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The Guts and Glory of Day Trading: True stories of day traders who made (or lost) $1,000,000 by Mark Ingebretsen

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Chapter One. Introduction: Renegades in Cyberspace

Can day trading make you a millionaire? No way, says a June 12, 2000, article in Forbes magazine. The article cites a study by the former North American Securities Dealers Association (NASD, the administrative and regulatory arm behind the NASDAQ stock exchange), which found that 77 percent of day traders in fact lose money. (In 2007, the NASD merged with the New York Stock Exchange's regulatory body and changed its name to the Financial Industry Regulatory Authority (FINRA.) The average profit over the course of eight months was a paltry $22,000, the study revealed, or a little more than you’d earn if you were an especially annoying telemarketer. In all, the NASD survey scrutinized the accounts ...

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