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Day trading is making a comeback.That’s according to the Wall Street Journal’s Anne Kadet, who wrote about her own experience at a day trading boot camp in the most recent Weekend Journal.
Kadet attended Equity Trading Capital, a $99 trading class run out of the Trump building on Wall Street that hearkens back to the days of Gordon Gekko and giant mobile phones.
She writes that New York is the ground zero for the resurgent movement, attracting “new college grads, retirees and the long-term unemployed.”
The class she attended was run by a Mr. Green, the school’s director of education who graduated “Phi Beta Capa in Experience and Life” by spending 51 years as a trader. Tongue-in-cheek credentials notwithstanding, Green had a “relatively conservative” strategy.
Kadet writes it all sounded very appealing:
“My whole life I’ve been seeking a guaranteed formula for scoring a zillion dollars, inner peace and a pony. Now someone was telling me that if I just followed directions, I could at least have the cash.”
The class’s most successful student netted $600 on four trades.
The student with the biggest bust, Claudio Ortiz, was an organic chemistry Ph.D. and options trader who works at Colgate-Palmolive. Ortiz’s losses, which he called intentional, were so large that his terminal shut down.