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Technology Stocks : Ascend Communications (ASND)
ASND 202.96-2.8%Jan 9 3:59 PM EST
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To: Pullin-GS who wrote (9378)8/21/1997 12:46:00 AM
From: WBendus   of 61433
 
For all you "fools" that are daytrading, I sincerely hope that you are doing so with a well defined system. Discretionary traders will get there buts handed to them in a brown paper bag 9 times out of 10 get. Sure you can get lucky and have a successful streak, but the odds of maintaining it over the long term are unlikely.

Read the August issue of Technical Analysis of Stocks and Commodities, there is a very good interview with a day trader. The gentleman interviewed was a discretionary trader (with an extensive background working on the floor of the AMEX before becoming one) and counted himself lucky to be even after six monthts of trading as a discretionary trader. He now trades on the signals generated by seven different systems. Each system generates on average 1 to 2 trades a month and has been back tested over 5 years of real time data. He trades these systems for six months and never second guesses them in that time, all the while trying to optimize the results. This gentelman spoke of the tradeoffs of trading often vs. less often, which are higher net profits vs higher average trade. The combination of several systems that trade less often, allow him to focus on lowering maximum drawdowns and greater profits from higher average trades. The key is to have back tested the system and pay attention to the statistics of the system.

Anybody who is contemplating day trading should spend considerable amounts of money outfitting themselves with dedicated real time data, real time charting software, and extensive research.

Wayde.
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