I've read that 9 out of every 10 daytraders are forced out by losing all or most of their stake>>>
I believe that's propaganda...I think the houses want you to believe that....They don't want competition...They don't like daytraders...Daytraders are like pesky flys to them....they want the leverage...they want the fat....they don't want the paperwork....I think the Merrills and the HERZOGS of the world...tolerate the New Electronic Trading stuff...Only to the extent that they can pound the Paper on to the heads of the market participants....
Take a 20K account in to Merrill and swing trade it...and see how many times they ask you to move your account.....(IMO)These guys FLAT OUT....Hate active traders...They hate Etrade...They hate Datek...they hate all of them....They (KNIGHT) mark the successful traders...and they will do anything within their power to take them out...if they (traders) expose themselves at the wrong time....
...Daytraders take up time,,,they take up resources,,,they call on the phone,,,they complain,,,they dispute,,,they argue,,,,they cause paperwork....Merrill and Morgan don't want that....Merrill wants to go out to lunch...and Talk big money in to putting it in their QQQ fund for 13 months....They don't want some 50K flipper...turning over the account 3 times a day....on Margin...They don't want daytraders busting them in the CHOPS on breakouts...they don't want that stuff...they are exposed by having to take the other side of the trade ....(sometimes) |
