SMB Capital, T3 Capital, Broadstreettrading - How daytrading firms sell you
I know you've wondered what daytrading is, but I can tell you from over a decade of experience of investing and trading that it's a scam. Making money in the market is not about turning the stock market into a game of buying and selling. Don't believe the guys that run these Proprietary firms claiming their own success of making money throughout the years. They have been profiting off of the people who sign up with their firms. You see, these firms get paid from the clearing houses and the exchanges to have their traders, trade back and forth. This strategy of teaching traders at a cost, and having the interviewees put up trading capital is a scam run by these prop shop firms. If you don't believe me then go right ahead and waste a couple years out of your life, while these guys promise you that it can be done. They say things like "Losing in the beginning is part of paying your tuition to the markets", and "Once you get gross positive, you are on your way to becoming a successful trader" and last but not least "Day trading is a work in progress, and its the safest form of taking money out of the markets." The faces to these companies make money off of your ignorance. This profession attracts three type of people mainly. The college graduate, the career change oriented person who has some money saved up, and the retiree. There is no quick way to riches folks. The stock market is a sophisticated profession of psychology, math, foresight, and logic. Not some gambling attitude of over-leveraging yourself on a short term basis to scalp pennies out of a stock. Where is the productivity in your life if what you do for a living is trade a stock back and forth based on a chart and a price screen. You've wasted your brain talent on such nonsense. Of course there will be a few random people who will make money over a time period and will be the exception based on coincidental circumstances in the market in a given time frame.