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Strategies & Market Trends : DAYTRADING Fundamentals

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To: KM who wrote (3759)	9/11/1999 9:38:00 AM
From: Matthew L. Jones	Read Replies (5) of 18137

As long as there are people like big Harvey Houtkin out there doing the Wade Cook approach to Daytrading bringing in anyone who can pass a "checkbook and mirror test" (if they have money in their check book and can fog a mirror they qualify) swindling well meaning but gullible people with severance packages or inheritances, we will continue to hear this stuff. And when we feel ourselves getting a little steamed about it, we need to ask ourselves why we are so defensive? Frankly, I'm glad they're cracking down on the "hot rooms" (day trading rooms). Every successful trader I've read seems to say the same thing... think independently... make your own decisions and be responsible for them. Harvey Mackay (Swim With the Sharks) says never buy anything in a room full of chandeliers. In other words if the environment is set up to make you feel pressured to trade, you better ask yourself why? Successful traders will all tell you that sometimes the best position is no position. The truly successful traders trade from home or private office (if their operation requires the size). Trading floors (which these hot rooms somewhat resemble) are set up by large brokers to make money for the house (trading client money). Makes you wonder who is making the big money in day trading firms. I say, we need to clean up our own house before the government cleans it up for us. Trading for a living is one of this country's last bastians of pure capitalism. It is a truly great endeavor for the right person. But is no more for everyone than professional football. I believe we should conduct our own business in such a way that it is above reproach. Our record keeping should be exemplary. We should approach this as a profession and as such guard it from those who shouldn't be here. Otherwise we will attract the get rich quick schemers and the multi level junkies and big brother will step in to regulate us. When asked about this profession, I find myself recommending to people that they should not do it. I make them aware of the hours upon hours of research and reading and studying required to stay up on your game. I've probably made several enemies by expressing this opinion, but I know I have to question my own motives on a regular basis. Am I being motivated by greed. Am I pressing? Or am I just being diligent to be a professional who consistently makes a living? Jesus once said, "whatsoever a man soweth, that shall he also reap". I am confident that if I methodically and diligently pursue learning this profession, I will in the long term prosper at it. Matt

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