BBCs Million Dollar Traders

Online Stock Trading - BBC's New Reality Show Million Dollar Traders

The BBC launched its new reality TV show - Million Dollar Traders - last night in the UK. I suspect that we will soon be seeing the equivalent in the USA, if they haven't already done it.
The eight million dollar traders were selected from the general public. They had to be reasonably intelligent but have no experience of online stock trading - which made the programme   very interesting for beginners - see Stocks and Shares for Beginners - to see if they had required the mathematical skills one of the questions they had to answer on the spur of the moment was what is 32 x 32 ? (............................................................ Lex Van Dam)
They were then given a fortnight's intensive training (hardly enough but that's part of the fun), and put into a trading room with $1 million dollars and told to act like a hedge fund for 2 months and make as much money as they could!


(The Million Dollar Traders)
The first episode last night - which you can watch online here Million Dollar Traders - was highly amusing. After 2 days, one of them was reduced to a nervous wreck, crying for an hour and a half. One seemed determined to do everything wrong with an attitude of lackadaisical nonchalance, which showed it wasn't his own money he was flushing down the toilet. Another one waited a week before making his first quite complex trade, only to get it disastrously wrong.
The person who came up with this wonderfully entertaining idea was Mr Lex Van Dam (nice name!) who is described as a 'hedge fund guru' - he also came up with the money, stumping up $1 million from his own pocket. He may sound a bit nutty and being a millionaire guru there is certainly a lot to dislike - but he actually talks a lot of sense.
“What has become clear over the past year is that the experts don’t know,” he says. “If you just do what the experts tell you it’s probably the quickest way of losing your money.
“And if something looks too good to be true it probably isn’t true – like the Madoff fraud. You can’t trust the Government, and you can’t trust companies.” Well, a man after my own heart !
He says he wants to make a profit and is nervous about losing his million, but clearly, if he's got any sense he will have been hedging (behind the scenes) all the nonsense that his apprentices are getting up to. If not then he really is a brave fellow (or very rich).
The most interesting aspect is that the eight novices are thrown into the financial markets during the worst financial crisis in living memory - the BBC could hardly have timed it better.
The aim, apparently is to see if novices can perform as well, or as badly, as 'professionals'. Well time will tell, their first attempts were a disaster, but the BBC may have a surprise in store for us yet.
The first episode was very entertaining, as the magnificent eight grappled with the fear and greed of online stock trading and also their various ethical qualms about making money by shorting companies in the hope that they would go bankrupt. Is it pure coincidence that the stockmarket meltdown happened at the same time as these eight were trading? Perhaps Gordon can blame it all on them now?
What will they do next? million dollar traders lex van dam online stock trading
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