Then too, some of the "losers" become winners as Market Wizards illustrates. Below is an excerpt about a guy who made some real $$$, then lost it all and has fought back. Perseverence is important.
Tom Weeden of San Mateo, California, has been day trading for almost five years. He quit his job in graphic arts printing and, with a stake of about $20,000, set himself up to play futures, commodities and the stock market. On some canny trades and a leveraged position on disk-drive maker Iomega, he ran up his holdings to almost $1 million a couple of years ago and then lost almost everything.
These days he's up at 4.30 in the morning - two hours before the markets open on the west coast - reading the business press and gleaning the Internet for tips on the day's trading. His computer screen is crammed with 13 windows showing graphs, changing portfolio returns, news flashes and other "crucial" market information. He puts in 12 to 14 hours a day and several hours over the weekend.
Despite the work and his years of experience, he earns a middle-class living - about $30,000 to $60,000 a year - not much more than he used to make in the printing business. Still, he answers to no one and has the potential for a huge payday if he keeps at it.
electronic-traders.org
Dave |
