originally posted in:TFS The Floods Sanctuary
[b]Hieronymous' Study of Futures Traders[/b]
[quote]Traders who had made more than 10 trades over the course of the year or had losses or gains in excess of $500 were tallied.[/quote]
Why is this grouped as a day trader? A day trader is going to have thousands of trades a year. Oh, this was 1969 before computers. Bad study and not relevant.
[b]The Johnson Report on Day Traders[/b]
Study too small. Not relevant.
[b]Odean's study of stock traders[/b]
[quote]According to Odean, not very much. Commissions were an important part of the reason why active traders had the worst performance, but the main bogeyman was the bid/ask spread. In fact Odean believes that traders as a group are now doing even worse than they did in the old discount brokerage days because turnover has increased even more.
Odean offers the following example: The average trade in his sample was roughly $13,000 in size. Trading through a discount broker, an investor might have paid $60 or so in commissions "round-trip," or $30 for the buy and $30 for the sale. But by Odean's estimate, the typical investor also lost a full 1% to the bid-ask spread -- or $130 on this typical $13,000 purchase.[/quote]
Outdated. I pay $7.95 a trade - and that includes both ends of the trade. Bid/ask spread of 1%? LOL. Bid/ask spread is pennies now. Spread on Apple right now is $0.11 - on a $395 stock. A 1% spread would be $3.95. Obviously, we are not in a world of 1% bid/ask spreads anymore on stocks that are routinely traded. Garbage study.
In short, the studies referenced suck and are outdated.
English
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How the fuark do you have the time to work and write these essays on B.net all the time lol
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Edited by A Good Troll: 4/19/2013 6:59:34 PM[url=http://office.microsoft.com/en-us/excel-help/record-and-use-excel-macros-HA001054837.aspx]Excel Macros, how I love thee[/url]. Because of (retarded) government regulation, I run a lot of the same reports daily, weekly, or monthly for regulatory reasons - some days more than others. I wrote macros for all my reports when I started this position so all I have to is press hotkeys and Excel automatically does the rest for me - but they take time to run. The macros run on one monitor while I have Outlook on another monitor and B.net or whatever else on the third. My manual work is business volume related. If we're securitizing a large deal of mortgages for sale, you probably won't see me on here.