Deception - Traders Laboratory
Forum Guidelines | Contact Us
Home

Go Back   Traders Laboratory > The Trading Lab > Trading Psychology

Trading Psychology How do we learn to conquer our fear and greed? Discuss the mental aspects of the game.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 06-23-2007, 02:45 PM
thetradingdoctor has no status.

 
Join Date: May 2007
Posts: 123
Thanks: 0
Thanked 0 Times in 0 Posts
This member is the original thread starter. Deception

A cardinal principle of behavioral trading is to observe everything and believe nothing. If that sounds a bit cynical ( which it actually is!) I call your attention to these most interesting links. I particularly like the one about how the CNBC million dollar stock trading contest was "gamed."

I cannot tell you how much fraud and hype there are out there, people. It just seems to grow and grow. I wonder if the "million dollar waitress" just got lucky or if her dart board was magical or if this is a true story or what?

All I have to say to each of you today is please, please, please be very careful out there?

I will check back every couple of days even though I am taking a rest.

Thanks!

Janice


Here are the links:

Full story of the contest:
http://www.businessweek.com/print/bw...607_007145.htm

Here is the one on how the contest was "gamed":
http://images.businessweek.com/ss/07...c/index_01.htm


I wonder if this waitress knew how to “game” the contest: A woman who has never bought a stock in her life appears to have bested the financial pros in CNBC's stock-picking contest :
http://www.businessweek.com/bwdaily/...619_372116.htm

Reply With Quote
  #2 (permalink)  
Old 06-24-2007, 04:22 AM
torero's Avatar
torero has no status.

Trader Specs
 
Join Date: Oct 2006
Location: SPAIN
Posts: 1,330
Thanks: 44
Thanked 43 Times in 29 Posts
Re: Deception

I didn't even know about this contest. I knew there was one in investopedia but not for some prize money. Interesting articles.

__________________
"It's against human nature to succeed in the markets"-- Newbie Trader Lounge
Reply With Quote
  #3 (permalink)  
Old 06-25-2007, 12:52 AM
thetradingdoctor has no status.

 
Join Date: May 2007
Posts: 123
Thanks: 0
Thanked 0 Times in 0 Posts
This member is the original thread starter. Re: Deception

I think this falls under the realm of something other than flat out deception--let us say- pure luck and also someone who writes books telling everyone that they don't know anything because nothing can really be known! Nonetheless it is of interest to note this:



It would appear that Nassim Taleb ( http://en.wikipedia.org/wiki/Nassim_Taleb ) who is approx 47 years old has had one black swan day in his entire life. Geez! He made 97% of all of his llifetime trading profits on one day in 1987!

http://worldbeta.blogspot.com/2007/0...t-tally-ho.htm

This is not exactly the most inspiring or encouraging piece of information I have ever read about trading. But it does show you that a guy can get famous making all of this lifetime trading profits in one day and then spending the rest of his life writing books and getting very famous!

More deception?

Thanks!

Janice

Reply With Quote
  #4 (permalink)  
Old 06-25-2007, 12:58 AM
walterw's Avatar
walterw is The Trader Chimp

Trader Specs
 
Join Date: Nov 2006
Location: Argentina
Posts: 2,168
Thanks: 0
Thanked 41 Times in 30 Posts
Re: Deception

here you can see what kind of junk the masses consume... and the media takes great advantage of the people incapacity of discerning this fact...

__________________
you can check my site on my profile contact info...
Reply With Quote
  #5 (permalink)  
Old 06-25-2007, 12:27 PM
cooter's Avatar
cooter has no status.
Banned

 
Join Date: Mar 2007
Posts: 633
Thanks: 0
Thanked 7 Times in 2 Posts
Re: Deception

Quote:
View Post
A cardinal principle of behavioral trading is to observe everything and believe nothing. If that sounds a bit cynical ( which it actually is!) I call your attention to these most interesting links. I particularly like the one about how the CNBC million dollar stock trading contest was "gamed."
Everyone is looking for an edge that can be exploited to yield maximum gains, right? No surprise that anyone would look for and actually game the system, especially for a cool $1mil, is it?

Reply With Quote
  #6 (permalink)  
Old 06-25-2007, 12:28 PM
thetradingdoctor has no status.

 
Join Date: May 2007
Posts: 123
Thanks: 0
Thanked 0 Times in 0 Posts
This member is the original thread starter. Re: Deception

Exactly correct, Walter. I have put myself on a huge number of mailing lists this past month so that I can see the deception and fraud that is being perpetrated on the public. Then, of course, we have the issue of personal responsibility. It is the public and the masses who fall for and make the decision to participate ( by buying books, software, get rich quick schemes, software, etc). There are so many who believe that money is just out there waiting to be grabbed and that they don't have to do anything but walk over and pick it up. Trading is work. It takes time, effort, diligence and discipline to do it and do it correctly and consistently. Yet, there are thousands ( millions maybe--ugh just thinking about it) who are so needy and desperate that they fall for every get rich quick nonsense which comes into their inbox. Who is to blame here? The scammers or those who allow themselves to be scammed? The predators or the victims? Or--are they victims?

Thanks!

Janice

Reply With Quote
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump


All times are GMT -4. The time now is 08:22 PM.

 

 
 


1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76