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Strategies & Market Trends : Are you considering quitting your dayjob to daytrade?!
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To: SpongeBrain who wrote (21)1/18/1999 1:47:00 AM
From: SkyDart   of 611
 
All types quit their jobs to daytrade.

I recently read "The Electronic Daytrader". Can't recall the author's name at this time, but I did call his trading firm in New York and HE ANSWERED the phone. [Another good book, Secrets of the SOES BANDIT by Houtkin, McGraw Hill 1999]. Both these books are MUST READS for the aspiring daytrader IMO.

Had a very nice 40 minute conversation with him. He trains people to do SOES trading and Level II at his firm. He basically said that without a level II, I was destined to lose all my money and FAST. They have a 21 yo kid that has a talent and makes 1,000,000 yr doing SOES daytrading at his firm; but he was quick to point out that the majority of daytraders lose big their first 6 months. He also said that to do it well, one needed to do it full time with Level II etc.

They have a doctor who quit his internship to trade. Had the opportunity to speak to him a few days later. The doc told me that one needed an acct size of at least 50 to 75 K to take training at their firm. And wd need to commit at least one month to learning the basics. the doc told me as well that daytraders without level II are destined to lose ALL their trading money...Just a matter of time. The doc said he was hoping to make 200 K this year if all went well. But that meant being glued to the monitor screen all day and making 20 to 100 trades per day.

Sounds like alot of work to me.

The Dart.

BTW. Recent polls show that many, if not most lawyers, are VERY unsatisfied with their jobs and wd not recommend their kids go become attorneys. So basing your decision on the fact that lawyers are giving up their jobs to daytrade probably isn't sound.
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