Clearly not all of 'em are. But some traders, it seems, might use psychic powers to get an edge.
Traderdaily.com reports that Jack Schwager says in his new book, 'The New Market Wizards', that 'one of the traders I interviewed, an individual who had made several hundred million dollars in trading profits for his firm (talked of) intuition, dreams, Eastern philosophy (which) presented an image of him that would be viewed askance by his corporate clients'.
As the website points out, 'using psychic powers to access information about the future is now called 'Remote Viewing', something that is being funded around the world - mainly for espionage and military purposes.
There's also the guy (and we just can't remember who it was - anyone help ?) who tried to beat an insider trading rap by claiming psychic powers. We think he got banged up - clearly he couldn't see that coming!
And talking of psychic traders, those seat holders over at The New York Mercantile Exchange, the world's largest energy market, can't have had powers to see into the future either - otherwise they wouldn't have spent so much leasing seats. As The New York Daily News reports, the cost to lease a seat at the exchange has fallen 75% as electronic trading has become king. The latest seats were leased out last week at just $5,000 a month - just a few weeks after going at $20,000 a pop.
Finally, some better news for those other non-psychic traders who lost their jobs at The New York Stock Exchange. Financial News reports that the electronic trading system brought in a few weeks back to replace some of them 'malfunctioned' Thursday. A systems crash is said to have resulted in some orders being handled manually or by proprietary electronic systems.
Sources - Financial News, The New York Daily News, Trader Daily, Holden D Redbone.