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: Ken Wolff who wrote (1662)	11/26/1998 12:29:00 PM
From: JIM WALTON	of 2120

Ken, Is it really worth it? I have a well-paying full time job and am considering becoming a daytrader. I used to "week-trade" and made a few grand here and there but nothing to "live" off of. I like the appeal of being my own boss and being able to live wherever I want. So for all you die-hard daytraders, I have a few questions I hope you can honestly answer: 1. What should one expect in avg. earnings (net commissions) on a weekly basis? 2. How much capital must you trade with? 3. How much $$ do you LOOSE learning the "rules" - as I've noticed most people learn the hard way. 4. What percentage of people fail? 5. What happens at tax-time? I envision a file-cabinet size tax return and writing the IRS a big fat check in April. 6. What's the best way to get started? Thanks!!!

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