About victor mader Expertise I`m not a broker therefore I can assure that I earn no monies from my unbiased advice. I usually don`t comment on specific stocks but rather how to avoid getting "taken" by any unethical brokers, financial advisors, etc. I have 35 years of personal experience and stay well informed. My goal is to make you a better informed investor. I`ve been told by several stock brokers that I know more than many registered brokers.
Experience I spend an average of 1-2 hours per day reading about investments and have since 1965. I now have accounts at DLJ and Goldman Sachs, two very fine firms.
Expert: victor mader Date: 7/5/2000 Subject: Brokers
Question To Victor Mader
Dear sir:
I have been trading stock for 5 years but have recently been trading on a daily basis.I plan on making more than several trades a day for small profits getting between the spread on the stock.Iam using software called interquote.com.There are several brokers on site that offer fast executions that is important to me but commission price is also.I would like to get your opinion on a broker called Preferred capital markets.Can one brokerage fill orders faster than others?I was told that the orders go directly to the exchange floor.If you could help me with this Iwould apreciate it. Sincerly Len
Answer Leonard: I usually say I don't believe anyone can make money day trading as you're dealing with human emotions, not logic. I don't do it, and I really can't tell you which firm has faster executions, sorry. If I could encourage you NOT to day trade, I would, and I will now. If you still choose to do so and you consistently make money you're the exception. I say "day traders don't make money they just borrow it for awhile", meaning of course you make some, but you'll lose it all later.
If you can beat 98% of other day traders you have a gift. Think this: most day traders have been making money because for most of the past 5 yrs we've been in a huge, no-brainer bull market. Last year my broker made 70% on my money, this year I'm up 45% because I get a lot of IPO's. Even my broker, and he's a great trader, but not a day trader, hasn't done very well this year. If it wasn't for the IPO's I doubt we'd be ahead much over the past l8 months. 70& in 1999 sounds good, but I believe NASDAQ was up 86%, so I could have done nothing and done as well. In fact the first stock I bought in 1999 at 14 (10,000 sh), was sold at 16, and by the end of the year was at $160...if I didn't trader I'd of made 1,200% doing nothing!
Good Luck ..you'll need it..it's a tough business, day trading
Victor
