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#1
06-22-2007, 09:05 AM
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Re: WSOP Windfall... What is a boy to do?!?!
[ QUOTE ]
[ QUOTE ] Take 50K, learn to daytrade. Take it slow, learn as much as you can. There are lots of great resources/boards on the web. I'd buy real estate with the rest, buy a nice car and pay off debts. Congrats btw. [/ QUOTE ] This would be an example of bad advice. [/ QUOTE ] Yes, this is BAD BAD advice. It's kind of like telling someone who has no experience with poker to play poker for a living. Yes, it's possible, but it's also very very difficult. The fact that Jurollo is a good poker player certainly makes it more likely that he would succeed as a daytrader than a random guy off the street, but in the same way that a successful stock analyst is more likely to succeed as a poker pro than a random guy off the street. In other words, it's still very difficult and unlikely to end with great success. Not only does he not have to lose money, he can't even scratch because of transaction costs. And turning a little bit of profit won't be enough either, because you have to make MORE than 5% (or whatever the risk free money market rate is at the time) to make it +EV. And suppose you have the best case scenario of Jurollo consistently beating the market by 5%/year, that's still $2500/year on $50k. Trust me, this is just a losing plan. 
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