That's some crazy shut. It's been averaging $4.50 since it's IPO. Until today. Must feel damned good to catch those fliers.
%% Good points/profitable points.. BUT quite frankly that article comparing daytrading to a casino sounds fake. Dave Ramsey, no fan of daytrading, noted it was about 20% daytraders make money,not 3% Except for market makers/specialists, most make money on longer time frames. BUT even the WSJ has had a chart of hi-speed trading profits/billions; so have to respect the few that do..........................................................[And i remember Don Bright Daytrading C0,he admitted he did investing in NYSE stocks also.]
I miss Don, we used to talk... brilliant direct access pro. It was his passing that motivated me to write my TASC column.
bright traded with edges and when things were a lot easier (slower) then they are now doubt he would even survive in this environment but who knows. hes gone . r.i.p.
The web is awash with big claims from day traders & scalpers, you would thing nearly are are killing it but published studies and comments from brokers paint an opposite picture. No shortage of degenerate gamblers, liars, ego maniacs, etc. on-line. As far as I am concerned anything I see on the web related to trading claims is bogus if it not backed up with evidence. Tim Sykes has been teaching since 2007, tens of thousands at any given time. He claims 2 of them have made over a million. The PDT rule emerged from a study done on 17 traders at a prop shop. Only 1 day trader was profitable, but the risk taken was excessive. The vast majority were losing $ and on the road to certain ruin. The only trader they deemed as successful swing traded with a low trade frequency. I do both & day & swing trading as my only income - it took many years & lot of painful costly lessons along the way. It can be done but it's no walk in the park. Making $ on a good day/week/month is the easy part, digging out from the inevitable draw downs & keeping your equity curve moving up year over year is the hard part.
%% He was funny, also he loved to rebuke someone for using an alias/like a post office criminal/mugshot/LOL. Not to be confused with a nickname.
%% Maybe right. BUT since he + his bro were option market makers + then ran a Day Trade Co/ he most likely could make money anytime. IF that is wrong/someone correct it. I public noted him many times ; t turtle was a nickname,NOT an alias/LOL [Edit; if you are the ''Tim'' that wrote the American Hedge Fund book/good read]
Trading is either your on top and profiting most trades, or your simply not and your losing most trades and blowing a weeks profits in 20mins, that's the issue, when revenge OMG why is this happening kicks in, then DOOMED!! If you can handle that, then you'll be fine, I'm working on this currently Stick to Plan, Stick to Plan, so Agree with it sadly
Slower? Evidently you weren't around for the tech bull of the 90's or the subsequent crash, price movement was anything but slow. Don Bright was a pro and knew how to trade any market condition as a pro should.