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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,
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To: Brasco One who wrote (82219)12/11/2002 4:30:15 AM
From: Elroy Jetson  Read Replies (1) of 122087
 
But it's anything but easy, says Tim Stefanich, a well-known participant on Silicon Investor and a full-time day trader. "These people don't understand the risks," says Mr. Stefanich, who trades from his Los Angeles home. "The hype of the Internet stocks is bringing people in. These people are gambling, they're not investing and they're not day trading."

Mr. Stefanich says he frequently receives electronic-mail messages from message-board participants looking to get started in day trading. He says that most investors he talks with don't understand that day traders often have to risk large sums of money to eke out a profit. They buy and sell large blocks of shares to take advantage of a price move that can be as little as a few cents a share. And day trading is expensive in other ways, too: Mr. Stefanich uses thousands of dollars in computer equipment and subscribes to a real-time trading system that allows him to execute most of his trades in just two seconds.

He says many of the claims he sees on message boards about big profits in day trading are overblown, and says the notion that anyone would quit a good job to day trade is "completely insane."

"I do this full time, and I think I have as much experience as anybody. And I still have days when I lose a lot of money," he says.

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