Don't Steal Money from Day Traders Before They Lose It

Post by wruza » Fri, Sep 07, 2018, 7:42 AM UTC

nickthemagicman wrote: post #114

saosebastiao wrote: post #92

Earlier quoted context omitted.

> If your average trade lasts less than 5 minutes, then you can conceivably make money only if you can read 5 minutes into the future (not currently possible), or have tools that allow you get news/information faster than everyone else, analyze that information, and act on it, 5 minutes before everyone else. I can't perfectly read 5 minutes into the future, nor is it necessary. All that is necessary is to have a slig…

Seems like you can automate those technical analysis algorithms that you have and just sit back and rake in the cash

Post by msmith10101 » Fri, Sep 07, 2018, 8:06 AM UTC

ajdlinux wrote: post #103

msmith10101 wrote: post #91

Earlier quoted context omitted.

So the IRS has no way of validating these numbers (they do require brokers to provide the numbers these days)? Overall I'm just not buying that this story is true, in other words.

What makes you think the operators are giving correct numbers to the IRS, or that the IRS would necessarily detect something like that on a fairly small scale? (I have no idea how any of this works, but I would assume that if they're willing to defraud their own customers they're probably not acting entirely above board on the associated tax paperwork either.)

Post by ralphael » Fri, Sep 07, 2018, 8:25 AM UTC

nickthemagicman wrote: post #113

speedplane wrote: post #83

Earlier quoted context omitted.

The only way you can consistently make money is by knowing things others do not (e.g., insider trading) or by taking advantage of structural problems or inefficiencies in the trading platform (e.g., high frequency trading). I do believe that insider trading is rampant. I've seen many occasions where a large corporate announcement sends a stock up or down, but hours before, you can see the price of the stock slowly sl…

There's an article recently where a hacker hacked a bunch of journalists and was selling that information to investors on wall street.

Post by marketgod » Fri, Sep 07, 2018, 8:29 AM UTC

amluto wrote: post #53

marketgod wrote: post #36

Earlier quoted context omitted.

Not joking. I don't need the sophistication, I trade options and I don't need instant orders, or to be near the exchange. I don't need insider information because I can already see what's going to happen with a high probability. You can view my profile, sign up for a trial and see it for yourself. I don't care about fees, taxes, or any of that because it's inconsequential to me.

There’s a classic [0] scam: send 2^12 letters to 2^12 random people. Half say that some stock will go up next week and the other half say it’ll go down. 2^11 of them will be correct [1]. Send those people similar letters the next week, half with one prediction and half with the opposite. Repeat until you have, say, 2^4 people who have seen 8 consecutive correct predictions. Now offer them more predictions at $500 a p…

Post by topmonk » Fri, Sep 07, 2018, 8:45 AM UTC

speedplane wrote: post #77

Timmah wrote: post #68

Earlier quoted context omitted.

I would happily make money for n-years and lose for one, provided the amount lost was a fraction of what I earned.

> I would happily make money for n-years and lose for one, provided the amount lost was a fraction of what I earned. Your caveat there often swallows the rule. Many bet on the market and make big bucks only to lose multiples of it later.