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Artists, musicians, and other ventures that fail aren't hustled on TV with get
rich schemes like buying options on heating oil futures last July, etc.. You
don't see an ad for an artist school where the artist is driving a tow truck
and owns his own country or a kid who plays the guitar and has his own
helicopter parked on the front lawn. The statistic has little relevance, the
hustle does. They are preying on the naive and the innocent. When they scam
you on a home repair they go to jail. When they hustle you for commissions and
control of your capital they are called financial institutions. The cost to
those taken advantage of is the same. Their hard earned money is gone to the
greedy and unscrupulous. Ira.
Dtrader wrote:
> on the other hand, so do 90% of artists, musicians and most new businesses.
>
> i'm not real sure this statistic has much relevance.
>
> dan
>
> -----Original Message-----
> From: Norman Phair <ericrogers@xxxxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Date: Thursday, April 01, 1999 1:59 PM
> Subject: Re: Bull Market
>
> :I have heard figures as high as 90% of the people that do day trading
> :fail. No work, no reward.
> :
> :Norman E,
> :
> :> "Peter M. Beckwith" wrote:
> :>
> :> Great post, Ira.
> :>
> :> Not only are there more on-line trading commercials than beer and auto
> :> commercials, but the content and substance of these commercials is
> :> completely off-line. The firms that sponsor these commercials hire
> :> teams of lawyers to settle suitability of investment lawsuits and
> :> arbitration suits all them time from people who lost their shirts(not
> :> to mention their homes) after daytrading on the internet for a couple
> :> of months. You would think that after all of the horror stories out
> :> there about people who didn't understand what margin was or that if
> :> the stock goes against you x percent you have to meet the cash
> :> requirement, the firms themselves would take a more responsible
> :> stance. Instead, most of us who keep CNBC on in the background have
> :> to watch an Ameritrade commercial about a mom and housewive who can
> :> take the kids to school and throw some money in a biotech company to
> :> the tune of $1700/day or the guy who owns his own island, etc...
> :>
> :> I don't know what we are going to see with this market, but one day(I
> :> hope) we can look back and just laugh at how absurd those commercials
> :> really were. I am hoping it is sooner rather than later and then
> :> maybe, just maybe the public will understand that trading is a
> :> profession, not a hobby that you take up in your spare time...
> :>
> :> Pete Beckwith
> :>
> :>
> :
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