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

To: Jon Tara who wrote (7051)	2/27/2000 8:58:00 PM
From: RockyBalboa	Respond to of 18137

Thank, as a cyberfreak I can spare me the athmosphere of a filthy room filled with a bunch of addicts putting out boiler-room alike pressure tactics what to buy etc... I have a news service running and pay a look at chatrooms and IM some mates from time to time, so I can support or bring up an idea at my desire... After doing it for around 4months in a quite concentrated way it worked out well. Besides that a good position held over some months can pay off nicely...

To: Jon Tara who wrote (7051)	2/27/2000 8:58:00 PM
From: LPS5	Read Replies (1) \| Respond to of 18137

I agree Jon, but I'd personally start whacking some of those "daytrading training programs" first. Just a personal pet peeve :) LPS5

To: Jon Tara who wrote (7051)	2/27/2000 9:12:00 PM
From: RockyBalboa	Respond to of 18137

Frankly, I agree that that part of the industry is nothing but a scam. I hope that the government doesn't ruin it for the rest of us because the trading rooms have poisoned the image of day-trading. Correct. If I have a position which I usually don't sell for quite a time but maybe use a gap opening to improve it for some bucks then I don't want to be hindered. The differentiation where "daytrading" begins, as formulated by the p.t. SEC is too coarse IMO. Take, for example ITWO on friday (which is clearly a special case), but I was glad to be able to use my cash position many times over...in few hours. When I'm additionally obliged to think about how many trades are possible... then I probably would simply pass on.

To: Jon Tara who wrote (7051)	2/27/2000 9:36:00 PM
From: Dominick	Respond to of 18137

Jon: >>. I hope that the government doesn't ruin it for the rest of us because the trading rooms have poisoned the image of day-trading.<< You can answer that by asking yourself two questions: 1- Name one thing the government has done efficiently? 2- When has Washington ever told the truth? Regards, Dominick

To: Jon Tara who wrote (7051)	2/27/2000 10:00:00 PM
From: KM	Read Replies (2) \| Respond to of 18137

I've mostly decided to give up posting on SI but I did want to respond to your comments. I suppose theoretically it makes it seem more like a "job" to get up, get dressed, drive somewhere, be forced to interact with people, etc. And OZ has made some great points about the advantages of being at a high quality firm like his, such as being able to call market makers on backing away, etc. But, I couldn't stand it for even one day. One of the things I like best about what I'm doing is the ability to avoid all the stress surrounding the getting from here to there. Can you imagine having hot ideas and getting stuck in traffic or having some idiot sideswipe you (like what happened to me today!) and missing the premarket or even the first 30-60 minutes. I hate the high fiving, swearing and general noise making you see in those places. If anyone tried to pressure me to gin volume, I'd be doing pen time by the end of my first week <G>. Even though I do my trading here at home, I treat it like a job - get up early, take a shower and dress properly, get in front of the computer 90 minutes before the open to read news and start scanning the premarket for easy pickins. Some of the best stuff I have ever gotten has been right when Island opens at 7 a.m. CST. For instance, last Thursday, I had ARIA primed to buy, flipped 'er on at 7 a.m. and picked some off at 18 from somebody who wasn't paying attention. Up 3 points by the open, 9 by the first hour. Caught a guy dumping Rambus at 175 at 7 a.m., took some of it, it opened at 182 and blew through 200. Then when the trading day is over, the real work starts - hours of research and chart reading. I wonder sometimes, and maybe OZ can answer this, do the people who trade in those shops stay late and research or do they just go home and come in flying sort of blind in the morning. It's a totally fulltime job. You're trying to take money from some of the best traders around, as well as fleecing the sheep and I don't know how anyone can make it with anything less than full commitment. Of course, Eric found a way to get a machine to do all that <G> but I don't have his computer skills.