Want to make $1000 a week trading.....I'm going to try!!! Message Board

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Strategies & Market Trends : Want to make $1000 a week trading.....I'm going to try!!!

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To: Laurens who wrote (481)	1/25/1998 1:03:00 PM
From: Mike McFarland	Read Replies (2) of 1100

If you must trade: Pay off $25k on your mortgage, and calculate what that saves you each month. Spend that on one careful option trade each month--keep tabs on the plays you would make if you were playing with the original 25k, but save the one trade each month for when you are feeling that you should not have paid down the loan--that is, your are just dying to place a bet...and you're kicking yourself for not having the 25k on hand. I say this because it is conservative, yet gives you plenty of bang for the buck if you want the action. This represents about half my strategy--I also get a little thrill trading stocks in an IRA and with a cheap Datek brokerage account, which unfortunately pays tax (one suggestion, dont do much trading in your taxable accound, it's a pain keying everything in at tax time). I guess I would say that if you want to trade, start out with only a small amount of money. If you just have to spend a windfall on something, maybe a closed end fund trading at a discount would be good, but be prepared to hold it a long time.

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