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Non-Tech : CYBERTRADER -- Ignore unavailable to you. Want to Upgrade?

To: Dan Clark who wrote (2288)	4/4/1999 11:08:00 PM
From: William W. Dwyer, Jr.	Read Replies (2) \| Respond to of 3216

Dan, I agree the Wall Street Journal tends to be biased. Just about every publication is biased to some extent, and it's becoming quite obvious lately in the "Journal." That's why I also posted the response from Day Traders Online, to be fair and disclose what I knew from both sides. Having said that, however, I must say that I've been a subscriber of Day Traders Online for nearly two years. For the past year I have only subscribed to their daily newsletter, not their real-time stock chatroom. I like to see what they are trading and get the commentary and analysis section. Gives me one more viewpoint each morning before I begin my day. During the past two years I observed many occasions where extremely questionable actions were made in their chatroom, and I've observed many trading disasters. Having followed their short term trading, I have seen many occasions when the trades they reported were impossible to have been done. The sell prices they reported were outside the stock's trading range for that day. I have also seen them "average down" more than once (sometimes two or three times) on a single stock trading position, something most people cannot afford to do or would not do anyway. And there are various other irregularities. Although some of their trading calls become profitable, too many become unprofitable, imho, and the frequent losses are of substantial magnitude. I do not know of anyone who follows their short term portfolio and actively participates in all their trades. I doubt such would be profitable over the long term. I personally believe their trading system, while sounding pretty good in theory, is unrealistic and misleading. So, having observed them for so long and seen things that I found disturbing, I thought others might be interested to know the organization, and others, are currently being investigated by the S.E.C. Whether or not the "Journal's" reporting was biased or not, the fact remains that investigations are apparently underway, and many traders are probably interested to know that. It has always amazed me to find that so many trading "experts" quit trading and sell advice instead. I am usually suspicious of someone who claims to be very good at something, but yet does something else. But I do agree with you that the Wall Street Journal has seemed negative lately against daytrading in general. And I can think of many reasons why they might take that position. Regards, Bill