wink fails at daytrading, page-68

I've said it many times, day trading is a loser's game. By the very nature of what they do, day traders are buying assets 'information unaware', that is, they are buying things regardless of what the facts and careful analysis of the facts say about the stock. So they end up unavoidably buying lemons. Now this would be okay if you also unknowningly pick up some winners, but a) the nature of the market is that at any one time there'll generally be more losers than winners, fundamentally speaking and b) the few winners will have their price bid up by people who are buying stocks information aware, ie, the fundamentals people, people who are experts in the business they're buying, know all the facts, and have analysed them thoroughly.

So the end result is over the course of a trader's career there'll definitely be 'bombs' that they bought into and have taken a sizeable loss on, but very few genuine winners.

Everything I've seen indicates to me that traders are merely patsies for the fundmentals guys.