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I have watched the recent thread of claims, attacks, responses and defense
that has been in the forum lately. IMHO the forum should be a way
for us to interact and exchange trading ideas. IT SHOULD NOT BE A
FORUM for unsubstantiated claims, experience or success stories.
I work in the securities industry - for the CBOE - and I have had the good
fortune to meet, either in person or electronically many of the folks who
participate in REALTRADERS. My cross section is modest at best, but
most of the folks are terrific. The forum should focus on trading
ideas and issues.
In the investment industry the issue of creditability and credentials
is a huge issue and we ought to avoid these forms of presentations.
Working in the industry I have the unique opportunity to view CRD records
and time/sales data of just about every exchange. I would venture
to say that about 50% of the time when I check a "claim" made on the forum
... usually accompanying a success story .... I quickly discover
the claim is false.
"I bought 20 at 4 5/8 the absolute low of the day"
Time and sales don't show the trade.
"I'm a trader for a large hedge fund"
Large trader, yeah ... you fix the copying machine.
"I sold the top" To meet a margin
call for your short position.
"I worked at Quantum when they made 180% or I worked at the DTB when
it was a gold mine" Half the
time the claim is false or they worked in some other capacity.
We ought to discuss strategies and ideas. We all have egos
. we all trade ... we all make and lose money trading. Sometimes
we make money because we are smart ... sometimes because we are lucky and
sometimes we make an absolutely brilliant trade and it fails.
In October of 1987 the number of people who claimed to own OEX puts
was at least 70X the actual Open interest. I have never given
a seminar where I didn't meet someone claiming to have made $10,000,000
either the hour before or the day before ... and it almost never checks
out.
Everyone has had one great week ..... or one great year ..... or won
the investing contest at ............ So what!
We ought to stick to strategies and issues ... not claims. Claims
of success are commonly bullshit ...... credentials are commonly bullshit.
That is why the community makes public registration, regulatory and legal
data. YOU WOULD AMAZED (probably not actually) how much trash
exists on the forum ..... not in the trading idea exchange, but in the
success stories.
If someone make a claim or tells you a story, and it relates to securities(not
futures yet)check it .... get the NASD to run a CRD. Every securities
floor trader has to be a broker dealer and file annual focus report (a
P and L ). The info is available ... go get it.
Enough soapbox.
If any of you are near Captiva Island the CBOE/CBOT annual Risk Management
Conference starts there on Wednesday. It's currently -5 in
Chicago so I'm going to Florida.
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