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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Jon Tara who wrote (7198)3/10/2000 9:35:00 PM
From: OZ  Read Replies (4) of 18137
 
I assume that you meant "in a year"? (If not, please clarify...)

I meant whatever unspecified time frame you mentioned in your first message (when you said double your 50,000) which I too assumed was a year.

I still think 50,000 is enough. Though when I said it, I did not think I was going to have to write a procedure. But I will say that the person starting off with 50,000 needs to have pre-planned and pre-paid off most of his bills. They also need to have at least $25,000.00 or more in cash to live on during the startup. Probably more accurate would be say that they need 6 months living expenses in cash. This eliminates the pressure caused by feeling that you have to make money to live in the beginning. Another caveat is that the above scenario is for a single person without dependents. If one has dependents, then one would probably increase the numbers. But I still would not need 1/2 a million to start.

But if they think they did it because they are skillful (this is a market that makes everybody a genious...)

I don't care how strong the market is. If one does not know how to trade the stock they will not be in it for the rise. I see people constantly losing money on "strong days" and the real traders making huge on horrific down days on the long side. Though I do think during the initial internet craze anybody just about could make money. Those people are already out of the game though.

Anyone who thinks so is suffering from a dillusion.

I find those kind of comments overly harsh and unecessary. That is the reason trader friends of mine like TraderAlan,
Palo Alto Trader, KM have as a matter of fact chosen not to post here anymore. I feel like when I learn something new I want to pass it along to people so I wrote the post and re-tested the waters. And as usual, some tells me I am flat wrong or under dillusion. Why can you just not post your experiences as they relate to you without telling people they are under dillusion or wrong. I feel that it is not worth my efforts to post here anymore. But sometimes I just cannot help it. I guess a dog always returns to his vomit.

Good Trading,
OZ
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