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Strategies & Market Trends : SOES Trading
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To: Barney617 who wrote (1292)3/13/1998 6:06:00 PM
From: Cader   of 1618
 
Barney,

Soes trading has evolved into more than just sitting in front of your computer and making 1/8th & 1/4s. The process used to be allot easier than it is now, however, I still believe that a person can make a comfortable living while engaged in day trading. This market has caused allot of people to look at this opportunity as the pot of gold at the end of the rainbow. Don't let anyone kid you it takes allot of hard work and real dedication to be successful at day trading. Just because you have had success in the markets doesn't guarantee success in day trading.

I would suggest that you open an account with a broker that provides level II quotes and begin by watching the markets. If you can see the market changing by watching Level II then you've got a good start at getting your feet wet. The real ART of day trading comes in knowing when to enter and when to exit a trade. This is were you will either fail or become a good trader.

I or a thousand other traders could tell you how to trade but until you go through the learning curve yourself you will not understand. I'm not trying to discourage you in your pursuit of this activity, however, I'm just trying to pass on some points to think about.

I said that you have to go through a learning curve before you'll know if your successful or not. This curve can be shortened and cost you less if you will do the following:

1. Read everything you can get your hands on about day trading and the markets.

2. Go to some day trading offices and talk to traders and look at their software.

3. Get level II quotes and watch and learn how to work with the software. There are some powerful tools available out there a trader needs to learn how to best use them.

4. Start small and above all have the discipline to cut your losses. This sounds easy but its the hardest thing to do and above all this is the reason so many (I hate to even call them traders) fail.

I guess I've rambled enough I could go on but go ahead and ask some questions. SI is full of willing people to help and to educate.

Later,
Cader
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