Momentum Daytrading - Tricks of the Trade Message Board

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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade

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To: snoop dog who wrote (1987)	6/9/1999 7:57:00 PM
From: Ken Wolff	Read Replies (2) of 2120

I try to advise my group of traders to pick trades where they expect at least one dollar of profits and take 1/2 pt when they can. Scalping for 1/4 pt profits is a good way to rack up commissions with little total gains. My philosophy over the years has been to make fewer trades for larger gains and adjust my profits by executing more that have greater potential, do fewer trades and relax with your trading encouraging patience. Trading rooms are great for gathering news but you have to develop your own style first because there is shares. I personally know few traders who consistently scalp expecting 1/8 to 1/4 pt profits and are successful most of the time. I have found most scalping to be traders who "pretend" to be trading in chatrooms. As you know, paper trading is much easier than the real thing and most of my students do really well on paper because they don't have to deal with the real world. I advise you to find trades so much guessing without any rhyme or reason that you get confused very fast and "pretend" trading makes the game look real easy. I suggest you begin your career in two steps: 1. Learn WHY you trade 2. Learn HOW to trade Good Luck Ken

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