A few reasons I hear are: 1. Futures are extremely efficient. What exactly does that mean? Aren't there thousands of very intelligent traders/institutions using algo's to trade stocks squeezing every last bit of perceived inefficiency out of them using every strategy under the sun creating chaos basically? 2. Stocks are more volatile than futures. True on any given day you can find a stock to trade thats "in play" and is moving nicely. However, what difference does that make? It moves a lot BOTH ways, up and down so your losses are going to be larger also.. thats what I don't get. Its not like the up moves are great and the whipsaws back act as if the stock wasn't in play anymore. 3. You can spread risk across many stocks and allow your strategy to work over many trials. True, this will smooth out your equity curve BUT a losing strategy across many stocks with smaller positions is STILL a losing strategy. The losses will just be less severe allowing for a slower decline. Could a seasoned trader please explain where I am wrong in my analysis or provide a better explanation please? Thanks in advance.