I read that yesterday. The "daytraders" they interview are all banking it. This was from some of the article “I feel like Sonic the Hedgehog, collecting my coins,” said real-estate agent Sharmila Viswasam, 38 years old, of Lake Linganore, Md., referring to a videogame where the character collects gold rings. She then went on to say how she made $65,000 in profits from a $25,000 trading account trading penny stocks.
LOL Articles like this were a dime a dozen in 1999. Also back in 2007, but real estate instead of stocks. If not for the Fed this market would be down 50%. They can prop this slob up for a long time, but eventually it will be time to pay the piper.
Im getting kind of worried about possible new regulations, can any veteran traders help silence my worries please? Didnt 1999 bring the PDT, and 2008 the Volcker rule? if the spit hits the fan could we get more regulations??? What do you think they could/would introduce??? That person you quoted up above, says she tripled her account in this short time frame. Trading some of the most riskiest most volatile stocks, Im not saying she got lucky, but what was her risk exposure? What would she have done if she lost that 25k? I was in a chat the other day and a member was complaining about PDT, ( I am not saying I agree or disagree with PDT). But I mentioned to him it was put in place after the Dotcom Bubble, where everyone youd meet made a fortune and lost two or three+ fortunes in the market, and none of them wanted to take responsibility for their own actions, so they blamed "the stock market" and we got more rules... This guy goes on to say PDT "cost him $6,000 today", he didnt explain how exactly but kind of explained, he was talking about a position I guess he mustve bought and I guess he couldnt sell, of course he would have sold at the top is how he calculated, costing him $6,000. He happened to buy a lowfloat biotech company based on some news chatter or possible chatter news (for any traders and investors you have an idea what kind of crapshoot he was taking). Basically a very very high risk gamble ( I mean trade). I could infer from this, this dude had absolutely no ****ing clue what the **** he was buying or doing, how would anyone buy a stock and not know if or not they wouldnt be able to sell it ??? IT GETS BETTER, So we can infer this guy doesnt have the 25k, since he is complaining about PDT "costing him $6,000". He goes on to mention, if it wasnt for that PDT, he would have made back the $6k he lost last week !?!?!? WTF, so this dude was about to go **** deep in so ****ing large a position, that he would have made $6k on an account that isnt even $25k!?!?! ON A LOW FLOAT BIOTECH !?!?! WHAT THE **** WAS HIS RISK EXPOSURE SET AS ??? I tried to reach out to him and be kind but explain that he was recklessly gambling and not trading, the issue here is through all of this, this character (and I am sure there are many others like him) IMMEDIATELY BLAMES THE SYSTEM, if it wasnt for blah,blah,blah... I guess the joke I made about people not taking responsibility for their own actions is what caused PDT flew right passed him ??? Ofcourse, I feel empathy and sympathy to all the people that are negatively effected, especially those that lives have been destroyed. Ofcourse, everyone loves a bubble when theyre winning and being greedy pigs, but are these same wreckless geniuses gonna cry and go from tough guy to pansy *** ***** when they get to the Gates of Hell !?!? Again I feel sympathy for all the people that have been caught up in the hype and hurt, but it is really not fair to the rest of us that are doing this responsibly and professionally as a business and it is our livelihood, for them to not own their own actions and put blame outside their own decisions and actions. My question is, so what is the worse that could happen? In terms of new rules if all these ***holes start crying and blaming Wall Street again?
The article was interesting with regards to new account opening data and retail trading as a percentage of the overall market.. But it totally lost me at the unverified turning twenty thousand into half a million or whatever in 6 months. Lol Didn't happen.
I don't use my phone for news feeds, as I have a limited data plan. I use my phone to make phone calls. If I want unlimited data, I use my computer. I guess I'm a dinosaur.