Just As I SAY “All Systems Are WRONG”

As all my readers know, one of my most used truism is “Most people are wrong about most things, most of the time”. Always I add “The Expert is Ignorant Enough to Think He or She Knows It All” hence so often wrong.

I say this is every area of life and every subject matter.

Below is MORE PROOF of HOW STUPID “STOP LOSS ORDERS” Are in the FINANCIAL BUSINESS. Yes, they BOTH HARM & COST THE PUBLIC GREATLY While Giving HUGE PROFITS “for the experts” as they TAKE FROM YOU ——-

A VERY RICH MAN (and good a very good acquaintance of mine) Tom Sosnoff (founder of “Think or Swim” brokerage company & “tastytrade”) sent this to me this morning. It describes What Tom Does to Make Equal Playing Fields For All People. Tom speaks of the many “wrongs” and misconceptions to EMPOWER EVERYONE simply and effectively  and more profitably!

Yes, for all you INVESTORS (anyone with a retirement account, a parent, a citizen, or anyone eating and breathing SHOULD BE), REMEMBER “Everything you HAVE ALWAYS THOUGHT and Likely HAVE DONE & DO and HAVE BEEN TAUGHT by The  “EXPERTS” & “EDUCATORS & “FRIENDS” HAS BEEN WRONG, Very Wrong & Only HELPS THEM”!!!!!!!

——- FINALLY “Even YOUR GOVERNMENT” AGREES with US ——- (though in Tom’s case, he says been trying to TEL /HELP YOU ALL Long Before 2001 and FINALLY after $ BILLIONS HAVE BEEN TAKEN FROM YOU, They (the government) Agrees With Him ~~~~~~~~~~~~~~~~~~~~~~~~~~

“RESTART” TO REALLY LEARN How To Use Money! (hmmmm, sounds like my motorcycle teachings and my financial teachings from the 80s, 90s and through the 21st Century with my columns “Easy Riding Along With Us” and “Learning How To Use Money”, 2 very long running magazine and newspaper columns I authored. Hmm, guess I have been way ahead of ALL THE REST for DECADES! (I believe it was 1979 when I first started working with “Stock Options” when there were only 30 in the world at that time.

Yes, Sad To Say (again/as usual) “the Experts Are Wrong” as “are the systems and that “Keeps Everyone In-The-Dark & Keeps Them Poor & OWNED BY THE FEW”!

Sosnoff Says…

Monday November 23rd, 2015

When we built thinkorswim, we intentionally decided not to offer Stop or GTC orders (good till canceled). It was 2001 and we were initially accused of ‘trader’ neglect and even worse, platform incompetence! Of course we strongly disagreed and suggested, to our fast growing customer base, that we were protecting them from getting bad fills, seriously bad fills with this order type. Everyone quickly reminded us that we were clueless. In fact, we even lost some industry awards and new accounts because we wouldn’t conform. Eventually we had to give in because the industry experts decided the only way to manage risk was through stop orders. They convinced the masses even though none of them had a clue. On the other side, most floor traders, including myself, never met a stop order that wasn’t hugely profitable for us. Fast forward to 2015 and the NYSE and the NASDAQ are finally banning Stop Orders and GTC Orders. It turns out that customers were being taken advantage of. What a surprise. This is the tip of the iceberg as the tastytrade risk and order logic becomes the new standard.