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Strategies & Market Trends : Trading For A Living
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To: Robert Graham who wrote (686)7/4/1998 11:18:00 AM
From: Rick Faurot   of 1729
 
Bob-

It sounds as if you are secretly itching to try daytrading but are scared to death of the whole idea. This is normal :) I would make one point that you may not be clear on: serious day traders use Level 2 quotes and execution systems that allow almost instantaneous entry to and exit from trades. This is way different from calling your broker or making a trade on a level one system like Schwab or Datek. The old trading systems WOULD be a tough way to succeed. With Level 2, somebody who has trained himself and pays attention can bail out when a deal goes south faster than you can say boo. The good traders do this almost every time. So losses really do get "stopped" and this moves the odds of winning way up. There are lots of resources to check out Level 2. Try www.phactor.com for openers.

Rick
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