Yep, sure did! I subscribe to both magazines. I'll bet Mama is proud *LOL*. Some great information in there...and it was inspiring for me and sparked my interest in day trading. I just purchased "The Electronic Day Trader" by Friedfertig/West and have been searching the Net for information to help facilitate the learning curve for me.
Unfortunately, there isn't much info on the Net on day trading; most Net sites want hundreds to thousands of dollars and appear to convey to me I need Selectnet, Instanet, ECNs (Island, etc), or *gasp* SOES, Level 2, and a newsfeed. Of course, they all have their magical formulas which make have made them millions and they all state this philanthropical-like need to share this information (but, for a handsome price).
I've never day traded before, but it seems to me this is how I should approach it:
1. Supress emotions (can you say - Mr. Spock?)
2. DO THE HOMEWORK on the stocks which are to be traded (studying the intraday graphs, news, etc - yeah, I know you have 800 stocks you study, but some of us have a life ya know *LOL*)
3. master Level 2 and the trading software
4. watch for the studied stocks to bottom during the day and jump on the ride up (good news during the day always helps!)
5. if a short, wait for the stock to nearly peak, the short and ride down (bad news always helps!)
6. it makes sense to limit order buy & market order sell
7. DO NOT get greedy
I think this is a reasonable plan going in; of course, I will tweak things as I gain experience & knowledge.
By the way, continued success!!!
Steve |
