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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: marginnayan who wrote (141441)1/3/2002 1:39:30 PM
From: GraceZ  Read Replies (1) of 436258
 
If public professional traders were former MMs, why are they are playing the game they know they simply cannot win.



Hehehe, you try convincing someone who is used to making 10 mil a year for the firm that they were making that money not from any particular trading skill they possess but because they are on the opposite side of the negative expected return in public trading. They are amazingly ignorant of how they made that money. If they are in the winning phase of trading its even worse, its like trying to convincing a gambler who is winning that the odds are weighted to the house. The thing is, in these trading firms there almost always is someone who is winning large, doing 300k days. So they are convinced that it is possible, that they just need to refine their trading. The ones who don't go broke are the ones who employ these deadly dull strategies of pairs trading, covered Delta neutral positions, scanning for block trading on thinly traded issues, etc. I'd rather drive a truck if I have to make money that way.

Slot machines return, by law, 96% of the money to the public. The house only makes 4%, yet most people lose all their money (that they choose to play with) or win small playing the machines even with 96% being returned. Someone wins big and its those few big wins that sucker the rest into playing.
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