Article: "Day Traders: Dumber Than Ever"

[asiaprop]

exactly. Day trading is as hard as being a professional poker player. I get the impression that at this point in time its more of a harbor for the lazy, mentally challenged, and day dreamers. Sad state of affairs for the very few who really tackle this as a serious business and grind it out day after day.

Most people would do so much better if they stepped out of their pathetic 1min time frames and looked at the bigger picture, smaller positions, wider stops.

Quote from Daal:

Fool.com is doing people a favor. The vast majority of people would be better off financially if they never tried daytrading

 

[asiaprop]

of course it is but the funniest thing is that some of the "day trading" idiots dont even get the real point they tried to make. The real point is that instead of sitting like a stupid monkey in front of your screen from morning to night, trying to squeeze couple pennies of of a stock just to get rimmed by an unexpected announcement, learning NOTHING whatsoever about the company/risk management/economics/ life, rewarding your broker while hardly breaking even yourself, INSTEAD, you could do much better by stepping out of this mind set, start using your brains, reducing your commission and slippage cost, and benefit from stronger trends, breaks through support and resistance in the longer time frame, caused by real economic events, company specific news rather than random moves, or some Afghan drug baron selling Citigroup because he heard a rumor of a rumor of a rumor that some remote cousin in Saudi Arabia is dropping his huge share holdings in that bank.

Dont get me wrong I believe a few can do very well in trading high frequency but most of the guys in here sound like total losers by getting all agitated and wound up that some internet website dared to debunk their god-called profession, LOL. If you are one of the few winners why you get pissed off, you should have enough confidence to smile and toast to the losers who finance your job.

Quote from QuikrRetirement:

the avg number of trades daily and $10/trade seem somewhat arbitrarily chosen.

 

[asiaprop]

thats not hindsight that is employing thoughts on the level of how children think. If you did not come to the same conclusion EARLY ON then you are the idiot here not anyone else.

In the same way isnt it crystal clear by now that RIMM will follow into the same exact footsteps than PALM? Wasnt it totally clear what would happen to Palm? Wasnt it also clear what happens to the brick and mortar video rentals? I mean, seriously, maybe you really think on a way too complex level. Here my hint for your next homework. Do you really think the ibanks are a cheap buy right now and that they are about to bottom out? Nothing that could cause an additional 10-20% drop in them? LOL

Not every trade works out (thats what stops are for) but over time some little thoughts can have an amazing impact if applied on a consistent basis...

Quote from spindr0:

Long-term investors don't waste their time speculating on the intraday movements of companies that might not even exist in five years, like Freddie Mac (NYSE: FRE) and Fannie Mae (NYSE: FNM). These failed financials are hemorrhaging money at an astonishing rate. Even if they manage to survive, there's a good chance that common shareholders will be massively diluted.

Similarly, long-term investors avoid companies with busted competitive strategies. At one point in time, Blockbuster (NYSE: BBI) and Borders Group (NYSE: BGP) enjoyed a barrier to entry against would-be rivals, thanks to their widespread store bases. However, nimble, capital-light, Internet-based businesses have turned those bricks-and-mortar stores into a strategic liability.

Long-term investors concentrate on companies with strong and sustainable economic moats that are likely to be bigger and better in five years. That's the strategy famously employed by Warren Buffett, and I'd say it's worked pretty well for him so far.

Isn't hindisght great???

IDIOTS !

 

[jnbadger]

Quote from asiaprop:

Dont get me wrong I believe a few can do very well in trading high frequency but most of the guys in here sound like total losers by getting all agitated and wound up that some internet website dared to debunk their god-called profession, LOL. If you are one of the few winners why you get pissed off, you should have enough confidence to smile and toast to the losers who finance your job.

Really. This coming from a guy who just posted 7 responses in a row to people who were responding to an article's inaccuracies. Who's getting unnecessarily worked up?

 

[maxpi]

Random, LOL... I watch the ES for two hours every morning and rarely do I see "random"... the stupider people are, the more sure they seem to be of their thinking... the kings of stupidity are the academics btw. ET is a site owned by a couple of guys that made $100,000,000 + in their own lifetimes through trading. We've had academics come on here and assert that trading is impossible!!! And boy, could they cite studies, they were champions at citing!! Once they realized where they were they just faded into the woodworks like good little boys waiting on their retirements...

 

[jnbadger]

Quote from maxpi:

ET is a site owned by a couple of guys that made $100,000,000 + in their own lifetimes through trading.

Really?

 

[asiaprop]

Well if you see "patterns" all the time you should go in all. No reason to be chicken. Bet the farm and get rich, like the other 95%+ who share your passion (and addiction for excitement).

Quote from maxpi:

Random, LOL... I watch the ES for two hours every morning and rarely do I see "random"... the stupider people are, the more sure they seem to be of their thinking... the kings of stupidity are the academics btw. ET is a site owned by a couple of guys that made $100,000,000 + in their own lifetimes through trading. We've had academics come on here and assert that trading is impossible!!! And boy, could they cite studies, they were champions at citing!! Once they realized where they were they just faded into the woodworks like good little boys waiting on their retirements...

 

[newguy05]

Day trading isn't gambling -- it's riskier than gambling.

someone make a plaque out of it..

i think it's time for an intervention, all ETers head over to foo.com and start commenting on all their worthless articles...that always end with "here are the 3 winners from 50 we recommended, now take a 30 day free trial of our xyz service"

 

[newguy05]

Quote from asiaprop:

of course it is but the funniest thing is that some of the "day trading" idiots dont even get the real point they tried to make. The real point is that instead of sitting like a stupid monkey in front of your screen from morning to night, trying to squeeze couple pennies of of a stock just to get rimmed by an unexpected announcement, learning NOTHING whatsoever about the company/risk management/economics/ life, rewarding your broker while hardly breaking even yourself, INSTEAD, you could do much better by stepping out of this mind set, start using your brains, reducing your commission and slippage cost, and benefit from stronger trends, breaks through support and resistance in the longer time frame, caused by real economic events, company specific news rather than random moves, or some Afghan drug baron selling Citigroup because he heard a rumor of a rumor of a rumor that some remote cousin in Saudi Arabia is dropping his huge share holdings in that bank.

Dont get me wrong I believe a few can do very well in trading high frequency but most of the guys in here sound like total losers by getting all agitated and wound up that some internet website dared to debunk their god-called profession, LOL. If you are one of the few winners why you get pissed off, you should have enough confidence to smile and toast to the losers who finance your job.

news flash here, you are in the "day trading idiots" camp too according to fool.com, clearly you have no clue what that website preaches. They dont give a shit about long term trend/tech at all, it's all about "value" investing, balance sheet, and multi-year buy and hold, which contains just as much bullshit as the other side...

 

[asiaprop]

Well, I never vouched for that website, and I could not care less where this article was published. My point is that half of the guys in this thread got hung up on an issue that was not the point at all. It does not matter whether its 10,20, 50, or 100 trades a day and it does not matter whether its 10, 20, or 50 bucks a round trip.

Position trading does not equate buy and hold....think about it.

Quote from newguy05:

news flash here, you are in the "day trading idiots" camp too according to fool.com, clearly you have no clue what that website preaches. They dont give a shit about long term trend/tech at all, it's all about "value" investing, balance sheet, and multi-year buy and hold, which contains just as much bullshit as the other side...