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To: Scrapps who wrote (8544)	4/18/2000 12:52:00 PM
From: jghutchison	Read Replies (1) \| Respond to of 9236

Hmm, never met a former day trader? That's because most of them are dead. "If the limit price is below the current ask price it is held to the side until the price drops to the point of the limit order and then the order is processed." This is only partially correct. A limit order becomes a market order at the strike price. However, these orders go to the end of the que. You will be the last to be filled, if ever. I day traded in an office that had 30 pods (workstations). Over a two year period, I saw over 100 day traders lose their nuts. The 90% figure reported here earlier was conservative. It is the 90/10 rule. Kinda like Murphy's Law. Ninety percent of the traders lose to the other ten percent who win. Just like in business. Ten percent of the workers contribute ninety percent of the work. There are still a couple of day traders at this firm who I know, and they are very good. Typically make 10 - 20,000 per day, with no overnite risk. There is good money in it, if you are good, very good. I was not good enough, so I went back to position trading where I excel. I work hard at it and I'm very good at it. Jack