The More Things Change…

…the more they stay the same?  This excerpt is from Gary Smith’s book Live the Dream by Profitably Trading Stock Futures, which was published 17 years ago:

“There are a handful of vendors that sell hyped and overpriced systems, seminars and trading manuals that purport to teach the public how to day trade the S&P successfully.  They recommend trading not only on a daily basis, but even several times during the day.  Off the floor it is an almost impossible task to trade profitably this way… I find it interesting that absolutely NONE of these vendors can prove that they are winning traders via multiple-year, real-time brokerage statements.  Their trading courses are total illusions.  They dazzle you with an array of historical charts and other past data to illustrate the purported validity of their methodology.”