To clarify my meaning...
Stocks "on average" return about 10%/year.
Options, "on average" return 0% - spread and commissions, which is a negative average return, just like a slot machine. Options are an agreement between two people. Based on specific outcomes, a certain amount of money will be transfered between the two people. This results in a net wash in money gained or lost. The broker charges a fee to arrange these agreements, which essentially creates a net average loss for the investors. Options are legal because they can be used as a hedging or insurance mechanism. If you are using them for such a purpose they can make sense. As an investment mechanism, they are just highly leveraged gambling.
Day trading returns on average 10%/365 - spread and commissions which is also surely a negative number.
The only way to get an "average" positive return is to hold the stocks a fairly long time.
--Alan
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