Last December one couldn’t escape the story of the 17 year old teenager from New York who had allegedly made $72M (!!) trading stocks during lunch breaks at school. Of course, the next day it turned out it was all a hoax. This time around, there’s a Japanese day trader who has supposedly hit the stock market jackpot: While Many Panicked, Japanese Day Trader Made $34 Million. Not only has this story become viral, but I’ve seen experienced traders on Twitter quoting from his ‘wisdom’ as in: For him the basic rule is: “Buy stocks that are being bought, and sell stocks that are being sold.” Now, that’s $34M worth of trading advice right there . What surprises me is that the major news outlets and experienced traders talking about this on social media show very little skepticism towards this story. Just because the guy said something and Bloomberg Business published an article, then it must be so. Well, if I say that I can walk on water and provide some Photoshopped pictures to prove it, would you take my word for it ? Then why would one believe an equally enormous claim resting on the same kind of shaky … continue reading
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Source: CTRM Center