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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/bwdaily/dnflash/content/jun2007/db20070607_007145.htm

 

Here is the one on how the contest was "gamed":

http://images.businessweek.com/ss/07/06/0607_cnbc/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/dnflash/content/jun2007/db20070619_372116.htm

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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/2007/06/100th-post-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

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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?

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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

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