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

To: Bilow who wrote (4190)	9/19/1999 9:41:00 PM
From: scanshift	Respond to of 18137

People starting out in this business need to look at it as a business, and not with the delusions of immense wealth that clouds the vision of beginners. Carl, thanks for your well written statement. During the years I was on the floor of the Chicago exchanges, I saw alot of new floor traders come and go. I believe that many of them looked at it as a game, and not a business. That the dollars were not real. I remember one trader who stood next to me when I was a floor broker in the OEX pit, an old guy named Hwalin Lee. Even if the market was dead quiet, he had to have the action. He was an action junkie. Well, read the story about him in the Wall Street Journal, November 13, 1987. It talks about how he lost 50 million that he did not have, and stuck First Options with the debit. At that time First Options was owned by Continental Illinois Corp. I have a clipping of that story and show it to new traders that they should concentrate on the quality trade, and not the "action." Also, that playing the naked put game will eventually burn you hard, as it did Hwalin Lee (and Niederhoffer over a decade later.) Fane