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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: uclatrader who wrote (24635)2/7/1999 8:18:00 PM
From: kendall harmon  Read Replies (1) of 120523
 
Shuo you have asked a fine question and I wonder if I can chime in in part because it would take a minimum of a one hour telephone conversation to try to begin to answer your questions. Jenna could probably employ two full time secretaries already!

I think what is essential is to determine what kind of a trader you are and then to find a system that fits your needs. I am amazed at how few people actually do this. There are lots of different kinds of traders, but you can divide them up into something like four groups.

(1) Scalper-extreme active day trader. This is someone with multiple monitors who trades 50-150 tickets per day, often taking just 1/8 or 1/4. Some of these folks will even do this with only one stock like DELL, coming to know it like their best friend.

(2) Active day trader. This person trades between 10-50 tickets per day and uses news based trades as well as big winners and losers to determine what plays to make. Sometimes they use a real time chat room and sometimes they do not. Often they take 1/2 point to a whole point.

(3) Swing or position trader. This person might trade 2-5 tickets per day but will hold a position for several days, even up to a week or more. They often use lots of technical analysis a la Gary Smith of thestreet.com, and they look for 1-3 point moves or more. Jenna's system fits very well within this mold, though it can be used in other ways.

(4) General trader. This person will hold stocks for weeks or even months at a time, and sometimes will not trade on a given day at all.
They different fundamentally from an investor in terms of their time frame--months or quarters, but not (very often) a year or more.
A good example of this is the traders portfolio in the outstanding newsletter called the Chartist put out by Dan Sullivan in Seal Beach, California. Dan's work comes out consistently among the highest rated by Mark Hulbert.

Now my classifications could be criticized, but basically something like this is where people are. THESE DIFFERENT APPROACHES HAVE FUNDAMENTALLY DIFFERENT NEEDS.

(1) Needs a system such as MBtrader cybertrader which includes level two and a good news source and much else

(2) needs a good trading system such as brown and Company or AB wateley and a good news source and IN SOME CASES LEVEL 2

(3) needs something like e-trade and a good system like jenna has

(4) has very minimal broker needs and could just use fidelity or some such, but could also use some others if they wanted to

You sound like you are moving from three to two and so it is a matter of debate as to how much you need level 2--depends on how you trade.

Hope this is of some help.
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