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

To: Cormac who wrote (7220)	3/11/2000 9:03:00 AM
From: Threei	Read Replies (1) \| Respond to of 18137

It's not off topic at all... in fact I believe it's strictly on topic. It really depends on perspective, and I agree with you completely: trader you described deserves great deal of respect. 500,000 as minimum trading capital sounds ridiculously enormous amount to me. Possibility to trade with 50,000 is not delusion - it's everyday's reality for many traders I know. Statistics suggested by the post that started this discussion - just one person statistics and suggestions. Experienced trader can easy trade as small account as 20-30K and get it doubled every month. One friend of mine trading 30K account made 90K during last two months (and no, he is not just exploiting extremely favorable market, his results are pretty stable throughout the year). He is pure daytrader. Another trader I know closely has tripled 40K account last year and made another 130K this year - he is swingtrader. Those two are NOT some kind of exceptions - I know at least 10-15 others who trade with similar approach and outcome. It is NOT nesessary to increase your trading capital refraining from withdrawing money from account. In fact I do it every Friday. I just don't need more money than I need in my trading account. Certain amount is being perceived as tool, not as money, and used as such. I don't need two screwdrivers to deal with one screw, and I can't deal with two. The same goes for trading - I don't want to increase # of shares traded as it increases my risk, and I don't want to trade in 5 stocks at the same time - why would I need more money than my trading style requires? To make my trading sloppier as extra money fade create false feeling of security? My take is, this kind of statements made in such a confident voice tend to confuse new traders and voice just opinion of someone who considers his experience to be absolute, the one and only. At the very least, post should be finished with something like "IMHO" (or "IMO" if H is too much for author :)), or with note that this is just opinion and more invitation to discuss than ultimate truth. I am grateful to Oz and others for voicing different take, and am sorry that many of old-timers chose silence (although I am sure I know their opinion). Oh well, at least I understand their position... Vadym

To: Cormac who wrote (7220)	3/11/2000 10:29:00 AM
From: Dave O.	Respond to of 18137

< He has gone from a $40,000 a year job to a $70,000 a year job as a daytrader ... some of us would laugh at this amount but ... he has not changed his lifestyle or spending habits ... he has more time to spend with his wonderful family > You make a good point. For many people, it's about quality of life and not quantity (i.e. dollars). Personally, I set financial goals and if I achieve such, I walk away for the day (or week) and do the things to further enhance my life, spend time with those close to me and try to give back to the community. We're all different, but greed has never been something that drove me to seek "more". I'm happy with "enough". Dave