OMKT in the $60's based on the stuff people posted there. A few weeks or months later, he was threatening to kill himself because he said he lost all his money on it. I'm guessing he bought it on margin because it had not gone to 0 at that time.
At least trading platforms are better now. Back then, we were trading with Datek Online using a 56k modem. Stocks could move a long way before your order even reached the market. You'd never ever use a market order. I still never do although I remember Smartmoney showed me how to play a dead cat bounce on a big gap down and it worked. I think we put in market buy orders at the open. Been a long time so I could be incorrect. Jump right into the buzz saw and make a profit real quick.
