Michael, I generally agree with your commentaries, but I suspect the reason there are no audited results of successful day traders is because none of them are trying to raise money. Their strategies would not be able to efficiently employ large amounts of capital. Here are two day trading firms in NYC. The founders all got lucky in the run to Nasdaq 5k, lost a bunch in the bust, then survived by learning to trade: T3Live, SMB Capital. My case against day trading is that it is more difficult and has a smaller payoff than longer term systems. There are no billionaire day traders.
Thanks for the feedback, but not buying this analysis. The point is not some massive shop that uses scale, inside connections to the CEO of Goldman or servers located close to the exchange to allow arbitrage at light speed (until it stops working), but rather the little guy supposedly being able to day trade successfully. No evidence for that. Just faith that it works. That’s all that exists–faith.