Wall Street = Casino. Minus Sum Game.

[oildaytrader]

Some of the article is good. It starts off well. Unfortunately it heads off and states some things as facts that are simply untrue.

e.g. The very best mechanical systems have about 30% winning trades, which is below the 50% that a coin flip will produce.

Ha ha. Well I can prove that's untrue using his own comments. He also states that But with proper money management, one could take a far from perfect trading approach, even the coin flip, and have a fair shot at making a profit over time.

Well, mechanical systems are excellent at cementing a solid money management system, so take a mechanical system, good money management, give it a 50/50 random entry, and according to him you'll have a good shot at a profit, which would mean considerably more than 30% successful trades. Hell, I could knock you up five different mechanical systems in half an hour that would all be 40% successful trades. That's easy.

So, good article, but suffers from the "I've never seen it so it must be untrue" bias that is plastered over this thread.

Kinda like to share them?

I have dozens of fully automated trading systems which make > 50 % per annum.

 

[oildaytrader]

The whole industry is absolutely geared around giving false hope to the investing public and leeching their money from them and it does an EXTREMELY good job of it.

Agreed.They will get your money by hook or crook.

http://www.marketoracle.co.uk/Article12761.html

 

[Prawnsandwich]

This pot hasn't been stirred recently. Here is someone else who doesn't seem too enamoured of many of the conventional methods of analysis that traders use:

http://tuckerreport.com/articles/trading-methods-what-works-and-what-doesnt/

Not that he rejects all TA; rather he puts it into perspective.

The same author on Market Profile:

http://tuckerreport.com/articles/market-profile-a-primer/

He disproved his own point......

"It is probably useful because so many watch it and price turns at that point become self-fulfilling."

 

[lbranjord]

While I agree with much of this guy's original post, I am infinitely glad the market is here to entertain me and pay a portion of my bills! Dividend stocks and forex are great! Too bad, like everything, I gotta pay to play. Luckily, after paying stupid 7 dollar scottrade fees or Oanda spreads, the small fry can still make a buck!

 

[oildaytrader]

The contents are an understatement of what Wall street and city insiders are doing.

They are creating financial instruments,hedge funds , software ,trading systems and inherently corrupt system of connected insiders , collaborating behind closed doors to rob the AUM.Creating hedge funds to rob instituitions and creating cds to rob pensions

It's not just trading where the public lose out,but regularly engineering methods to get the pensions into their coffers.They call it trading ,its actually stealing from AUM.The gate keeper is filling his own pocket with fruits he is supposed to guard against pilfering.

 

[TulipEddy]

didn't read all the replys but the original poster is very right. But it is possible to make money as a little trader but very tough.

I like to add that the biggest crime of all is what these listed companies themselves are doing. On average they pay themselves 400 times that of the average worker. I worked for Halliburton as an engineer and from 1 day to the other wanted to cut my salary with 40% while the CEO and his buddies got a 20% raise. These guys in management are getting 20 million per year. Do you want to work for these clowns? Not me! Let them go sit on an oil rig themselves and drill for oil. I am trading now, **** these fat pigs.

They say a listed company should be able to decide themselves what they pay management. I think that is bad. Why do these listed companies not take the company private?? Then they can pay themselves what they want. As long as they are a listed company they should never be able to make more than a fixed percent of the profit the company makes. If they want more they should go private. But that is not what these pigs want to do because they would go bankrupt within 6 months.

 

[oildaytrader]

didn't read all the replys but the original poster is very right. But it is possible to make money as a little trader but very tough.

I like to add that the biggest crime of all is what these listed companies themselves are doing. On average they pay themselves 400 times that of the average worker. I worked for Halliburton as an engineer and from 1 day to the other wanted to cut my salary with 40% while the CEO and his buddies got a 20% raise. These guys in management are getting 20 million per year. Do you want to work for these clowns? Not me! Let them go sit on an oil rig themselves and drill for oil. I am trading now, **** these fat pigs.

They say a listed company should be able to decide themselves what they pay management. I think that is bad. Why do these listed companies not take the company private?? Then they can pay themselves what they want. As long as they are a listed company they should never be able to make more than a fixed percent of the profit the company makes. If they want more they should go private. But that is not what these pigs want to do because they would go bankrupt within 6 months.

The investment bankers(mothers of fat pigs) only advise them to go private, if they are generating cash excessively and are underpriced, the investment banking pigs will create some structured finance and take them private.

These investment banking scums should have all been allowed to go bankrupt, shame on paulson.