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

To: Threei who wrote (2181)	7/30/1999 5:28:00 AM
From: Cormac	Read Replies (1) \| Respond to of 18137

Vadym - Great to see you post here. It is nice to see a post from Vadym... I have had more than one meaningful and enlightening conversation with him in chat. He is a "natural" trader with a firm grasp of fundamental trading principles. I have been a SI lurker too though I have written a few posts after I finally signed up. To all who have posted to this thread...kudos for keeping the thread on track, it is much appreciated - refreshing compared to so many sites on SI which continue to slide into pettiness and oblivion. My trading is very similar to Vadyms...though I will trade IPO's in 100 to 300 share lots within some strict parameters. Vadym - I agree with your theories re: MMs - common sense tells me that they are not any more of an enemy than any other daytrader that I compete with...granted they have more weapons at their disposal but contrary to the mindset of many traders they DO NOT have a SECRET arsenal of nefarious weapons and strategies just for killing daytraders. "What is man's chief enemy? Each man is his own." - Anacharsis "We have met the enemy, and he is us." - Walt Kelly I am constantly confounded by the scores of daytraders that begin trading with little or no specialized education regarding trading. I have fielded some basic questions from people who are already daytrading such as: What is an ECN? Who are MMs? Do I buy at the bid or ask? I don't begrudge them asking the questions but where did they get the notion that they were equipped with the knowledge or tools to daytrade. I am constantly amazed at how many people begin daytrading with a dismal lack of education. They have just left a profession that required years of school and training ...only to require additional "on the job training" before they exhibit some proficiency - but they are willing to jump into daytrading with both feet with little education (and the majority that is out there is of poor quality, my apology to those who do a GREAT job)and no experience. If they only required income from their new venture...that would be a daunting task in and of itself but every time they attempt to make a profit they have to risk a loss - more than that - it is a given...THEY WILL LOSE. Is it any wonder why so few traders are successful. Sorry that I have rambled on so... IMHO there are basic fundamentals to daytrading that have nothing to do with TA/FA, charting, tape reading, stock screening, etc.... but a common sense framework of principles and tenets that create a context for each individual to apply their respective methods of TA/FA screening etc. All the tools in the world do not make a successful trader. I will leave you with four fundamentals from my personal daytrading code(I have many more)and will expand on these in a later post. plan preparation practice patience Dosvedanya, Cormac