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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: keith massey who wrote (1520)	7/4/1999 4:25:00 AM
From: Richard Estes	Respond to of 18137

You can see the way to make money is use other people's money (OPM). Most of the "wizards" used OPM. You take your cut, win or lose. Sorry there are no heroes in any of the professionals. The other thing that should be noted is these people usually trade futures. A good stock can go higher % wise in one week compared to years with futures. Should we assume that the same methods are appliable? And let me remind the list, that not one of "wizards" did 100-1000 trades a day. They didn't play video games as kids. I have never heard of any of the new breed making money in the long run at the trading rooms or at home. Interesting in the survey on brokers, 5 was about average for trades. The more you expose yourself to risk, the more runs against you can occur. Who even knows for sure if any of the book writers trade their own money or make money in trading. The books are usually just complitations of old systems and measures. No original thought. But we need them for a basis to work from in the search for our methods. To hear someone complain about the cost of the books needs to be put in perspective, you can buy ten $100 books if you made 1 point in a 1000 share trade. I would hope there is that much value in the ten books. Each of us has a different Picture of what daytrading or trading is. What is required to do it, what the expected results should be. I think that we will lose about 90% of the "daytraders" in the next year. Of course others will replace them, the success rate won't improve. I am daytrading now only because I saw a change in the profile of the market and the tools avalible to us in 1998. I don't like the daytrading brand. It should be undertaken by only a few, it is not the avenue that should lead to success over the years. So make the money while you can and if you aren't making the money - STOP - do a review of your entire process. Daytrading stocks is an outgrowth of cheap commissions, computers and software, and most important, a volatile market. The last may not always be present.