I saw an advertise in a local newspaper this week. It was a new Daytrader firm that recently set up shop. Many traders making $5-10 thousand a day it read. Sign up and with 5G's down for a one-week course and 25G's starting cap, and you too could enter the exciting world of trading.
Now my first question was, is that $5 to $10 thousand Canadian or did they do the conversion. After calling and being told it was indeed the US greenback, I thought to myself, gee didn't Mark X from Georgia bring an end to these guys back in March. Well apparently they are back (sic). So I did drop by and spoke with the owner of this franchise, as I wanted to see for myself who these guys were that were pulling in that kind of mulla. The first thing I noticed was the lack of bimmers and 3 pt star SUVs in the parking lot, though I did notice quite a few VWs and the occasional Ford Explorer with those underinflated Firestones. (I am short GT BTW).
I was greeted inside by the owner who looked like he was fresh out of school and admitted to having only 8 months of trading under his belt. Though he wouldn't let me disturb these ball cap, T-shirt wearing new members of the recently appointed niveau riche, he did assure me that some were making 5-10Gs a day or was it one guy, but that the guy did it often, or is it one time, he didn't seem sure.
When I asked for a demo he started talking about how you can easily trade 1000 shares and stop out at on a down tick and ride momentum, though he suggested closing any position at a quarter to half point. He wasn't sure about the uptick rule on shorting but said he would check into it for me, LOL.
Well I quickly realized that the only one making 5-10 G's was him and he wasn't doing it on his trading. These guys only want your commissions. Anyone telling you they are doing it is lying, period. End of story, well end of this story, I have more though, many more, stick around...
Trade smart,
Sharck |
