Anyone notice who wrote this piece of garbage????? Mr. Henry Blodget. The scumsucking analyst that cost ML $200mil. Sorry Henry, we don't work at a large firm where we can pump and dump stocks and get paid millions for it. Hey, at least I'm not barred from the securities industry. They teach that at Yale? http://www.pbs.org/now/politics/wallstreet.html Blodget's emails.
Ditto. The truth is that MOST wall street traders lose money. I worked on wall street for a long time and I can tell you first hand that the losses are on the wall street firm side. why do you think the SEC made up the "churn & burn" rules? who did that rule protect? who benefited?...........the customers who were losing money thats who. If my memory serves me right ................was it not Bear Stearns & Lehman that "Blew UP"!? I rest my case.
I think we can all agree that trading is not easy. I think the numbers probably break down to about 80% lose money, about 10% are close to break even, and about 10% are consistently profitable. Maybe 1% or less kick ass and make a killing. That's another reason why so many of us on here cringe when we see these trading rooms and courses touting how easy it is make money and 'quit your day job'. They make it sound like it's possibly for EVERYONE to make money. LOL. We have too extremes here. 'It's impossible' or 'it's easy'. Anyone with any kind of brain, and any kind of experience will tell you it's neither. Truth is it's very difficult to make a living trading. It's probably going to take a long time to learn how to do it, and you may never learn! That's another thing, I see people state that if you give it enough time and stick to your plan, etc.....you will make money. But that again implies that anyone and everyone can make money, and the market ensures that that is just not possible. Most people will lose, and that's the way it has to be by the very nature of the market. As long as people are aware of that coming in, then go ahead and trade.
I would absolutely have to agree with bat1. I've been a professional trader for over 30 years and day trading is tough, particularly if you're undercapitalized, which is most probably the situation with most private accounts. This is not to say that it can't be done, but you'd better have some years of experience and have deep pockets.
I know. And when I scrolled down to the comments section, I saw none other than Timmy Sykes defending daytrading. For some reason, watching 2 midgets kickboxing came to mind.