Working All Day, But Trading Behind the Bosses Back Thread Message Board

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Strategies & Market Trends : Working All Day, But Trading Behind the Bosses Back Thread

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To: Talib who wrote (747)	4/7/1999 9:23:00 PM
From: DlphcOracl	Read Replies (1) of 779

Talib: I have a great idea!! Instead of trying to make money daytrading, take the money and go to Las Vegas. Use the money to gamble with until it is all gone and then start saving for another sojourn to Las Vegas. Your end result will be the same as if you had used the money for day-trading except that you will: get free drinks; see beautiful women who are scantily clad; and have more fun and less aggravation. My serious advice is to buy a portfolio of large cap tech stocks that are dominant (the "800-lb gorillas", such as MSFT, CSCO, WCOM), smaller cutting-edge stocks in the telecommunications sector (GBLX, QWST, UNPH) and well-established internet stocks and HOLD THEM LONG!! (or long enough to sell them at an 18% tax rate -- ie., 18 months). If you think I am a conservative a**sole, try the following: for 2-3 months try day-trading hypothetically on paper and carefully track your activity. If you are lucky enough to make any profit deduct 28% to 40% of your profit, which is what you will pay the IRS for short-term gains. Simultaneously, select a portfolio as described above and hold the stocks without making ANY trades. See which method gives you a greater return on your investment. If you are a smart newbie, you will profit from my sincere advice -- I say this after having just filed my Federal tax return and lamenting how much I lost by overtrading instead of holding good quality stocks for 18 months. If you take away one thought from this long-winded post, it is this: it is NOT difficult to pick good quality stocks that will give you high returns; the real trick is to have the courage to survive the volatility inherent in this type of portfolio without buying and selling on rumor and emotion. Caveat emptor.

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