I don't know all the facts, except that the guy was known as a "day
trader," and it appears, a serial killer. Something set him
off, and as of last count, 12 people are dead, not including Mr.
It has been reported that before he started shooting he said something
to the effect that he hoped "this would not ruin your trading."
The truth of the matter is that the issue of day trading has been
bothering me for some time, especially after seeing the ads on TV
and in print, for making your fortune, replacing your broker, and
Note though, that this incident has probably more to do with a
psychopath rather than day trading, but that still leaves the day
trading issue on my table.
As for buying the island and finding your fortune on tradeit.com;
sorry to disappoint you, but it does not work that way.
This happens to be one area of business which I know very well.
I have a license not only to trade stocks, bonds and all the other
goodies, but to supervise stock brokers as well.
The inherent principle in day trading is to make a "quick"
profit, sometimes in minutes, as you bet on the movement of a stock,
up or down.
The principle can be summarized as the greater fool theory, which
states in essence, you purchase something at a high price, hoping
to sell to a greater fool at a later date (read minute here) and
at a higher price.
The rules of economics such as purchasing something for its value,
are not considered in this instance.
The articles which are written exclusive for my industry have been
sounding warning bells about this activity for some time. It is
estimated that 20% of day traders are in fact, compulsive gamblers.
I read of a case the other day where a seasoned stock broker, took
his 5 million dollar retirement plan and lost 4.9 million of it,
I wonder if that was the money the guy in the tow truck used to
buy his island.
There are certain rules of life which defy expectations to the
contrary. A couple of them which we should be aware of are:
Day trading involves winners and losers
Just because it has a dot.com in the name, does not mean it will
Beware the lie of easy money.
If it was really that easy, don't you think all of the stock brokers
of the world would have long ago bought up all the islands?