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Pastimes : Brokerage-Chat Site Securities Fraud: A Lawsuit
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To: CountofMoneyCristo who started this subject7/22/2003 6:15:35 PM
From: GraceZ  Read Replies (3) of 3143
 
Maybe in your list of exhibits, you can have that I, as well as at least one other poster here on SI have repeatedly warned people for years that day trading has a negative expected return just as gambling does.

Day trading sites don't have to dishonest for you to lose all your money just as casinos don't have to be dishonest for you to lose all your money. Almost no one wins at day trading, just as almost no one wins at gambling unless they walk away after a big win. The positive expected return belongs to the specialist or the market maker, with the public trader taking the opposite of that, the negative expected return. This occurs without the specialist or the MM doing anything other than their assigned job within legal limits.

I'm not saying day traders always lose, sometimes they win big. The trouble is that almost no one walks away when they are winning and that is what they need to do in order to keep the money.

How long did you win before you started losing? How long did it take you to lose all your money? The average day trader is broke in six months to a year and the "lucky" few who aren't broke in a year are broke within five years.

OTOH investing has a positive expected return.
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