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晒晒我的美国钱
当日交易不适于散户投资者
Retail investors should refrain from
Day Trading, NASAA report advised
大中公益网 096.ca 2009年03月19日 03:30 来源：大中报 南茜 Nancy Jin
与对股市进行分析和研究的投资活动不同，当日交易是一种投机性非常强的交易活动，交易者只是在特定的一天中仅仅根据股票的表现，在数分钟或数小时内进行频繁的股票买卖。虽然一些当日交易者可能会从一天当中的短线交易中成功地根据股价变动而获得少量边际收益，但他们通常无法保证在一段较长时期内持续赢利。
Unlike investing, where people analyze the stock market and do research, day trading is a very speculative trading activity where traders simply focus on the performance of the stock on a particular day, frequently buying and selling the stocks within minutes or hours. While some day-traders may be able to successfully bet on short-term price changes for one day, thereby making a small marginal gain, they are generally unable to sustain the profit over a longer timeframe.
由于个人当日交易者通过融资账户使用杠杆率进行交易，或者抛空股票， 因而他们面临损失比投资额更高的风险。他们认为自己具有足够的金融知识及强有力的资金作后盾，能承担所有损失。
Retail day traders, who face the risk of losing more than their investment resulting from leveraging through a margin account or engaging in short-selling, are assumed to have the sophistication and the financial means necessary to risk the loss.
北美证券管理者协会( NASAA )主席，科罗拉多州证券专员Fred Joseph在接受《大中报》采访时表示：“我认为当日交易更象是赌博和投机，而不是投资。因为交易者并不关心股票基础因素，除非他们下赌的投资方向是正确的，否则当股市动荡股票价格直线下跌时，他们的全部盈利都有可能化为乌有。”
“I consider day trading to be gambling, speculating, instead of investing, because traders don’t care about the fundamentals of the stock… The market may wipe out their entire gains when stocks plummet in market turmoil, unless they “bet” the moving directions correctly,” said Fred Joseph, NASAA president and Colorado Securities Commissioner told Chinese News in an interview.
大约在10年前，成千上万的北美人都希望通过当日交易实现他们的发财梦，改变他们的生活方式和享受生活。当当日交易被高调吹捧为一种赚钱捷径时，当日交易者往往声称他们只需要在一天内工作6个小时并可享受休假的情况下，就可以成为富人。
But thousands of North Americans dreamed of making money, changing their lifestyles, and having the time of their life through day trading about 10 years ago, when day trading was heavily promoted as a glamorous way to make money, where day-traders were told that they could get rich by working only 6 hours a day and taking vacations.
根据北美证券管理者协会10年前公布的当日交易报告，在90年代末至本世纪初，大约有4000至5000名美国人通过代理公司专门进行全职当日交易，导致每天的短线交易量高达150,000至200,000宗，约占纳斯达克（NASDAQ）股票市场每天交易量的15%。这些当日交易者中包括高层管理人员，失业人员，退休人员，大学毕业生和其他一些相信当日交易存在无限盈利潜力，可以帮助他们提高生活质量的人士。
In the late 1990s and early 2000s, about 4000 to 5000 people in the U.S. engaged in full-time day trading through brokerages, making 150,000 to 200,000 trades a day, representing nearly 15% of daily NASDAQ volume. Day trading appealed to executives, victims of downsizing or lay-off, retirees, graduating college students and anyone who recognizes the unlimited earnings potential and quality of life which a day trader may achieve, according to a NASAA day -trading report released ten years ago.
Joseph表示：“1998年的一天，我在圣地亚哥开完一个会后上了一辆计程车，计程车司机告诉我他刚刚开始开计程车，因为他在放弃了工程师的事业而成为一名当日交易者后，损失了$75,000元。”
“On a day of 1998, I hopped in a cab after a meeting in Santiago, and the cab driver told me that he just started to drive a cab after losing $75,000 as a day trader by giving up a career as a professional engineer,” said Joseph.
在90年代末期，虚假的市场促销使当日交易日趋盛行，当时许多报纸广告都宣称通过当日交易每年可以获得六位数至七位数的收入，当日交易的盈利与亏损比率超过12比1。
Day trading was promoted through deceptive marketing in the US back in the late 1990s, when many newspaper ads claimed the ability to earn an annual 6 to 7-figure income, and that it enjoyed a profit-to-loss ratio of better than 12 to 1.
Joseph表示：“大约在10年前，当日交易非常盛行，90年代末的科技繁荣可能也导致当日交易活动在当时日益普及。但是当日交易在主流社会中越来越不受欢迎，这或许是因为人们已经认识到通过当日交易赚钱并不容易。
“About 10 years ago, day trading was such a big fad… The tech-boom is the late 1990s may have helped to popularize the day trading activities at the time. But day trading has become less and less popular in the mainstream, probably because people found out that it was not that easy to make money…” said Joseph.
当日交易是否能帮你实现发财梦？北美证券管理者协会的研究发现，在进行当日交易的人士中，大约有70%的人损失了他们投入的所有资金，而大约只有10%的人可能从中获得一些盈利。
Is day trading a way to financial freedom? The NASAA study found that about 7 out of 10 people lost all the money they put in through day trading, and only about 1 out of 10 people may have made some money.
根据报告，在此次研究中，最大的当日交易损失金额为$12,800元，即在64宗交易中，平均每宗交易需盈利200元才能弥补损失。每1000股交易的最大损失金额则为$81,522元。
The largest day trading loss in this study was $12,800. It takes 64 trades at an average of $200 per trade to recover from such a loss. The largest 1,000 share loss was $81,522, according to the report.
报告同时指出，大约70%的公众投资者表示他们不但损失，且几乎损失掉所有的投资。报告强烈建议，大部分的，大约88.5%的散户投资者最好避免短线投机交易。
About 70% of the public traders analyzed will not only lose, but almost certainly lose everything they invest. About 88.5% -- the vast majority of retail public investors would be best advised to refrain from short-term speculative trading, noted the report.
没有一宗当日交易投资帐户能够符合经验丰富的专业投资者在进行证券购买，或对客户的资金进行风险投资前所要达到的标准。
And no day trading account met all the criteria any experienced professional trader would require before either buying a system or risking his or her capital.
北美证券管理者协会传媒体总监Bob Webster表示：“大部分当日交易散户都是‘业余选手’，实际上，他们是在和华尔街的专业炒股高手进行竞争，而他们获胜的可能性微乎其微。”
“Most retail day traders are amateurs, who, in fact, are competing with professional Wall Street professionals but rarely are able to beat them,” said Bob Webster, NASAA director of communications.
虽然当日交易取胜的机会微乎其微，但是对许多移民来自于新兴金融业国家的华人社区来说，当日交易似乎有重整旗鼓之势，很多人亲睐和热衷于当日交易。
Although the odd appears bad, it seems that day trading is on the rise and is enjoying resurgence in the Chinese community where many members have come from an emerging financial world.
华人社区网站上的一些吸引人的广告声称只要花费数千元参加当日交易课程培训和购买相关软件，操盘当日交易，可日赚$500元。
Catchy advertisements on Chinese community websites which offer day trading courses and software at the cost of thousands of dollars to potential traders claims that participants can make $500 per day.
广告声称“花最少的时间和金钱，就可以学会最重要的赚钱技能！”
“Learn the most important living tactics to make money, with minimum time and money!” the ad claims.
研究发现，在经过培训后，当日交易者相信他们可以了解股票价格的改变，并可以预测短期内的价格改变。但是他们预测的准确性可能为零，同时交易成本似乎也吞噬了盈利。
The study found that day traders are taught to believe they can interpret stock price changes and predict short-term price changes. The “precision of the signal” is likely to be zero, and trading costs seem to absorb any profits.
报告指出，由于大部分消费者都损失了金钱，导致客户流动性很高，而当日交易公司为了支付管理开支和其他费用，他们就会竭尽全力吸引及获取新资本，采用令人误解和具有欺骗性的营销策略，不考虑投资是否适合客户，甚至通过未注册的投资顾问进行交易。
The report found that resulting from the fact that most customers lose money, leading to high customer turnover, day trading firms have high overhead and expenditures for each customer who trades, which has led firms to go to any length to draw new capital through misleading and deceptive marketing strategies, disregarding suitability considerations, and even trading by unregistered investment advisers.
报告指出，客户经验丰富和熟知交易的投机性，并不能减少交易商对其误导行为的责任。按照美国证券交易委员会(SEC)的规章，当日交易公司宣称当日交易是一种投资计划的虚假市场推广行为，属于证券欺诈行为。
A broker’s assertions that his customers were sophisticated investors and understood the speculative nature of the trading did not diminish his responsibility for making misrepresentations. And deceptive marketing of trading programs, where day trading firms promote day trading as an investment program, constitutes securities fraud under SEC regulations, according to the report.
报告最终呼吁当日交易公司进一步审查其客户的资产和金融知识水平，并公布当日交易的存在的风险程度。
The report concluded by calling on day trading firms to do a better job of screening potential customers and disclosing the substantial risks of day trading.
最新统计：美加两国现有19,000,000人在网上做金融产品交易，人数仍在继续增加。
According to one recent estimate, there
might be up to 19 million people trading
online in North America alone and the
number is still growing.
Sandy Huffaker for The New York Times
Andy Lindloff with his daughter, Juliana, as he trades stocks from home. He says he earns six-figure returns, which would put him in the rarefied category of profitable day trader.
Andy Lindloff, 今年51岁
Day Traders 2.0: Wired, Angry and Loving It
By DAVID SEGAL Encinitas, Calif. 纽约时报 Published: March 27, 2010
REMEMBER the day traders?
They were hard to miss during the tech-stock mania a decade ago, when the Nasdaq seemed like a casino built by morons and a chimp with darts could pick winners. You would hear about these guys — nearly all of them were guys — and wonder:
有人仅凭股票当日交易就能
过日子吗？ 如果真行的
话，我们这些傻瓜蛋还上
什么班呢？
Could anyone make a living this way?
And if the answer was yes, why were the
rest of us suckers still holding down
regular jobs?
No doubt, it’s been a long time since a question like that troubled your imagination. And perhaps you assumed that the twin calamities of the Internet crash and the Great Recession had doomed the day-trader species in the unruly jungle of American capitalism. But some dreams refuse to die, and few, it seems, are more resilient than the dream of beating the market while wearing nothing but tighty-whities.
Or, if you are Andy Lindloff, a pair of jeans and a black waffle-pattern shirt.
“Banks are seeing a nice little lift,” he says, staring at computer screens one recent Wednesday morning, sipping coffee from a Denver Broncos mug. “The European banks are up, so that may bleed over to ours. Bank of America might be one to watch.”
Mr. Lindloff, 49, is sitting in his living room here in a city known as “surfer’s paradise,” about 25 miles north of San Diego. Surrounded by the playthings of his daughter — a toy oven, a doll house — he appears to be alone. In fact, he has plenty of company. With a hands-free headset, he is speaking to Steve Gomez, his partner in Today Trader, a two-year-old Internet venture that is “about helping traders find success through virtual technology,” as it says on the company’s Web site.
The company charges aspiring traders $199 a month for a live, real-time view of Mr. Lindloff’s computer screen, along with the running banter, commentary and advice that he and Mr. Gomez provide through the morning. (After lunch, it’s just Mr. Lindloff.) The service is billed as a chance to look over the “virtual shoulder” of two veteran stock traders, but you don’t really see anyone’s shoulder. It’s more like staring at the instrument panel of a jet while eavesdropping on the pilots, plus the ceaseless tap-tap of a keyboard.
By the opening bell, 21 subscribers are logged in.
“ Citigroup’s at $4.10,” says Mr. Gomez, 43, who is in his home in San Diego. “Probably going to hang around that strike price.”
“ AMD is at an interesting stop there, too,” says Mr. Lindloff, hopscotching from one chart to another.
“Keep it tight,” says Mr. Gomez. “Don’t fight the momentum.”
All the while, subscribers send questions and share ideas in a chat room that is part of the service.
“DRYS over 6.”
“MNKD short?”
“Watching this ALD.”
“HBAN?”
It might read like a teenager’s idea of a haiku, but this is the new frontier in do-it-yourself trading. Today Trader and its rivals are tiny operations, and they have modest followings. But they are harnessing all the crowd-sourcing features of the Internet circa 2010: YouTube, Twitter, and companies like GotoMeeting, a Web conferencing service.
They are also harnessing a lot of market-related rage. The gruesome stock plunge of late 2008 and early 2009 was a searing, fool-me-twice moment for many people. The market again seemed hopelessly treacherous, a mug’s game. And if you had an account with the brokerage arm of any number of Wall Street stalwarts — like Lehman Brothers, Citigroup or Merrill Lynch — your losses were doubly galling. Your team helped put a sleeper hold on the economy, the near-collapse of which then ravaged your portfolio.
Even many of those who took the safe route and years ago bought index funds have seen little upside. Look at the performance of the Standard & Poor’s 500, the most popular index out there. If you put $1,000 in it in 1999, you now have slightly less money in your account (about 0.3 percent less, actually).
If the motto of the original day-trade boom was, “If the pros can do it, so can we,” the motto today is, “We can’t do much worse than the pros.”
“There’s this idea out there that retail investors are dumb,” says Howard Lindzon, the co-founder of StockTwits, which curates a gusher of stock tips and financial news alerts tweeted by 20,000 regular contributors. “Well, it turns out that the institutional investors are pretty dumb. They nearly blew us all up with leverage.”
上午一开盘，Lindloff’先赔掉$500，随
后帐面翻绿，赢利$210, 减去手续费，净
利$60。
Of course, anyone hoping to join the day-trade caravan had better wear a seat belt, as Mr. Lindloff’s experience on this Wednesday morning demonstrates. Before lunch, he will buy and sell about 44,000 shares, in 17 trades. He starts off poorly, losing about $500. But a timely bet on a company called Rackspace Hosting (“I don’t know what they do,” he says), as well as quick investments in Applied Materials, Eagle Bulk Shipping and a few others, have turned things around.
“Up $210,” he says, removing his headset. Factoring in commissions, he’s made $60.
IT is hard to say how many day traders are currently plying their craft, if that is the right word, in this country. Brokerage firms track the activity and demographics of their customers, but they have been reluctant to share that data. About the most we know is that the day traders skew male, and the number of trades per $100,000 in client dollars is a little less than half what it was back in 2000, according to the Charles Schwab brokerage firm.
Even that figure seems high. As a job, “day trader” registers in roughly the same way as “disco ball manufacturer” or “Brooklyn farmer.” You know that someone has to be making disco balls and that maybe there are still a few plots of arable land in Brooklyn.
Still, it can seem strange to see TV ads for an Atlanta company called Long Term Short Term, which offers two-day investment seminars, as well as DVDs, CDs and online tutoring, in cities across the country. Price: $3,995 a person. Part of the pitch taps into the simmering anger at professional investors.
“People put their trust in stock brokerages that are now out of business, and have seen their 401(k) drop by 40 percent or more,” says Michael Hutchison, an executive vice president of Long Term Short Term, which does business as Better Trades. “Meanwhile, mutual fund companies are making $85 billion a year, and look at their performance. There are people who see all this and think, ‘Why don’t I educate myself?’”
Mr. Hutchinson hastens to add that his company doesn’t encourage anyone to quit a job and trade full time. But more than a few attendees may be looking for a change in career. Many of the new day traders are people who recently lost jobs and can’t find work.
“I get e-mails from people saying, ‘I worked for XYZ company for 20 years and I just got laid off,’” says Brian Shannon of Alphatrends, which, for $60 a month, offers proprietary online videos and a once-a-week live chat. “They’ve got a severance package or a nest egg that they want to invest themselves.”
Mr. Gomez and Mr. Lindloff are among the few who started day trading in the late ’90s and never stopped. At a late breakfast, just after that $60 morning, the two are sitting at a sidewalk cafe. You expect them to be revved up and antsy. Instead, look like members of a mellow Southern California rock band that split up 15 years ago. The most agitated either gets while trading online is the occasional “goddangit,” Mr. Lindloff’s idea of an outburst.
For years, Mr. Gomez was a manager at a self-storage facility, but he couldn’t resist trading commodities during office hours, and he had a hard time keeping his mind on his work. Mr. Lindloff worked at an Isuzu dealership for years, then made cold calls — knocking on doors — for Edward Jones, the brokerage firm. He left after three months.
“I knew I wanted to trade,” he says.
2000 - 2010 十年间，Lindloff 平均每
年赢利美元$100,000 - $120,000。
How good are they? Mr. Lindloff, who Mr. Gomez says
is the more skilled of the two, says he has averaged
somewhere between $100,000 and $120,000 a year
for the last 10 years, even during the worst part of the
Great Recession. With low expenses, he lives
comfortably, though hardly extravagantly.
每天帐上只留$80,000 - $100,000，
有利润就取出来过日子用。
“I basically have $80,000 to $100,000 in my
trading account every day,” he says, “and take
my earnings out of that account to live.”
据台湾统计，1992 - 2006，台湾做交易的人80 %亏损。
Exactly how far is clear from one of the most comprehensive looks at the subject in a yet-to-be-published study conducted in Taiwan. (The country is ideal for this kind of research because all trades go through one place, the Taiwan Stock Exchange, which is willing to share the information.) The authors sifted through tens of millions of trades, from 1992 to 2006, and found that 80 percent of active traders lost money.
更重要的是，只有1%的交易者可以称之
为可预期赢利。其他人只是短期暂时赢利
一阵子，即使做得不错的交易者的利润往
往终将会输掉。
“More importantly, we found that if you were
to look at the past performance of these
traders, only 1 percent of them could be called
predictably profitable,” says a co-author, Brad
M. Barber, a finance professor at the University
of California, Davis. Everyone else, it seems,
was on a short-term winning streak. Even those
who did modestly well found their that profits
were wiped out, and then some, by transaction
fees like commissions and taxes.
“It’s not impossible to make money actively trading,” Mr. Barber continues. “There are slivers of people out there who are quite good. And everyone thinks they will be in that group of 1 percent.”
为什么人们坚持做这一行呢？技术术语
叫：寻求刺激。
So why do people persist in this line of work?
Also, he says, “people enjoy trading.”
IF Mr. Lindloff is earning steady six-figure returns, he is squarely in the rarefied 1 percent of winners. But for $199 a month you sort of expect a man with a mansion, a hot tub and hyperbolic claims of double-digit returns. Why do a few dozen subscribers pay to watch these quite appealing but hardly world-beating guys at work?
“Eighty percent of it is camaraderie,” says Mr. Lindzon at StockTwits. “Look, my wife watches cooking shows and I tell her, ‘That’s not going to make you a better cook.’ With these guys, you get a community, you get to hang out with people who love stocks, and if you get a couple great ideas in a month, even better.”
Services like Twitter are naturals for traders, and not just because they offer a geyser of pointers, whispers and news flashes. They also give a far-flung group of people a simulacrum of fellowship, which is something that day traders need almost as much as good ideas.
Asked about the Today Trader method of buying and selling, both men seem momentarily stumped, as if they never saw the question coming. Then they talk about the search for “set-ups,” which seems to translate roughly as “golden opportunities,” but they struggle to put a finger on what set-ups are, or how to spot them.
It has something to do with tracking trading volumes of stocks and buying heavily traded stocks as they rise in price. But how to know a stock will keep rising? Intuition, they say. It tells them whether they’ve arrived at the party too late (in which case they won’t buy), at the right time (in which case they buy), or just before it ends (time to sell).
“A common phrase in this business,” says Mr. Lindloff, “is ‘the trend is your friend.’”
The more you listen, the more you realize that for all the high-tech gadgetry behind Today Trader, at its core is a Newtonian principle formulated more than 300 years ago: a body in motion tends to stay in motion.
The problem is that stocks aren’t bodies and their motion is subject to forces Newton could never have fathomed. Some of those forces are hard for the Today Trader duo to fathom, too. Mr. Gomez says that day trading has become far trickier in recent years because of the rise of robo trading — the use of computers to automatically buy and sell huge numbers of shares in superfast bursts, based on algorithms.
Big, muscular Wall Street veterans like Goldman Sachs have the money, smarts and brute power to dominate this computerized battle, and many day traders may not even be aware how outgunned they now are.
“It’s not something we fully understand, but algorithms don’t have emotions,” says Mr. Gomez. “It’s like these machines can smell a human. They can smell the fear of a discretionary trader. Stocks will still go from Point A to Point B. But what used to be a waltz is now more like mosh pit.”
Daily hand-to-hand combat with a bunch of robots? It seems kind of crazy. But is it any crazier than leaving your money in the same place where it languished for the last decade?
This is a not a simple question. Fortunately, one man is ideally suited to answer it.
UNFORTUNATELY, Charles Schwab doesn’t do interviews.
This is ironic, as has been noted by reporters who have come calling of late, because the company has spent five years and a fortune on an ad campaign whose kicker is “Talk to Chuck.” But in 2008, Mr. Schwab vacated the C.E.O. job — he is now chairman — and the company would like to wean the public off the idea that Charles Schwab is the public face of Charles Schwab.
No small feat, given the name of the company and given the ubiquity of that face in many years of advertising. Mr. Schwab once said he took his grandchildren out trick-or-treating on Halloween and some people thought he was wearing a Charles Schwab mask.
Though he wore a jacket and tie in his TV spots, he seemed to have the heart and soul of a revolutionary. The idea behind the company was to cut commission rates so low — they started off at $70 a trade in 1975, which was then a steal — that the average investor could trade without paying exorbitant fees to Wall Street. If day trading had a patron saint, it was this man.
The current C.E.O. is Walt Bettinger, 49, who is sitting one morning in his San Francisco office, which is next to Mr. Schwab’s and has a killer view of the Bay Bridge. He knows the subject is day trading, and you can tell he finds this topic slightly annoying, the way a movie star would find it annoying if you asked about a film he made 20 years ago.
“I think the day-trade concept is a paragraph in the story of Charles Schwab,” he says. “But it’s not the book.”
The book, he says, is Schwab’s evolution from a company that was just focused on what he calls “self-directed investors” to a company that also offers advice to those who seek it and full-on portfolio management for those who prefer to leave their investment decisions in someone else’s hands.
As a strategy, this makes sense because it turns out that traders are fickle customers. Even during the banner years, Mr. Bettinger said, the company had to constantly replenish its base of very active traders.
The push to advise clients and to manage portfolios started gaining traction in 2005, and the company says that last year, customers moved $21 billion into assorted fee-based advice offerings — which suggests that the era of professional hand-holding in the wealth-management world is hardly over.
Schwab now offers every item at the steam table of financial offerings, and Mr. Bettinger will not say he prefers one investment strategy to any other. He is, in fact, completely agnostic on the question and surpassingly unhelpful at opining about day trading. If that works for you, do it, he’ll say. Unless you’d like someone to manage your money — in which case, do that.
It is a politic, even-handed answer that proves just how over the whole trading phenomenon the company is. Schwab today is a bit like that part-time insurrectionist you knew in college who denounced “the man” and later became a management consultant. You can understand the evolution and appreciate the maturity, but you can still think fondly of the days when he stood outside the dining hall pushing copies of The Workers Vanguard.
About the most Mr. Bettinger will say about day trading is that it’s a “tough gig.” “You’re competing against mega-institutions that are trading in hundredths of a second.”
HE’S right, and the Today Trader team keeps clashing with those mega-institutions. At one point, Mr. Lindloff buys shares in Patterson-UTI Energy, because he thinks it looks ripe for an uptick. Instead, it dives a few cents, and because Mr. Lindloff has an automatic stop on the trade — which sells the shares if they dip below a certain threshold — they are sold for a loss. A moment later, the shares shoot up.
Mr. Lindloff thinks he has been juked and jived by a robo trader.
“That was nothing but an algorithm boogie,” he mutters to the Today Trader faithful. “Goddang it. Drives me crazy.”
“My analogy is that whole sector is doing great and they find one weak animal in a herd,” replies Mr. Gomez, “and they’ll attack it.”
Mr. Gomez trades his own accounts but spends much of his time answering questions posted in the chat room. One is from a subscriber, Rick, who asks, “What do you guys do to stop kicking yourself (emotionally) about missed opportunity?”
“The only thing you can control is your attitude,” Mr. Gomez replies into his microphone, moments after the question is posted. “Not looking back, not kicking yourself for not catching the whole move. You’re never going to be perfect. Nobody is going to be perfect.”
当天收盘时，Lindloff净赢利$165，手
续费$300。
Not even Today Trader. By the end of the day, Mr. Lindloff has traded 60,000 shares and is up $165. It would be a satisfying return, but commissions on those trades cost $300.
“You know,” says Mr. Gomez, “a lot of people tell us that our down days are every bit as instructive as our ups.”
股票即日交易者的一天：
I would venture to say my schedule is fairly uneventful and commonplace...
6:00 am - Alarm goes off
6:01 am - Hit snooze
6:02 am - Flip pillow over to non-drooled on side
6:09 am - Alarm goes off again
6:10 am - Smash alarm clock; add to shopping list 1 alarm clock
6:11 am - scratch scrotum
6:15 am - allow pet dog to lick sleep boogers out of eyes
6:25 am - Go to bathroom to check in mirror to see if eyes are red and need Visine
6:30 am - Check garage to see if Vietnamese sex slaves haven't escaped
6:31 am - Deactivate motion sensor in garage
6:35 am - Grab bowl of Raisin Bran cereal; smell milk to see if still good, was bad. Used milk anyways.
6:45 am - Brush teeth
6:46 am - Brush pet sheep's teeth
6:50 am - Sheep and I hop into shower; commit acts of passion
7:50 am - Turn TV on to Gilligan's Island reruns
8:00 am - Go to basement to power up generator for computer
8:15 am - Turn on computer
8:30 am - Open all broker websites
8:31 am - See that my one all-in position opened red
8:32 am - Pray to Shiva goddess statue
8:45 am - Sacrifice goat to Shiva to help my stock
9:15 am - Find immature pictures to post on HSM
9:16 am - 3:00 pm - Pretty much filled up with posting immature pictures on HSM
3:01 pm - Check brokers to find my one position closed green by 1￠
3:05 pm - Prepare goat to be eaten in celebration of stock closing green
3:15 pm - Typically spend rest of day chasing sheep around house. Usually once a day of relations is all sheep can handle, but I'll have none of that!
7:35 pm - Usually takes me this long to have caught sheep
7:45 pm - Grill sacrificed goat
8:30 pm - Watch any DVR'd shows of Star Trek: Voyager or Enterprise
10:00 pm - Slam 4 beers to relieve stress from day's activities
10:30 pm - Check to see if I've gotten any responses from Russian Brides.com
11:00 pm - Shower....alone
11:15 pm - Take off underwear and turn inside out in preparation for next day's use
11:30 pm - Slide into bed and turn on automatic mobile of Family Guy characters to the tune of "We Will Rock You" which lulls me to sleep.
6:00 am - Start over...
Heh... usually, it goes around something like this:
6:30 - Wake up.
6:31 - Release overstorage of fluids.
6:40 - Finish eating breakfast.
7:00 - Hit the subway to work reading Wall Street Journal.
7:45 - Arrive at work, listen to bloomberg on TV.
8:00 - Watch positions or watch futures/commodities.
8:15 - Think about eating breakfast again.
8:30 - Co workers start coming in. Discuss markets.
9:00 - Do some work and bug people.
9:30 - Market opens.
But since I'm vacation right now, it kind of goes like this:
8:00 - Wake up
8:30 - Eat breakfast
9:00 - Think about going golfing
9:30 - Look at my long portfolio, swear a few times, go golfing.
谷歌翻译：
大点资本，是芝加哥最大的一天交易公司之一，在14楼的建筑就在街对面，从城市的联邦储备银行，芝加哥期货交易所。它坐落在一个大而空的办公空间充满了长书桌，穿的衣服也不像样子的男人坐在一个接着一个，都迷上了许多显示器的电脑上工作。
我认为，这是一个漂亮的办公室。但我不知道，因为它是在这里很黑。所有的时间。从来没有人在办公室的灯打开，因为它会在屏幕上造成眩光。这更增加了空空的感觉，这个巨大的空间，大部分的办公桌是空的 - 几年前放弃了，因为市场的低迷。
马特Nadell，一个相貌英俊的26岁的他已经赚取得一小笔财富的即日交易者，迎接我的权力冰沙和蛋白质吧。他决定把我通过一天的培训，明天还回暂借给他操盘使用一天的10万美元。他的谨慎这种方式。
Great Point Capital, one of Chicago's biggest day-trading firms, is on the 14th floor of a building just across the street from the city's Federal Reserve Bank and next to the Chicago Board of Trade. It's located in a large, empty office space filled with long desks where badly dressed men sit next to one another and work on computers that are each hooked up to many monitors.
This is, I think, a nice office. But I'm not sure, since it's really dark in here. All the time. No one ever turns on the lights in the office, because it would cause a glare on their screens. Which adds to the empty feeling of this giant space, where most of the desks are empty -- abandoned since the market's downturn a few years ago.
Matt Nadell, a clean-cut 26-year-old who's already made a small fortune as a day trader, greets me with a power smoothie and a protein bar. He's decided to put me through a day of training before he hands over the $100,000 tomorrow. He's cautious that way.
Matt Nadell 已赢利四倍于他的本金。
Matt, who makes more than 400 percent on his money.
2010年5月6日下午，道指狂泻998.5点。
Matt Nadell 一路抄底，结果账面亏损 90,000美元；急向公司借用 20,000,000 美元继续抄底。当日收盘，赢利 220,000 美元。公司里做交易的另一位牙医，那一个下午挣了 2,000,000 美元。
On the afternoon of May 6, 2010, the Dow Jones Industrial Average suddenly dropped nearly 1000 points -- losing about $1 trillion in value in its biggest intraday plunge ever. Then it gained nearly all of it back 20 minutes later. Several large companies had their stocks drop all the way to 1 cent for no reason. The high-frequency programs got triggered to either sell or stop trading, but the day traders soaked up the money the computers spit up. It was the day when the computers got their asses kicked.
During the market's free fall that day, Matt kept buying as he saw some blue chip stocks lose nearly half their value. At one point, in those minutes when the market was falling irrationally and Matt was buying, he was $90,000 down. "I get a little sick still, just thinking about it," he says. He ran to the desk of Adrian Nico, the firm's risk manager, and begged for more leverage, which Adrian gave him, allowing Matt to put $20 million of the company's money into the market. "It seemed like it was the end of the world. No one was buying," Matt says. "I feel really proud of what I did that day. I stepped in when no one was willing to." He made $220,000. Another guy at the firm made more than $2 million. Another guy was at the dentist.
过去的200天时间里，Matt平均每天赢利
$3,000, 减去手续费，净利 $2,114，这样
一年下来可挣$528,500。其中，有很多
次，一天就赔掉 $30,000 或 $40,000 美元
... ...
Over the past 200 days, Matt has somehow made about $3,000 a day in profits; after fees, he's taken home an average of $2,114 a day -- which is about $528,500 a year. There were a lot of days when he lost $30,000 or $40,000, but his big days make up for it. Right now, though, he's having his worst month since he started day trading, down an average of $465 a day. It's only his third losing month since he started in January 2008. It sucks to come into work early every morning, do a really stressful job, and go home with a weekly paycheck of negative $2,325.15. It is even worse, Matt says, to try to explain that to your live-in girlfriend.
Man Made: A Stupid Quest for Masculinity
-
Hardcover: 304 pages
-
Publisher: Grand Central Publishing ( May 15, 2012 )
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桑林 发表于 2009-3-12 08:07
做期货、外汇国内从90年代就有了，长
期做 day trading 能生存下来的人不
足1%，适合对数字反应快的年青人和长
期的实践的积累，压力很大；移民大多
为30、40岁的中年人，最好不要在这个
领域尝试。
1234321 发表于 2009-3-12 07:20
Day trading 是死路
一条。大家别去沾。
人到中年为谁辛苦为谁忙？
2014-11-18 16:04:11
作者：米笑 留言时间：2014-11-18 18:59:45
七郎
俺一个朋友玩 day-trading，连本钱都赔得差不多了，
不是谁都玩得了的。
http://blog.creaders.net/mexiao/
志存高远的马云小同学
1999年7月29日，马克.巴顿大开杀戒，在三个地点连续杀害了12人，然后自杀。
在美国，大规模枪击案不算是稀罕事，而杀害12人的暴怒杀手(Spree Killer)也算不得是影响最大（小丑杀手霍尔莫斯在蝙蝠侠首映式上也是枪杀了12人）。但是，马克.巴顿案太特别了，因为，其中有3名受害者，是他的至亲骨肉。
在历史上的今天，1999年7月29日早晨9点多钟，马克.奥林.巴顿(Mark Orrin Barton，1955-1999)，和往常一样，走进了他工作的动力证券公司( Momentum Securities）该公司位于米国乔治亚州的亚特兰大（Atlanta, GA)。
一切看起来都很正常。巴顿跟同事打了个招呼，然后突然拔出9mm手枪，啪啪啪啪的开火了。
子弹打完，他又拔出另一只.45口径的手枪，继续射击。很快，4人倒在了血泊之中；另有多人受伤。
然后，巴顿头也不回的离开了动力证券公司，又若无其事的走到了隔壁的高大全科技投资集团公司(All Tech. Investment Group )。
“早啊，希望没有打扰到你们一天的交易。”他推开门说了这一句话。接着，他再次出枪，毫无目的的见人就杀。绝望的公司职员们四处逃窜，到处是乱飞的文件与鲜血。
在这儿，他又成功杀死了5名无辜的公司职员。
随后，他挟持了一名人质，准备驾车逃跑。但这名人质成功逃脱并报警，警方随即将他的车逼停。一大票SWAT小组包围了上去，做好了强攻的准备。
但是，车内传来砰的一声枪响。警员们小心翼翼的靠上去，发现巴顿已经吞枪自杀。
图：巴顿最后的归宿 来源：杀手百科
警方很快确认了他的身份，然后拿到搜查令，准备去他的住处搜查。但当打开门后，眼前的一切比枪击案本身还要让人震惊：
屋里有3具尸体。
她们分别是：利.安.范迪佛.巴顿(Leigh Ann Vandiver Barton),27岁，马克.巴顿的妻子；马修.戴维.巴顿（Matthew David Barton），11岁，马克.巴顿的亲生儿子；梅切尔.伊丽莎白.巴顿(Mychelle Elizabeth Barton)，8岁，马克.巴顿的亲生女儿。
加上已经自杀的马克.巴顿自己，这一家人算是冚家铲，彻底灭门了。
那么，马克.巴顿为何要作下这疯狂而又残酷的大错呢？
他之前曾经有过一段婚姻，生下了两个孩子。然而，他后来又和妻子的闺蜜，也就是后来的妻子安打得火热。1993年， 他的妻子和丈母娘，在家中神秘被害，两人都被人用钝器打击头部，死在床上。尽管警方怀疑马克.巴顿与此有关，但并无证据证明，所以没有下文。
此后，他获得了妻子的保险金，数额大致有十来万米元之多。他与安结婚，带着孩子搬到了亚特兰大，重新开始生活。
然而，这一笔巨款带给他的，却是更大的痛苦：他迷上了投机买卖，也就是所谓的股票当日交易 （ day trading )。只可惜时运不济，学艺不精，两个月不到，他就赔了10.5万美元，输个精光。
随后，他陷入了长时间的抑郁和焦虑之中。在徘徊挣扎后，他终于选择了走出这恐怖一步。
在妻子和儿女的遗体旁边，他留下了纸条，详细的介绍了自己的作案过程：在27日深夜，他拿来一把锤子，对着熟睡中的安的头部猛然锤打，将其打死；然后，又用同样的方法杀死了一双可爱的儿女。
他还写道：为了确保他们已经死亡，他还把他们的遗体，脸朝下泡在放满水的浴缸里。
至于原因，他解释说，“我杀了孩子们，让他们用5分钟的痛苦，来代替终身的苦痛。我逼着自己这么做，以避免他们日后遭受苦难。没有妈妈，没有爸爸，没有亲人。父亲的恐惧将被传递给儿子。就像我的父亲传递给我一样，我又要传给我的儿子。”
然后，他反复说，自己深爱着安以及两个儿女，如果耶和华愿意，自己希望能够在天国与他们重新相见。他无意苟活，但也要杀掉几个“贪婪的毁掉我的人”。
做完这一切，他来到了证券公司，大开杀戒，然后自杀。
走上这条不归之路，再也无法挽回。只可怜了那些个无辜的死者，以及巴顿的妻儿们。而他这种冷血又懦弱的行为，委实令人鄙视。
迪米特里·迪米特里耶维奇·肖斯塔科维奇（Дмитрий·Дмитриевич·Шостакович，1906年9月25日－1975年8月9日），原苏联时期最重要的作曲家之一，20世纪世界著名作曲家之一
一位曾经有些年每日恐惧被斯大林下令拉出去枪毙的
伟大作曲家。
古斯塔夫·杜达梅尔，男，1981年出生于委内瑞拉的巴基西梅托，5岁开始学习小提琴，之后又学习作曲。进入贾辛托·腊拉音乐学院后，毕业后他曾在拉美小提琴学院工作。1995年，被聘为委内瑞拉阿马迪乌斯·莫扎特室内乐团的艺术指导，2004年，国际马勒交响乐指挥大赛一举夺冠，2007年应邀出任瑞典哥德堡交响乐团的首席指挥，2009年受聘为美国洛杉矶爱乐乐团的音乐总监，被称为是“改写21世纪音乐历史的人”
骚柔 （高晓松语）的酸曲儿 （《黄土
地》语）听多了，也不妨碎片式欣赏
一下激昂、恢宏、狂暴的交响乐片段：
Shostakovich: Symphony No. 10 / Dudamel Simon Bolivar Youth Orchestra of Venezuela
请将光标移至 27分50秒 and an epic finale:
https://www.youtube.com/watch?v=XKXQzs6Y5BY
33分零5秒 —— 37分零9秒： 震撼至极
Shostakovich: Symphony No. 11, 'The Year 1905' (Proms 2013)
https://www.youtube.com/watch?v=g9lo9ZDYuDU
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