Reply to: Is keeping current a concern for you?

[russell]

Typo, or just grammatically incompetent?

I'm sure you have the entire boards utmost respect.

Typo, the entire board? I couldn't care less, I know the people that respect me are the non bw posters.

[suityou01]

A bedwetter is a bedwetter, the shall have no respect regardless of their job title.

Typo, or just grammatically incompetent?

I'm sure you have the entire boards utmost respect.

[russell]

Shush lowly UAT tester, you're talking to a developer here. 'ave some rispeck innit.

A bedwetter is a bedwetter, the shall have no respect regardless of their job title.

[suityou01]

Why? Is it at SilentNight?

Shush lowly UAT tester, you're talking to a developer here. 'ave some rispeck innit.

[MarillionFan]

I got a telephone interview for the VB6 gig. It's taken a couple of days for this, whereas I would have thought after one look at my CV they would have been wetting themselves to hire me.

Why? Is it at SilentNight?

[suityou01]

I got a telephone interview for the VB6 gig. It's taken a couple of days for this, whereas I would have thought after one look at my CV they would have been wetting themselves to hire me.

[russell]

I don't know where you get the idea I "wimped out at the first sign of competition". I simply stated a belief that there is more money to be made in less competitive environments. "Less efficient markets" might be a better phrase. So might "less mature markets with less established players and a lower cost of entry".

With most opportunities to make money the cost of entry goes up as time passes and there are more established players to take on. Hence my assertion that you are better off finding something "less competitive" i.e. hunting out an unexploited niche with a lower cost of entry and getting in early.

With daytrading particularly, you are often looking at exploiting market inefficiency, and you are going to be up against people playing the same game with more money, more computational sophistication and quicker trade execution. These people make the market more efficient and reduce your chances of success considerably.

The people who are really making money out of daytrading are the ones who are selling the dream, IMO, but good luck with it all the same.

I think I got the wrong end of the stick, sorry doodab, good post, I agree with everything you said. Markets like FX and futures are very efficient but individual stocks can act inefficiently and there are 1000's of them.

[MarillionFan]

I like mediocre.

It got me where I am today.

Listening to the guy upstairs practicing his golf swing.

I think he sliced that last one.

I don't do mediocre. I do golf.

Now if you don't mind not breathing as loudly and stop grinding your teeth down there as you're putting me off, then I'm going knock this one 300 yards.

[doodab]

I have already started designing it, if it fails then at least I will have tried and not wimped out at the first sign of competition. Don't worry the world need people like you to do the mundane tasks and take the mediocre path.

I don't know where you get the idea I "wimped out at the first sign of competition". I simply stated a belief that there is more money to be made in less competitive environments. "Less efficient markets" might be a better phrase. So might "less mature markets with less established players and a lower cost of entry".

With most opportunities to make money the cost of entry goes up as time passes and there are more established players to take on. Hence my assertion that you are better off finding something "less competitive" i.e. hunting out an unexploited niche with a lower cost of entry and getting in early.

With daytrading particularly, you are often looking at exploiting market inefficiency, and you are going to be up against people playing the same game with more money, more computational sophistication and quicker trade execution. These people make the market more efficient and reduce your chances of success considerably.

The people who are really making money out of daytrading are the ones who are selling the dream, IMO, but good luck with it all the same.

[russell]

Do you really think that having a pipe dream of having a computer make you money using "some kind of automated trading using statistical analysis" makes you some kind of balls out thrillseeker?

The only risk you are taking is that you'll be dead before you ever do anything about it.

I have already started designing it, if it fails then at least I will have tried and not wimped out at the first sign of competition. Don't worry the world need people like you to do the mundane tasks and take the mediocre path.

[alreadypacked]

I've never had the time or capital for day trading but I made and lost several tens of thousands in the dot com frenzy.

Overall I made more money at online poker, once I learnt to stick to the low value tables and play the numbers. It's a lot of effort for not much reward though.

Both of these are very competitive , and quite risky, so although there are a few people who do very well most people don't. I am of the opinion that it's better to seek out a less competitive niche because it's easier to make money at it.

Personally I don't bother with get rich quick schemes any more, I would rather channel my efforts into making something I can sell & grow that into something that provides a living & generates a bit of surplus for long term value investments.

I had chat with a very interesting business man.
He told me if you go into business, you can only get rich if you 'steal' money from other people.
Don't pay your workers what they are worth, don't pay the tax man etc.
If you are in business and pay everyone, you will only make a good living.
Why be in business with all the problems and risk if you only make a good living, you can work for someone else and make a good living without the problems and risk.

At the time I was a partner in a business employing 16 people, I am not the type of person to steal, so within a few months I sold my share of the business. No regrets.

[doodab]

Is this you?

http://www.childofthe1980s.com/wordp...ie-corbett.jpg

Do you really think that having a pipe dream of having a computer make you money using "some kind of automated trading using statistical analysis" makes you some kind of balls out thrillseeker?

The only risk you are taking is that you'll be dead before you ever do anything about it.

[MarillionFan]

I am fairly risk averse. Snowboarding off piste is about as risky as I get these days.

No doubt you are going to impress us all with stories of unprotected anal sex with eastern european truckers.

He told you about this as well.

Which reminds me Suityou, I need to bring your 'The European Truckers guide to Dogging Layby HandBook' back.

When I said I was going to drive to Germany with my Golden Retriever you seem to have got the wrong end of the stick.

[suityou01]

I am fairly risk averse. Snowboarding off piste is about as risky as I get these days.

No doubt you are going to impress us all with stories of unprotected anal sex with eastern european truckers.

He told you about this as well.

[russell]

I am fairly risk averse. Snowboarding off piste is about as risky as I get these days.

No doubt you are going to impress us all with stories of unprotected anal sex with eastern european truckers.

Is this you?

http://www.childofthe1980s.com/wordp...ie-corbett.jpg