Did you see the BBC's latest reality show - Million Dollar Traders? The plot is quite simple, a lucky trader who has made some millions on the market has put up $1m so that a group of novices whose sole qualification appears to be able to multiply 32 by 32 (1024 for those not quite up to the standard required), can try and make a profit over a couple of months trading. Their preparation for this is a two week course in finance which the entrepreneurial backer of the show thinks is sufficient to learn all they need to know.
Well you have guessed it - they haven't done very well. Apparently they believe or have been taught that they can hedge a short position in Citigroup by going long in a UK bank! Nobody told them that going long in a company about to make a rights issue might not be a good idea (especially when it was HBOS) and so on... But worst of all nobody told them they would be playing a roulette wheel - with day trading market movements essentially random and trading on news broadcast by the BBC hardly likely to be a winning strategy. It was all very sad - but one thing I did find very believable: the professional traders involved in the programme talk nonsense all of the time. They even maintain that traders in the CoL do not take time out for lunch - oh yeah!!!