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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime -- Ignore unavailable to you. Want to Upgrade?

To: New Economy who wrote (22617)	10/19/1999 11:00:00 PM
From: Swami	Read Replies (1) \| Respond to of 62348

NE don't quit your job son..take it from an oldtimer..its cold in them trenches...Keep your dayjob..Pretend you are pregnant (maternity leave LOL) and do daytrading in your "washroom breaks"...Once you make your million flipping Yahoo or NT you can tell them to shove it anytime..

To: New Economy who wrote (22617)	10/20/1999 3:22:00 AM
From: The Devil Dog	Read Replies (1) \| Respond to of 62348

To make or not to make the transition! that is the question! Although I sit in front of this computer all day and everyday, the transition is still happening. My daytrading is not what supports me yet, if it wasn't for a few of my good longs that continue to buy me time while I learn the craft, I would have to go sleppp it out like the rest. I made some pretty good trades, but still get kicked in the a$$ sometimes, still building my daytrading funds. I started very undercapitalized. Its been a tremendous grind, but I continue to grow the balance sheet, havent taken a penny out of the daytrading funds for a year. In a nutshell the sacrifice is starting to payoff, but I am in a much better position than when I started. I'm lucky I don't have others relying on me to dole out the cash for their day to day living. I just have to worry about myself. Make sure you have at least six months expenses other than you trading account. I know that what I am doing is right for me, it takes an incredibly huge commitment. WB

To: New Economy who wrote (22617)	10/20/1999 8:43:00 AM
From: the Chief	Read Replies (2) \| Respond to of 62348

Hi NE......my 2 cents worth. I am proud to say, that the answers you are receiving are the signs that this thread is truly a responsible thread, with very solid contributors. People can gloss over this job like many gloss over their lives. Its easy to portray yourself as a Porsche driving, risk taking, daytrading highflyer! The truth is this is "work" it's not an easy buck as some insist. 10-12 hours a day is the norm, period. It also doesn't not stop there, you continually rehash bad trades, your interpretation of a market signal, your choice and why you made it, your stupidity, your "intelligence"<gg>, your bank balance, your sanity etc. etc. Your emotions swing from ellation, to frustration in 4.2 nano seconds. We'll all probably die of a heartattack and ulcers or both! In saying that, your survival is really based on your ability to control "all of the above". To grow and learn by your mistakes, and to maintain a discipline level that is much higher than anywhere else, in any other job. I have met many a trader over the years and probably only about 5% survive, the remainder eat their bank accounts in high risk trades, as a result of sustaining a previous loss. Once in that spiral, they double up, triple up, quadruple up, in an effort to prove that their initial trade and entry level was in fact "perfect" and the market is about to come back. In the end, if you are able to discipline yourself and stick to a "SIGNIFICANT" rule set, then in time the effort is worth it. It takes about 2 years of fulltime daytrading to break even. The third year tends to be the start of your bread and butter year. That means you have to be able to survive with NO INCOME for a minimum of two years. I can't recommend this life to anyone, you have to make your own choice. All I can say, is I don't regret doing it fulltime, but the advantage I have is that if I fail, I can walk away from it and do nothing and survive. Thats not bragging, its just a fact for me. I don't need to do this,......I do it because I like it, and I like the people I meet on the Internet that do it as well. the Chief