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

To: Mel Long who wrote (2859)	8/15/1999 12:53:00 PM
From: TraderAlan	Read Replies (1) \| Respond to of 18137

Mel, Do you have any dual analog ISP providers in your area? You could then use two modems together on two phone lines to get up to 52-53K. I used to run eSignal on 26K but absolutely don't recommend it. RTII is much more demanding than eSignal and suspect QCharts is about in the middle. Alan

To: Mel Long who wrote (2859)	8/15/1999 1:39:00 PM
From: SteveJerseyShore	Read Replies (1) \| Respond to of 18137

Daytrading with 28k modem? Probably with Datek or E-Turd, right? That's like one foot on on a used rubber, and the other one in Papa sharks mouth! Buy some tax deferred muni's. Save your money. or do your own DD and buy the best stock you could and leave it alone! Daytrading is best left to the experts.(just trying to help).

To: Mel Long who wrote (2859)	8/15/1999 3:37:00 PM
From: id	Read Replies (2) \| Respond to of 18137

Warning! Contra Gearhead post to follow...<g>. Hi Mel and welcome to a great thread. You asked: "Can you tell me what would be minimal equipment to use. I live in the country, and the fasted modem speed I can get is 28." Boys love toys. You ask this crowd this question and some very knowledgeable and generous and well-meaning expert traders (who have taught me a great deal) are guaranteed to start talking horsepower, multiple screens, Super Tick, Cyber Power etc. But let me play devil's advocate. You can lose a million dollars while using a trading setup that looks like the pentagon's war room. You can make a million dollars with a Datek account and IQCharts at $24.95 a month running through AmericaOnLine. In fact, IMVHO,it is highly unlikely that your success or failure as a new trader during your first year or so will have much at all to do with your physical setup unless you are bent on a type of trading (e.g. Level II scalping) that absolutely requires BIG GEAR. There is so much for a new trader to learn about technical analysis, the markets, and, most importantly, him or herself that to complicate that with complex software, expensive feeds and hookups etc. just seems wrongheaded to me. I believe it would be a service to new traders like Mel and wallstreeter (I'm pretty new myself) to steer them towards minimal gear outlay while they learn the aforementioned basics, especially the psychological self-knowledge as it relates to trading. Self disclosure: I live in the sticks too, Mel. Here in the mountains, I can't even get a second phone line.(Had to get the phone company messaging service so folks calling during the trading day would quit getting a busy signal<g>) My average modem speed is 24,000bps. I use a 233 Pentium Fujitsu laptop, have a Datek and Fidelity account, IQCharts, an ordinary ISP (actually did use AOL for a week or so without problems)and that's it. Yes, I have experienced the occasional frustrating breakdown/freezeup (hasn't everyone)but 95% of the time, it all works amazingly well. More to the point, the overall success/failure I have had as a trader has virtually nothing to do with the limitations of the aforementioned equipment, and virtually everything to do with my own human limitations. I am thoroughly enjoying my daily trading experience and enthusiastically addressing my human limitations related to it. I have no near-term plans to upgrade my equipment. Do not be misled about what your trading success hinges on. It is not your equipment. My 2 cents....id