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A Good Lesson About Internet Message Boards

Posted by Timothy Sykes on Sun 28th of Sep, 2008 08:04:30 AM
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Authorities are now arresting anyone who posts false rumors about bank runs on internet message boards. THIS odd piece of news just goes to show you the times we live in these days, check it out:

Hong Kong police have arrested a man for allegedly spreading rumors on the Internet about a bank run amid anxiety in the Chinese territory about the U.S. financial crisis, police said Sunday.

The man was arrested Saturday for allegedly using a computer with criminal or dishonest intent…

Now I’m not condoning rumor mongering, nor would I ever wanna talk bad about any bank, at least publicly, in fear of Osama bin SEC/Big SEC Brother, but I do think it’s pretty sad that an internet message board posting–the lowest form of human communication, especially Yahoo! message boards–would lead to anything newsworthy in the real world.

Let me rephrase, if you believe anything posted on an internet message board, you should be arrested. Your ignorance makes you a threat to society for you should not operate heavy machinery, interact with any young people (for fear of influencing them), be allowed out in public, etc.

Elitetrader, Investorshub, RagingBull and just about every other message board is an information swamp filled with the nastiest crap you’ve ever seen. There are people lying, cheating, hyping, pumping, dumping, etc. and that’s why I don’t even link to them.

Remember, 90% of traders lose $ and most longterm investors just suck, in life and in money making. Sure, there are a few good apples, but the bad apples overwhelm everything and everyone so it’s tough to wade through all the muck to find em.

Sites like Covestor helps as THESE RANKINGS help cut trough the BS.

Still, my advice is to–not financial advice, God, no, this is for entertainment purposes only advice (happy Big SEC Brother?)–not trust anyone and make them prove themselves worthy of wasting your time/listening to. Otherwise, think/do the exact opposite of any and all postings and the odds are on your side.

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  • spazz
    you constantly say 90% of traders lose money....just curious as to where you get this stat??
  • has this type of arrest only been made in hong kong?

    if we do the opposite of what message boards suggest, then we will have cracked the trading code, hmmmm?
  • Reaper
    For those curious about where the day trader statistics come from, check out this academic article. Its conclusion is that 20% of day traders are more than marginally profitable. However, if you looked to see how many actually beat the indexes (and thus beat buy and hold investors), it probably goes down to 10%.

    http://papers.ssrn.com/sol3/papers.cfm?abstract...

    This paper shows why you shouldn't trade if you get emotional or greedy:
    http://papers.ssrn.com/sol3/papers.cfm?abstract...
  • spazz
    Reaper, I can only see the abstract of that paper...it doesn't indicate the sample size and it is 4 yrs old. I'm pretty sure there is no solid evidence/it is almost impossible to determine that 90% of traders lose money. Pro day traders do not participate in studies and 90% is just a ridiculous number...simply untrue (although the percentage is prob still shockingly high)
  • Brent
    "in the typical six month period, more than eight out of ten
    day traders lose money."

    http://faculty.haas.berkeley.edu/odean/papers/D...
  • Brent
    "Regulators who have examined the books of day-trading firms say that more than 9 out of 10 traders wind up losing money"

    http://www.nytimes.com/library/financial/sunday...
  • spazz
    Brent, are you joking...the first article is about Taiwanese traders...enough said. The second is from '99 and makes no references...neither is legit.
  • hei... I read your information from begining to the end and I think that is interesting information.. I think i will tell this information again to my friend and I hope this information will be usefull for them... oh yes I suggest you to check my blog on http://101aboutcomputer.blogspot.com/ , I hope the article on my blog will be usefull for you... and we can share each other. thank you... ;-)
  • Ps the 90% figure refers to several academic studies which they tapped intot he accounts of pro and amateur traders alike...more like 95%, i say 90% just to be safe
  • younggunz
    That's nothing compared to the CEO's that were executed in China when they were trying to cover up their failing company
  • talient
    Summary execution for CEOs: now that's an attractive proposition. Ha!
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