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

To: Eric P who wrote (7539)	3/21/2000 6:12:00 PM
From: Mike Maxton	Read Replies (4) \| Respond to of 18137

Eric, Here's what I would like you to talk about, preferrably on SI, but you might want it for a topic at the August Expo. How much capital is enough to walk away from your day job and do this for a living full time? What I want to hear about is the success stories? Of true experienced day (or position traders), what did you start with, and what do you make on a average daily basis? Here's where I'm coming from. I have been buying and selling with a regular broker for about 10 years. Opened an E*Trade account about 3 years ago. Thought I was smart right from the get-go. :) Due to how smart I was, I was able to claim the maximum $3000 net loss in capital gains for my first two years. I paid for my education, but for the past year, I have found a method that works for me. I have nice regular weekly gains, averaging about $1800 a week net. A year ago, the account was valued at around $18,000. Today it's around $98,000. Most of my trades are from the short side. I am fairly convinced that I can continue to bring in this average of around $1800 a week, and let my capital continue to grow. There are two ways I look at this. I'm now at 100 grand, and expect to earn that much every year. A 100% return every year? That's absurd!. But view it another way. I sold over $2 million in stocks last year (according to my 1099), and am on a faster pace this year. I expect to sell over $3 million in stocks this year (that's buying and selling $12,000 in stock a day, or a 500 share lot at $24). So, I want to net over $100 grand a year by trading stock worth over $3 million. That's a 3.3% return. That seems reasonable. Seems like it's time to walk away from the 7am - 6pm daily grind at the office, and do what I have demonstrated to myself that I can do. So, in your discussion, I'd like to hear if you think this is nuts, extremely reasonable, or ??? I know all the risks, and demonstrated to myself the first two years, that there are no shortcuts. You have to learn the game, and for me, a good singles hitter is more useful than a home run hitter. All discussion from anyone here is welcome also. mike maxton

To: Eric P who wrote (7539)	3/21/2000 6:14:00 PM
From: TraderAlan	Read Replies (1) \| Respond to of 18137

Eric, You have to talk about automated trading systems. That your speciality, so to speak. Here's my advise: don't let 'em see you sweat <g>. Actually the crowd changes so much over time. When I spoke to the Daytraders of Orange County last June, I was struck by their sincere questions and interest. The NY crowd was more demanding and wanted to hear how to make mucho dinero and in a hurry. Think it evolves according to the nature of the current markets. I have an special affinity for west coast traders and am really looking forward to speaking in Oakland this weekend, especially after the swing market of the last few weeks <g>. When folks discover it ain't so simple, they open the door to real knowledge. Alan

To: Eric P who wrote (7539)	3/21/2000 6:51:00 PM
From: Scott Myers	Respond to of 18137

I personally would like to hear more about your experience developing an automated trading system. The software behind it, the testing required for you to confirm you have a good system, and the execution of a tested model. Just my thoughts - Thanks, Scott

To: Eric P who wrote (7539)	3/21/2000 7:29:00 PM
From: Dustin	Read Replies (2) \| Respond to of 18137

Eric, From being at the expo last year, I can tell you one subject that everyone wants to hear about. The Tricks of Level II ie. MM head fakes, how to read it, etc. At the Ontario expo last year I attended what was supposed to be a Level II seminar. Apparently they didn't have a speaker available until they found Harvey Houtkin at the last minute. He really didn't want to be there, and basically wasted an hour of our day talking about his battles for regulation changes, etc. But the important thing is that the entire room was packed. There must have been 500 people or more wanting to hear about Level II. Just be sure if you talk about it that you give them soemthing useful. Info that they can't just find on any web page tutorial. My 2 cents Good Luck! Dust

To: Eric P who wrote (7539)	3/21/2000 9:50:00 PM
From: underdog430	Respond to of 18137

Case Studies Eric, I'm attending the expo in Oakland this weekend and I'm looking forward to the Level II class by Rogan LaBier and, of course, Alan's course. I'd really like to see integrated case studies of actual trades - from scans to charts to execution. There is a fair amount of material about most individual subjects but I can't get enough of this kind of review (examples of case studies by Tony Oz at www.stockjunkie.com). Whatever subject you choose to focus on, I think it would be helpful to see you apply it to a case study. Mark

To: Eric P who wrote (7539)	3/25/2000 12:21:00 PM
From: d. alexander	Respond to of 18137

Eric; re: Ontario lecture FWIW Wondering if you might do a "Daytraders Discuss...X,Y,Z" Topics might include A. Holding Overnight & Big Gains vs Incremental B. Time & Sales, Marketmakers & Significance of Big Blocks to Price Direction C. Entry & Exits; No-No's & Natural Tendencies of Newbies D. Program Trading; Effect on Market E. Direct-Access Brokers; Advantage to Trader etc. Best wishes & sorry I won't be there. d.alexander