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dskulnik wrote:
> Is anyone a member of DAy TRADERS on line?
I was a member of Day Traders Online for about 6 months. This is a real
time chatroom for stocks where the main calls are made by one person who
goes by the screen name DT.
Here are my observations:
>From what I saw, DT was not much into technical analysis, and made most
of his calls based on news. I believe he pays $5k/mo for First Alert
news service.
DT has a big ego and was quick to warn or kick out anyone who posted
negative statements about him, the service or his calls.
DT made frequent “buy” calls, but rarely would say when to sell. If you
lost money, then you did not “manage” the trade correctly, not because
he made a bad call.
If he made a good buy call and the stock subsequently went up, DT made
ongoing postings reminding you of his great call.
If he made a bad buy call and the stock subsequently went down, DT’s
postings about that stock virtually disappeared.
I don’t remember DT ever apologizing for making a bad call. I don’t
think “I’m sorry” was in his vocabulary.
The most memorable call I remember occurred on 3-13-97. DT said to buy
ESOL after it had plunged about 5 points that day to around 14 3/4.
Following his call there was a frenzy of member postings praising DT and
loading up with ESOL for the overnite killing as expectations were high
for the stock to open up the next day. The stock closed at 15 3/8.
Next day the stock opens at $6 and traded as low as 5 1/8 and closed at
6 ¼. One member reportedly lost about $70K after his broker liquidated
his account. Apparently he had bought ESOL to the max, on margin, and
when his account equity dropped near zero, the broker liquidated his
holdings. Did DT apologize for the call? Nope, he kept harping on how
everyone COULD have sold ESOL at a profit on the 13th as the stock DID
close higher from his call.
Overall, I lost money trading DT’s stocks. The best part of the service
for me was the member chat about good and bad internet stock brokers,
using Level 2 quote services (such as PC Quotes or AT Financial),
internet sites, and hardware/software setup.
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