Could not agree more with your sentiment. Anyone's reflection and observation of this industry is a reflection of their own motivations, success, and failures. I come across excellent customers, associates and software vendors in this industry. Yes, there are bad players like any industry, but I seek those who contribute to growth. For example, I have customers who did a wonderful job working with software vendors to make it better for everyone. Other trading software providers have created good risk management systems in place for FCMs and brokers, and then there are those who work in the back office and generate better reporting methods. Trading is hard. No one reasonable and intelligent said it's easy. Growth comes from pointing out how to make things better, not point out the obvious.
If someone exposed the true nature of the game, few would listen. Of the few who listened, fewer still would understand. Understanding does not mean believe. Of the handful who believed, most would not know what to do. Of those who knew, how many will actually do? And of the rare ones who have done it, few would expose the true nature of the game.
I can see how a vendor would be incentivized to have such a viewpoint. I am not a 'failure' so please don't put me in that box...rather someone who played a different side of the 'trade' and generated commissions. A vendor/service provider would understand commissions and sales revenue. You certainly don't get paid a performance fee if your clients make money and don't take losses if they take losses. You sell something for a revenue irrespective of client gains/losses. I did a quick search of the forums here and found a couple of interesting links that, surprisingly, reinforced my viewpoints and analysis. ... a post from 2012 is an example...this is from a thread entitled 'Did Altucher fail as a trader' The vast majority of the posers on this thread have a net worth below 100K. They don't have enough liquidity to take advantage of any market inefficiences they may find. They have no clue what Mr. Altucher is stating, ie for the little guy, day trading is a waste of their most precious commodity, their time . In the past, when exchanges were being automated, anyone with average IQ could become a SOES bandit by trading against the NYSE market maker, these days those guys are broke and gone. Then you had guys front running the market using info from the dark pools, those guys are now resorting to rebate trading to stay in the game. Today, success in day trading can not be attained by watching level 2 or some BS indicator on a chart, and sucess is daytrading is path dependent, and most on this thread are wandering in the dark, if and when they do see the light, they're going to be financially broke with no job skills to fall back on. Mr. Altucher is doing these guys a kind favor by informing them of the reasons why they're all destined to fail. If you do not have genius level IQ that can grasp advanced mathematical concepts and advanced programming skills, you're going to be road kill. And anyone who does have that IQ, can make his millions elsewhere while learning how to invest or swing trade, where the success rate is higher. More links https://jamesaltucher.com/can-i-actually-earn-a-living-through-currency-trading/ https://jamesaltucher.com/do-you-think-humans-would-have-a-fighting-chance-in-daytrading-again/ Oh and he reflects my gut feelings/analysis about Buffet https://jamesaltucher.com/blog/5-secrets-warren-buffett ...I am hardly alone.
This Abbot and Costello routine sure smacks of surf and one of his sock puppets. It would make sense that he would be reduced to dialing for dollars as a stock broker.
Sorry to disappoint you guys. I am not surf, whoever that is or was. So far, pretty classic human psychology of people trying to put me in various 'boxes'...previously, the 'failure' and 'he is looking for a mentor' box...now a new 'he is Surf' box. No idea who that is.
Does sound like surf and the sock puppets, new edition, from his vacation trailer @ Alabama Shores. If you clowns are both so successful why forage down into the dregs of ET. Prove you're not lying, SS #'s with bank accounts, etc, etc. You're a couple of clowns, prove me wrong.