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Strategies & Market Trends : Are you considering quitting your dayjob to daytrade?!
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To: SpongeBrain who wrote (85)1/17/1999 11:29:00 PM
From: MKTBUZZ  Read Replies (2) of 611
 
Thanks for asking about my experience. I quit my job in March of 1998 to trade full time. I do not want to provide details, but this is briefly what happened: The first month I made over $30,000. I started having swings of over $10,000 a day. One morning I made over $6,000 getting in and out of a trade within twenty minutes of the market being open. The second month I kept pushing the envelope thinking I was on top of the world. I stopped exercising sound judgement and thorough research. I started to trade in crap companies that were “the next big thing”. The ones with graphs that go straight up and straight down. It cost me big. I got wiped out and many people told me to declare bankruptcy. I made a call and got my job back. One of my friends said I drank a tall glass of pride. I was one paycheck from bankruptcy. I've been able to turn things around the past six months. I went back to the basics and in essence this is what I learned:

The fantasy of trading is that a sudden transformation will bring a total change in one's fortunes, bypassing work, luck, self-sacrifice, and time in one fantastic stroke. The reality is that trading requires hard work, a bit of luck, a fair amount of self-sacrifice, and a lot of patience.
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