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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: Dominick who wrote (611)2/25/1998 11:59:00 PM
From: Ken Wolff  Read Replies (2) of 2120
 
Dominick,

First off, good luck in your studies :)

You are right, you can cut your learning curve in half if you sit and watch a "good" daytrader. (you can double it if you learn from a bad trader) It is best if you can get one on one attention and watch over their shoulder. If you have access to someone like that, take advantage of it.

But, whatever you do..... PAPER TRADE FIRST!!!!!

Almost everyone learns this the hard way, dumping good cash behind bad ideas, just because everyone else is doing them and "SEEMS" to be working.

If you don't have access to someone, try some of the chat rooms. There are some pay rooms and some free rooms. Beware of the hype where ever you go, and dont follow the crowd. Simply use that room for information. Never hop on a trade just because others in the room are doing it.

Try to find a room where they not only trade but also teach.

Try an internet search for "learn daytrading" or something like it. Read all you can.... the new market wizards is a great book.

But remember.... daytrading is a tough business.... paper trade until the percentages force you to throw good money at it!!!!

The transition from long term investing to daytrading can be hard, as many of the ideas are contrary....

If you can remove the emotion from your trading, stick with what works and is proven, the percentages will work for you in the long run....

Good Luck

Ken
www.mtrader.com
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