I have just finished watching Million Dollar Traders on TV. Million Dollars Traders is a reality TV show in which a rich hedge fund manager gives his own money to eight novices and tries to teach these novices to trade stocks to use his own money to make more money.
I have always dreamed of quitting my normal job and trading stocks at home for a living, so I watched this program hoping to get some pointers on how I can make this dream a reality. Million Dollar Traders, however, was very disappointing because it gave me no insight into how I can become a trader.
What I found annoying about the show is that the novices were simply given a computer, a telephone, and were told to buy and sell by themselves. There seemed to be no education about when they should buy and what they should buy. Most of the time it looked like the novices were just making guesses about which stocks they needed to buy or sell. Some traders made huge losses and in order to fix this problem, instead of teaching the traders economics, fundamental analysis, or technical analysis, they resorted to things like limiting how long their lunch or coffee breaks were. They even tried to improve stock trading performance by suggesting that the traders be rude to their stock brokers over the phone.