Daytraders / CNBC report

L

limitdown

Wed, May 1 & 2nd at roughly 5pm EST, CNBC had segments on their current report on Daytraders, along with some statistician from BSC (or some other analyst), they said it was a two or four part series.

Anyone catch this?

The segment that I saw showed a very confident series of traders at an unknown firm, who were making money, and jolly good for them. In fact the person talking had profitably traded PSFT on narrow volume. He stated that instead of trading with volume, he trades behind volume, and shorts into strength after major buyers have taken their position. Gutsy moves.

That's the extent of the snipet that I caught. Anyone else catch this series?
 
...yeah I just caught the end of that, ..did you catch the former Secret Service guy saying "that he felt his SS training was the perfect backgroung for daytrading" I wish I could have caught the rest of it......actuall today I spent the morning with the manager of the San Fran - Bright Trading office, watched him <just> miss an enormous move in HI by .01 cent on his bid......oh well sometimes you get the bear and sometimes the bear gets you...it was really great and he admitted quit candidly that it is a very hard market right now... but opportunities are their!

Good trading all,

mrktwiz
 
Watched both the series, the featured trader in the first series makes 7 figure/year lives in Chicago downtown in a 3000 Sf condo.

In the second series David Nassar's day trading has went down to $1/2 mil.

These guys must be having a bad year.
 
Did I hear correctly that the Bear Stearns report on daytrading say there were 40,000!! active traders doing 25% of the Nasdaq and NYSE volume? This went by so fast I started laughing after I thought about it. Someone please confirm or correct me on this.
 
<i>In the second series David Nassar's day trading has went down to $1/2 mil.

These guys must be having a bad year.</i>

haha. Dave was a laff riot. From my contacts who worked with him last year, I hear he lost over a million bucks in his own trading. When the naz crashed, I remember seeing the margin call sheets that showed him getting killed - equity % down to like 10% or so.

He could not teach proprietary traders how to make money (they went belly-up), but he runs a trading school. ROTFL

But Terra Nova pays the bills around here, so this post will get deleted. Enjoy the truth while it is available.
 
Why would ET delete your post? I don't think they censure posts just because you don't praise Nassar. He may make millions. I for one may try his class out. If he really knows how to trade, and he isn't lying about his track record, why not? If he lying, i believe he could get into serious trouble with the feds. I doubt he would risk it cause the lawyers would have a field day.
 
Man, I wouldn't mind going UP to a 1/2 mil a year. Or even 1/20th it seems like LOL

I think the daytraders account for around 10-12% of NYSE/Naz volume. I caught a snippet of the report too, but because I keep the sound down on CNBC during market hours and by the time I saw the report and hit the unmute button I missed most of it.

Oh well. If it's as informative as the rest of their programming then fear not, for little has been lost.
 
Originally posted by sammybea
Why would ET delete your post? I don't think they censure posts just because you don't praise Nassar.
More...

haha. Are you new? Watch as this post and the others dissapear. Terra Nova pays Baron $10,000 a month. Of course he will delete anything critical of them, regardless of truth. Terra Nova is his cash cow.
 
I caught both reports in the series of 2.

First one was about a guy in Chicago who made a shit load during the bull run (who didn't) and spent a bunch of it buying a condo and a Porsche (either that or he's got a trust fund) Says he is still making money albeit a lot less. Made some valid points and all in all I think was fairly credible.

Second report today was about new traders joining the big bad world of daytrading. Nassar was prophesying the usual bullshit about discipline, trade plan, bla bla bla.... Said he made something like $ 1.5 million the end of 2000. I am always skeptical of the guys who throw around these big numbers on T.V. . Hell for all I know he could have made the dough I don't really know and for that matter I don't really care. He definitely has a nice classroom setup (wonder who is paying for that).

It was funny to here the newbie traders talk about how their past life may have prepared them for daytrading as a career. I suppose everybody feels they have some kind of skill transference to daytrading, but in my opinion unless you were a professional gambler, and a video game addict with balls of steel there aren't a lot of jobs out there to prepare you for this particular line of work. I'm not sure anybody can teach you how to trade, only give the tools and an idea how to use em' , when you sit behind that screen and start risking your own cake she's a whole new world baby!

Unfortunately I think the reports were woefully inadequate in describing daytrading after the bubble. Typical CNBC bullshit! Splashy little 3 min. segment about where are they now, how the bears got most while a few "savvy professionals" escaped and people are still willing to put up money to chase the dream. The reports lacked depth and said nothing about what is really going on in the industry. Oh well..... not sure what I really expected from those jokers anyways, the network who treats daytraders like parasites and thinks that some one other than us watches their lame asses all day. Ha!!!

(I'm feeling cranky tonight time for bed)

:p
MACD
 
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