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Strategies & Market Trends : Are you considering quitting your dayjob to daytrade?!
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To: J. P. who wrote (43)1/17/1999 12:42:00 PM
From: Mark[ox5]  Read Replies (2) of 611
 
J.P. I have come to the same conclusion.. the few days I have sat home and traded in and out following a daytrading thread, at the end of the day Im lucky if Im even... usually a loss. You can have 5 good trades, but 1 fast moving loser can wipe out the entire day's gains.

Basically much of the daytrading threads is a bunch of sheep following a self proclaimed "guru" (i.e. Tokyo Mex) who is actually selling to his sheep as he shouts out BUY BUY proclomations. Eventually most sheep wisen up but there are always new people coming to SI or #daytraders or wherever who are new to the game, looking for the pot of gold, to take their place. That sort of trading is just a shell game... just pray your not the last one holding the hot potato.

The best way in my opinion is shorter term position trades which you dont have to quit a day job to do. I myself have just started in on options.... about 1 month ago, and after 3 years of equity trading, I made more on my 2 option trades (DBCC, and YHOO) then I did in the previous 3 years combined. And these were only 3 week and 1 week trades respectively.

Of course options can slap you around if you buy at the wrong time, but if you catch the right side of a rally you can make many many many more times percentage wise than in the underlying stock.
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