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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: dpl who wrote (3050)2/18/1998 5:16:00 PM
From: Jay Morrison  Read Replies (1) of 12617
 
>Particularily in the current market, there are many people going blindly into the stockmarket as traders. <

I think that is a very inaccurate description of the current market atmosphere. The VAST majority of new money going into the stock market is going into mutual funds handled by professional money managers (as it should be). That is not irrational. That is very intelligent investing by the general public in my opinion.

Day Traders, SOES or otherwise, are statistically very small compared to the number of investors saving in a 401 K. Those of us on a thread like this one think it is more prominent than it actually is because it is in front of us daily.

I do not see HUGE numbers of people quitting a career to do this. I see a few thousand who are fed up with their current career giving it a try. If it doesn't work (8 out of 10) they move on to their next career (of the 7.4 careers they will have in a lifetime).

Let's face it, trading is like any other career. Some people excel and most do not. But the key difference is, if you are successful, then you will likely be VERY wealthy. If you can't concentrate for 6 1/2 hours per day, then you will move on to another job and earn a salary, thus making the companies we watch move up and down.

We are a small niche in the overall marketplace. I do not see a lot of people dropping everything with wild dreams of striking it rich.

Jay
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