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

To: Bilow who wrote (4424)	9/26/1999 9:03:00 AM
From: KM	Read Replies (1) \| Respond to of 18137

The market is big and varied enough for all approaches. You have yours. Mine is evolving into playing the same three or four stocks over and over with occasional forays when a setup looks particularly good (mostly using Alan's seven bells or Pristine's stuff). I don't think age or lack thereof is necessarily a predictor of success or failure. I've met some awfully dumb and greedy middle aged adults and some very savvy twentysomethings (our friend, Smart$ for instance). I think what annoys most of us is the stereotyping which goes on in the media and in public perception. However, beyond mild exasperation every time I read another stupid piece, I don't much care what anyone thinks. I have been able to support myself on trading income (taking several small gains during the day without the home run mentality, which has been hammered out of me) since the day I started without any reduction in lifestyle and that's all that matters to me.

To: Bilow who wrote (4424)	9/26/1999 9:58:00 AM
From: Dave O.	Respond to of 18137

< what they went through to learn this trade, how old they were at the time, and how their trading style has changed over the years, and why. Carl, I spent quite a few years as an investor and ultimately began using TA for short term trades while I worked full time. About 4 years ago I decided to focus full time on trading and left a pretty good job. I knew if I didn't give it 100% I would not ever realize my potential. I went with my TA approach for a while but did move to scalping for almost a year. Sclaping was less profitable and I realized that commissions for one year amounted to about 2 years of living expenses for me! That opened my eyes a bit and I reverted back to a TA based approach resulting in a lot fewer trades, yet more profitable given the lower costs (i.e. commissions). In the end every individual has to go with the style they feel most comfortable with. PS to Trader Alan ... so you're a man who's read a Hunter Thompson book or two .... Fear and Loathing in Las Vegas was as good as any IMO. Dave

To: Bilow who wrote (4424)	9/26/1999 10:13:00 AM
From: TraderAlan	Read Replies (3) \| Respond to of 18137

Bilow, The two I mention in my post weren't "20-something", they are 19 or 20 who were "trading trainers". I don't have much to respond to in regard to your observations. Not sure they support one point of view or the other. You say you've been successful and it was relatively easy because you have fast fingers. The next question is: how will you succeed next year? The market creates and eliminates "loopholes" that traders take advantage of. Rarely do these inefficiencies persist over time, SOES bandits are an example. Even momentum trading is very cyclical. The L2 screen has created new inefficiencies, as have the introduction of ECNs. Professional traders of all ages will tell you that these are -quickly- drying up as the masses adapt to the technology and the inside market does the same. Already it is clear that 90+% of traders of all ages using these strategies are failing right now. That you're succeeding is a testament to your skills. But your current success is not a successful career in trading. You'll be forced to find original strategies over and over again as old ways fail. That's what makes a career, And that is something understood far better by older traders who have had to face the same need for adaptation in many unrelated areas of their lives. Lets talk again in 5 years <g> Alan

To: Bilow who wrote (4424)	9/27/1999 10:12:00 AM
From: Dan Clark	Read Replies (6) \| Respond to of 18137

Bilow, regarding age (topic 1) and Day Trading Expo (topic 2): Regarding age, I've met many that were my age and above that were complete bozos. And, the same for people my age and below. What bothers me are the stereotypes. Age brings a certain amount of perspective. Whether this equates to wisdom depends on the individual. Youth provides a certain amount of energy, enthusiasm and speed. Again, whether this equates to advantage depends on the individual. We need to be careful in trying to "peg" someone. Take each person as they come, regardless of age, sex, race, religion, etc. This attitude keeps mind clear to perceive the person as they are, not based on their externals. It allows us to learn for the other person. A person's abilities or lack thereof will come through quickly. This is NOT a fluffy moral statement; it is a hard-nosed belief that allows me to succeed better and faster than the other guy (or gal). Regarding the Expo, it was a very interesting show. Some comments: - Regarding the age of attendees, it was an interesting mix. Ages ranged from the 20s to the 70s. Didn't notice any "skew" to the curve. Seemed to be as many people who where in their 20s as in their 60s. Although people may have partied at night, at the show virtually all (regardless of age) seemed singularly intent on understanding the trading art. Intense crowd. Frankly, I didn't see one high-five in the entire show. ;-) - One comment on the people manning the booths. TraderAlan mentioned the young "babes" manning some of the booths. I think he was referring to a few instances of girls in tight pants or dresses who had a great smile but little information. That bothered me - in the context of the show, it's a waste of my time talking to someone who hasn't a clue about the art of trading. On the other hand, several booths were staffed by young ladies (curiously clad in less revealing attire) whose sex was irrelevant. - Content of the seminars - Several of the seminars provided real substance. Speakers including Oliver Valez (Pristine), Gibbons Burke (Quote.com), Michael Smith (Big Easy Investor) gave us some real meat. Others were horrible. Particularly bad where the sessions on Candle Sticks, and the ones by Lawrence Black and Harvey Houtkin. Poorly organized and rambling. - Products - Most of the mainstays were there including: Townsand Analytics, Quote.com, CyberCorp, MBTrading, ABWatley, Omega Research, Equuis, Mtrader and Pristine. One new company that has a great product is Big Easy Investor (www.bigeasyinvestor.com). It is a research tool that provides very fast research on EOD data. Price for the software (Windows-based NOT browser-based software) and EOD data was great too - FREE! Check out their site. - Training companies - Only one that impressed me was Pristine. Others may have been good also, but mostly they seemed to be pushing hype. I thought Alan had a booth there for the HardRightEdge (my favorite training site), but I didn't see it. - Direct-entry Brokers - Although there were decent crowds around the ABWatley, MBTrading and other RealTick III-based brokers, the CyberCorp booth was a madhouse most of the time. They were showing the new CyberTrader V2.0. Nice product. They probably signed up 200 new customers at the show. :-) The next year should be interesting in the brokerage space. - On-line brokers (web-based) - NONE!!! Yes, none! Not a one. You would have thought that ETrade or Datek would be there. Hmmm! At one point, I looked around looked at the crowd of people and thought, "What is the media going to make of this?" People were upbeat, but not wildly boisterous. Most were serious and focused. Wide group of ages. Blacks, whites, hispanics and asians. Men and women. From US and several other countries. Very low bozon count! I wonder how the media can keep slamming Daytraders when these attendees where just like attendees at any other business conference? Oh well, here's hoping... Regards, Dan.