What a crock of shit! I can't believe this guy even has the aptitude to write a conherent piece of trash journalism like this! ok, I'm done. I feel better now. -momo
Actually that's quite possible with basket trading. My average is about that too but the volume is only about 1/3 of SilverBullet's. I remember on Monday when we had that huge reversal one of the guys at my firm had over 100 positions @500 shares each long. Before the closing bell he highlighted everything and one click of the button sold everything.
a couple things... -> silver bullet - if you're buying on the bid and selling on the offer, and beating someone else's price, you're actually *helping* the seller (buyer) save money. after all, if they didn't hit your bid, they'd probably be hitting the person below you...and getting less money for their shares than you're paying. you're actually providing liquidity, as well. -> i've completely given up explaining day trading to most people. i say that (by definition) a day trade can't be carried overnight - the minute it is, it's no longer a day trade. if they understand that, great. if not, i drop it. the press doesn't want to 'know' what it is, either. day traders have been around since the beginning of time...just that now they don't have to be on the floor, and because many daytraders take money from the pockets of the market makers (on nasdaq), the large firms can tell their press buddies "it's all the daytrader's fault". that was the big battle cry 2 years ago, but it hasn't been sung any more...
I can't believe this guy even has the aptitude to write a conherent piece of trash journalism like this! I do not know how many times I have heard that journalists, for the most part, are bunch of lazy stupid bums.
Just curious, what was his net P/L for that day? must have been a really nice day if he got in at a decent time (relatively early..)
Well it must be me, but I didn't think that was so bad. The basic thrust of the article is that day trading as we knew it is gone and I agree. I remember meeting someone from NC who boasted non stop about how he traded bio teck stocks and made a fortune blah blah.....he is long gone out of this business and so are many like him.
Gaj, Yeah, I know I am creating liquidity, and thats why the ECNs give you a rebate. I am sometimes making the price better, but sometimes you simply match the next best shave and wait to get hit. Shaving can erode your profits somewhat, but beats retailing in and paying the fees (At the next even cent may I add)
Fitz....300 trades a day includes in and out, includes partial fills....for example...I have 3000 shares long on SUNW that I retailed into. To get out I offer out on Island and it takes me in 100, then 1000, then 500, 400, 100, 200, etc. Those all count as trades in my software.
true that the so called daytrading the author mentioned is gone. but the biggest flaw in the article imo is the fact the author did not find any of this 'daytraders'. So how can he conclude they did not make it. Probably they did not, but still I find this article very unprofessional. Many assumptions, little research and so little facts. it's just an article like the so many ones out there at the moment, because of the market woes. Finally we are getting close to intermediate bottom. Bears are all over the papers, and idiots speak of what they don't know about. tntneo