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Strategies & Market Trends : DAYTRADING Fundamentals

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To: TraderAlan who wrote (398)6/9/1999 7:58:00 PM
From: Don Pueblo  Read Replies (1) of 18137
 
Eeeyup. I think it's more important to figure out how to make money 5 days in a row.

An amusing story: when I first started day trading, I was at a trading center. I got the "Chair of Woe"; next to the best guy in the house, but the most unlucky chair (I was told later) on Earth, due to the number of people that had sat down in it and lost money.

I was a smart guy, I knew what I was doing, I had paper traded, I had studied this for years, blah blah blah.

I started losing money immediately. Then I started watching the stocks that the guy next to me was trading. He was consistently making 2 or 3 grand every day, day in, day out.

But I couldn't make money by trading those same stocks. After a couple of weeks, I started to get the idea that the Market Makers were out to get me, or there was some sort of Grand Conspiracy to Take My Money.

One morning, I went long a stock; one that this guy next to me was trading. It immediately went down. It went down so far that I had to get out. I pulled the trigger, and I happened to notice that the guy next to me had pulled the trigger at the exact same time. Then I noticed that he was short and was covering. Then I noticed that he and I were both filled on ISLD at the exact same time.

That's when a little light went off inside my head. I looked over at the guy, and he just looked back and smiled and went on to his next trade.

The moral: it's not the Evil Market Makers, it's not a Grand Conspiracy, it's just two people.

One made the wrong call, and one made the right call.

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