Are day traders all trash?
They've "pissed off" ANZ boss Mike Smith, and chances are they'll be top of your hate-list too. Are blood-sucking day traders the trailer-park trash of the finance world?
Never one to mince his words, Smith said last week that ANZ's share price should never have collapsed over Opes Prime and that its descent was all down to "a bunch of sophisticated day traders", who were Opes' clients.
"The position is very unpleasant and I have to say I'm somewhat pissed off about the whole thing," he added.
Who are these sophisticated (or not) day traders? According to the stereotype, you'll find the scumbags stuck to their screen, desperately seeking to ride the wave of market momentum, taking ludicrous risks, and being generally politically incorrect every inch of the way.
In the US, the SEC reckons this is all "extremely risky and can result in substantial financial losses in a very short period of time".
Is it time now for us Aussies to get tough on these traitorous traders? Is Mike Smith right to be irate? Or are day traders as good as the next bloke? Let us know below.
