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

To: wallstreeter who wrote (2753)	8/13/1999 7:07:00 PM
From: HairBall	Read Replies (1) \| Respond to of 18137

wallstreeter: Never trade with new software. Give yourself a few days of just watching it and playing with until you feel very comfortable. When your in the middle of a trade is not the time to have to mess with the "stuff" that gets you in and out. Always invest some time, before you invest a dime. Regards, LG

To: wallstreeter who wrote (2753)	8/13/1999 9:06:00 PM
From: Rick Faurot	Respond to of 18137

WS, You are very welcome. I always feel great sympathy when I see a new person starting out. Such a tough road ahead and so much to learn. I assume you are getting the $5 intro commission deal from MBT, yes? If so, as I mentioned earlier, stick to 100 share trades. Right now, you are not worried about making money. You have a lot to learn, so mix up your day between setting up new chart stuff, papertrading and doing actual trades. Your immediate goal is to develop a VERY simple system by which you can evaluate potential trades. Be patient and wait for setups that look REALLY good. When you see one you are darn sure about, nail that sucker. It is vital that you start right off being ready to pull the trigger with ease on a trade that looks good. You always have the option of bailing out if it doesn't fly. I have been with MBT for over a year and every day I find new things to do with my charts. If you have room for MIRC on your screen, log in to #mbtrading every morning and fire away with your questions. I am in there all day along with twenty or thirty other top people who will knock themselves out to help you out. Great resource. FWIW, the market has been brutally difficult to trade IMO in the past couple of month. Don't pay any attention to people who brag they are making a bundle. They may be, but that's not you. Stick to your own work, stay focused. Very important: if you start to feel stressed out, overly tense or unhappy (angry, devastated, whatever) back away from trading immediately. Take a break. I like to go out and putter in the garden for a few minutes, enjoy a little sunshine. If you get on a losing streak, back off and paper trade. You must learn to keep your finger off the mouse when things aren't right. Sometimes the market's not right. Sometimes you're not right. Learn to figure out when everything feels good and when it doesn't. You've got a long road ahead of you. It takes most traders two or three years just to get a handle on trading. So be patient, keep a sense of humor and try to end every day with a smile and a cheerful feeling. If you can do that, you are winning the game! Rick