Momentum Daytrading - Tricks of the Trade Message Board

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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade

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To: TATRADER who wrote (1100)	6/9/1998 1:52:00 AM
From: Brentsky	Read Replies (2) of 2120

I'm biting my tongue, but can't anymore. Goldman's post that you claim is well said, actually isn't well said at all. Fool's Gold can be anywhere. When I started trading stocks twenty years ago a broker convinced me his system was best. And after two years the only thing that went up was his commissions. My portfolio gained about 2%. With inflation, I lost money. In this case, the broker's big official (and expert sounding) advice, was the Fool's Gold. I think what Steve meant (although it is hard to tell because he starts out condemning daytrading and insinuating we are fools and then contradicts himself by saying he knows several successful traders and here is how to be one) is that daytrading is Fool's Gold if one thinks it is a get rich quick scheme. If that's what he meant, I agree. Daytrading is not a get rich quick scheme. I'm just beginning, but have communicated with many traders and received countless private messages from others. Hard work and discipline can pay off. Sure it doesn't work for everybody. Does every person that starts a business succeed? Can anybody be a manger or a baseball player or a real estate agent? Of course not. Every occupation has people who are more successful than others and some who just aren't cut out for that type of work. Granted daytrading may not be for everybody. But, I can tell you I've sent Private Message inquiries to many traders asking if they would mind telling me confidentially what to expect financially. And while the Forbes article is a great exaggeration, many, many hard working and disciplined traders are doing very well! So, Steve the advice on how to be a disciplined trader is great, the comparison to Fool's Gold strikes me as coming from a frustrated broker concerned about the future of his market! Please don't condemn us all as fools. Brent

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