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Are day traders all trash?

30 April 2008

They’ve “pissed off” ANZ boss Mike Smith, and chances are they’ll be top of your hate-list too. Are blood-sucking day traders the trailer-park trash of the finance world?

Never one to mince his words, Smith said last week that ANZ’s share price should never have collapsed over Opes Prime and that its descent was all down to “a bunch of sophisticated day traders”, who were Opes’ clients.

“The position is very unpleasant and I have to say I’m somewhat pissed off about the whole thing,” he added.

Who are these sophisticated (or not) day traders? According to the stereotype, you’ll find the scumbags stuck to their screen, desperately seeking to ride the wave of market momentum, taking ludicrous risks, and being generally politically incorrect every inch of the way.

In the US, the SEC reckons this is all “extremely risky and can result in substantial financial losses in a very short period of time”.

Is it time now for us Aussies to get tough on these traitorous traders? Is Mike Smith right to be irate? Or are day traders as good as the next bloke? Let us know below.

Comments (9)

I am a day trader. I do not suck blood, I do not live in a trailer. I am not aware of being a scumbag. I am aware of the level of risk to which I am exposed in each transaction. In what way I am considered to be politically incorrect remains a mystery. For anybody in the financial sector to suggest that buying and selling currencies in the hope of making a profit is immoral has me scratching my chin.

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Comments (9)

  • Day trading is not easy money ask any day trader.

    marius 06 May 2008

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  • Kudos to all profitable day-traders - especially those trading with their own money.

    fxtrader 06 May 2008

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  • The comments of ANZ's boss is simply passing a responsibility to somebody else. Well, he is the big boss and is accountable and responsible to what happened. He can blame others,  but day traders are just needed people within organizations, with defined job descriptions, and you can not blame people for taking certain jobs with certain responsibilities. Why did ANZ's boss give them such responsibilities? Or he was just negligent, so he did not know?

    John 01 May 2008

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  • And...errr...how much did you pay for ANZ?

    Twister 01 May 2008

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  • Day traders like to make money. My apologies.

    traderone 01 May 2008

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  • I am a day trader.  I do not suck blood, I do not live in a trailer.  I am not aware of being a scumbag.  I am aware of the level of risk to which I am exposed in each transaction.  In what way I am considered to be politically incorrect remains a mystery.  For anybody in the financial sector to suggest that buying and selling currencies in the hope of making a profit is immoral has me scratching my chin.

    Frog Twissell (Mr) 01 May 2008

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  • Traders are low. Day traders are even lower. Want a guy with minimal education, little understanding of long term investment principles and an ego the size of Mount Everest, try your average day trading dude. Trust me on this.

    Gay trader 30 Apr 2008

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  • Day trading is still trading. If you can be one step ahead of the market then good on you! Not every day trader takes ludicrous risks.

    Louis 30 Apr 2008

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  • is he seriously taking the moral high ground against day-traders??!! ...pot...kettle...black....

    Dayone 30 Apr 2008

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