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TJ sez ****
--- Mark Jurik <mark@xxxxxxxxxxxx> wrote:
> I'd like to ask a few questions about the popularity of day trading.
> A compilation of your responses will be published by Investor Skills
> & Knowledge Institute (ISKI), and be freely downloadable from my web
> site.
>
> 1. Is the recent surge of interest in day trading due to software,
> the roaring bull market, glamorization by the media, greater personal
> control over retirement accounts, all or none of the above?
**** a rising tide lifts all boats; similarly, an unrelenting rising
market has led to some glamorization by the media similar to a large
buckos powerball lottery. then vendor scammers come out of the woodwork
like roaches come out at night to prey on the public and their
fascination with making "easy money." when the market falls, these
scammers will scurry back into the dark faster than you can say "bear
market." i think that vendor hype and lies about making easy money by
day trading options, e-minis, i-net stocks, or whatever, has led to
more day traders entering the market now than ever. again, when a bear
market hits, the day traders will disappear, and so will many ancillary
services; brokerages, software vendors, newsletters, etc.
> 3. In your opinion, what percentage of day traders routinely
> outperform other investment strategies? What percentage blow out
> their account and suck their thumbs?
**** i know for a fact that less than 1/10 of 1% of futures traders at
my clearing firm have gains on the 1099's that are sent out last year.
so if you want to become a day trader, the odds are stacked against
you.
> 4. Anything you want to get off your chest regarding day trading?
> Don't be shy. Let's shake 'em up a bit.
**** i just did :)) if you can't think fast on your feet, forget day
trading. if you don't have a systematic approach, forget day trading.
if you're just starting out, you'll need at least $50k in trading
capital (much less if you're a pro with 5-10 years under your belt),
forget day trading. if you're a lazy researcher, forget day trading.
unless you have a fire in your belly to become one of the 1/10 of 1%
survivors, forget day trading.
TJ
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