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

To: Dotty who wrote (2719)	8/13/1999 1:09:00 PM
From: Rick Faurot	Respond to of 18137

Dotty, I will jump in here since the market is putting me to sleep. I keep a trading journal where I enter my trades and notes about stocks I am watching. If I see a setup that looks good but for some reason I don't feel like pulling the trigger, I will write down the trade in my journal and then track it like a real trade. This is very valuable, I find. Sometimes my paper trades turn out to be huge winners. I take this with a smile when it happens. If they are losers, I make notes on why the setup failed--and I pat myself on the back for exercising good judgment. It's a win-win for me. I get a lesson without risking capital. Rick

To: Dotty who wrote (2719)	8/13/1999 1:10:00 PM
From: Eric P	Read Replies (2) \| Respond to of 18137

Dotty: We are all glad to have you on the thread and wish you the best of luck for success as a daytrader. All the trading success I've had has been due to random luck & all the trading losses are due to the classic newbie errors of; chasing,overtrading, passive losing,impulsivity, attachment, denial, poor money management, listening to tips, deer-in-the-headlights procrastination...the list goes on & my tuition costs are high, but I am committed 24/7 & I do love this & so far I've only run through my profits. From what you described, you are well on your way to success. You have now monitored and traded in the market for up 4-8 months and don't have a net loss to show for it. That's great! Once you have learned to 'survive', learning to succeed becomes much easier and cheaper. It also sounds like you are truly dedicated to trading and enjoy it, both of which are very important for success. If you have any problems or questions, please feel free to ask them here on the thread. That's what we're here for. Good luck, -Eric

To: Dotty who wrote (2719)	8/13/1999 2:43:00 PM
From: JB2	Respond to of 18137

Welcome Dotty, I echo Rick here. I just keep a little spiral notebook and enter every order I place into it, whether paper trading or real trading.I put symbol, # of shares, order type, time/date placed, time/date filled, fee, cost basis, loss/profit (after commission fees). I opened an account before I funded it, so to get access to broker's website. I got free rtq's from Wallstreetcity, Ragingbull, and my broker, Dreyfus. The main difference I've noticed between real and paper trades, is I cut losses and take profits much quicker with real trades. Can sort of just forget about paper trades and neglect the notebook, but not with real $. I'm by no means an advanced trader, consider myself barely an intermediate. But I do cringe when I hear the stories on 20/20 and CNBC and 60 minutes about some bonehead moves from so-called daytraders. My keys to survival trading equities so far: Avoid market orders, ipo's, margin, pennystocks, and options. Spend weekends reading.(Avoid doesn't mean never, it just means generally avoid.) Speaking of pennystocks, boy I wish I was short Iridium. Cramer sure called that one right, months ago. It looks like it is going the way of Boston Chicken. Also part of my notebook is a sector watch section. I make my own watchlists weekly. Currently am following semiconductors most heavily. It just helps me keep a focus on what the overall market is doing, by giving me a handle, a lens to see the market thru. As in, how are the online brokers acting today, or how are the semiconductors. Cramer calls this kind of thing, his indicator stocks. Yahoo for instance, is of particular interest to alot of traders right now. If you wonder how I can write down every trade I've ever made in a notebook, well, I'm on my third notebook this year (all kinds of notes in there too), and another one of my keys to survival is: Avoid overtrading.

To: Dotty who wrote (2719)	8/13/1999 9:53:00 PM
From: TheKelster	Read Replies (1) \| Respond to of 18137

Hi Dotty. Nice to have you join us. Keep watching, learning, trading, success comes to those who are willing to work for it. "But you know it don't come easy". The one bit of advice I think I have read many times here and off the thread I think will save you the most money is "when it ain't working don't force it". Personally, I have come to respect a bad situation. When I just can't seem to do anything right for whatever reason, I sell out and step back. They say over at Pristine, "missed money is better than lost money". My first year of trading this was my mantra. Of course, I enjoyed my full share of missed money and lost money. I was, I confess, a stubborn and slow learner. However, the market is a gracious teacher. If you miss the lesson the first time she doesn't mind going over it again, and again, and again......As long as you keep showing up for class, she will keep repeating the lessons until you grow up or die. Never has there been a more tireless and patient taskmaster. Wishing all the best, may you have a long and successful career. KK