Are you considering quitting your dayjob to daytrade?! Message Board

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Strategies & Market Trends : Are you considering quitting your dayjob to daytrade?!

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To: SpongeBrain who wrote ()	1/18/1999 11:11:00 AM
From: Meredith Cullen	Read Replies (2) of 611

Just want to add my 10c worth. I quit my job 4 years ago to daytrade. Why did I quit? Sick of office politics. Sick of having no control over my life. Sick of being at the beck and call of angry computer users (I supported mainframe and PC software). Did I get what I hoped for? Yes! Now I spend more time with my family. My marriage has improved leaps and bounds. I don't freeze or sweat because someone else controls the thermostat. I don't have to venture out when it's cold and snowing. My income is the direct result of my own efforts. I can vacation whenever I want (theoretically at least) although December/January is usually the best/most profitable perid to trade. The downside. Not much social contact. Times of extreme stress (but you can swear or react however you want). Your mood tends to follow the market or your performance. Health insurance can be a real problem if you have prexisting conditions. As mentioned, experience is key but you also have to work hard(I put in about 11-13 hours a day, maybe more during earnings season). You have to keep abreast of all the news. You have to study charts daily. You have to set up the quotes display for the stocks you will follow each day. I spend 6-10 hours each weekend on "maintenance" of my systems and research. I only "day-trade" when a stock has a big move intraday, the market is very volatile or a stocks fundamentals are suspect and bad news might be released overnight. Margin can be a big trap. I find I make as much or more money in my cash accounts (IRA) as my margin account. The exception is when the market rebounds after a big correction. I don't agree about Level II being essential. I use charts and watch real time quotes to catch stocks that are breaking. Fast executions are what's important and this is where most Online brokerages fall flat. I use National Discount Brokers and E*Trade. Trading near the open or close or on very busy days is VERY frustrating. Meredith

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