During the weekend convention, many attendees and speakers fought back. They derided U.S. regulators for being too slow to adapt to technology that has already enabled 12 million U.S. households to open online trading accounts and that could force the merger of all U.S. exchanges into one giant trading floor within two years. The expo's ranks were composed mostly of white males over 35, many with pot bellies, the industry's badge for trading hours sitting at a terminal. There were retirees looking to earn a few bucks in their spare time, former brokers who had tired of sales and people eager for a career change. Making money in day trading means being smarter than the guy at the other end of the trade, he pointed out.
Successful trading is the art of finding an idiot.
The odds are stacked against you. It is naive to think that you are going to come into my industry, which I helped build, and take food off my table simply because you have opened an online account. In fact, he sounds downright invincible. My losses for the most part today are nonexistent. Past results are not indicative of future returns.