Great Thread!
Not to knock daytraders, but I've learned that I am not one of them. Have neither the nerve, nor the equipment. But I've done it enough to know that it cannot be done without:
-at least 50k in the account
-level II
-electronic execution
-PC with 300Mhz processor or better (no MAC's)
-cable modem access or ISDN at least
-an understanding spouse
-CNBC
-a thorough education into chart analysis and TA
-instruction from a pro (see Pristine DT, or Zeus, or Daytrading Intl.)
-a select group of stocks that are known very well
-perfect peace and quiet
-nerves of steel
-an alternative means of paying the bills
I am a position trader (see my thread: siliconinvestor.com. Close 2 to 3 trades per week, hold 3 to 4 at a time for up to 3 months, keep losses to 8% of trade size, and consider a winner anything over 3%. Made close to 70% last year on 8 months of trading a new system.
Teach at a small college for a living. Summers and most afternoons off. Will not give up the day job!
Also subscribe to Day Trading International's Smallcaps newsletter (has averaged over 200% for the last 3 years, if you follow their picks to the letter, nearly automatic, simply set limit orders and move your stops at end of the day) and Pristine Lite (daily pick with entry/exit prices). If you are losing at the daytrading game, or making anything less than 200%, consider subscribing (DTI highly recommended, see: daytradingintl.com.
Money is out there. Early retirement, a larger home, more travel. But for me, it won't come by daytrading.
TC. |
