DIY: Not Just a Financial Craze

Of all of the articles that have stood out about the hazards of daytrading, the one that sticks in my mind -- and craw -- is a piece by Gretchen Morgenson of The New York Times, lamenting the do-it-yourself stock craze.

It is infuriating to me that the press fails to see the distinction between those who quit their job to daytrade -- a very tough job indeed -- and those who would take charge of their own finances.

I am not in favor of resigning from a steady job to go to an office to daytrade. Daytrading is thrilling and exciting and, if the tape and your luck are good, profitable. But if your luck and the tape are bad, it can be extremely tough. My wife daytraded for a living for years and made a go of it, but she had in her arsenal every conceivable relationship and commission dollar that could be leveraged. And she still had a tough time. ...