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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: RC Stein who wrote (4421)	9/25/1999 11:47:00 PM
From: TraderAlan	Read Replies (3) \| Respond to of 18137

Fear and Loathing in Ontario by Hunter Farley Large crowd of last minute attendees this morning. Everyone in a good mood. Almost like a rock concert. Notice that there are quite a few Ontario Police around. Perhaps they're nervous about psychotic day trading massacres but they have to question the common belief this evening as everyone appears to have had a good time. The LA Times runs a morning article (in TFF thread) commenting that, at least, the organizer (Tim, who's done a very professional job) will turn a profit today, the unstated opinion that losers have come for a reason the media can't comprehend. After all, day traders will only succeed at the same rate as other new businesses or startups (10%?). Oliver Velez of Pristine does a fine job as the keynote, expressing his frustration with the common and current wisdom, and proclaiming the trading art as still in its infancy. His booth has a fine display of buff studs. Someone jokes that he hired Chippendale dancers to man the station. Many, many brokers, software system, weird concepts, old traditionals work the booths, many with CNBC displays of their fearless leaders getting questioned during typical market days. Two 20 year old work the onlinetradingadademy.com booth and you wonder, what the f*** do these 20 years olds understand about the markets? Gurus everywhere, mostly overweight in big, expensive suits. Endless course offerings for the same L2 stuff at amazing prices. But the truth exudes through all the snake oil: the knowledge is easy and can be obtained in many ways (choose your price!). The difficulty is in applying what you learn in execution and risk management. If the many newbies and wannabies at the conference realize this, they will save a lot of money and get ready for the multiyear haul of getting the experience they require to find success. Party City at night. Day traders are not a particularly moral or conservative bunch. The night is filled with the sounds of drunken exploits (what the hell am I doing in my hotel room??) A ton of venture money is evident in the many exhibitor booths. Of course, feeding traders needs has always been where the real $$$ has been (count me in!). But most are selling the sizzle when traders are really craving the content. Guess what: their expensive knowledge isn't that special or worthy of the big bucks. Alan