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

To: dpl who wrote (7942)	4/22/2000 5:51:00 PM
From: Dan Duchardt	Read Replies (1) \| Respond to of 18137

dpl, Let me be the contrary one here. I don't think you're being contrary at all. Whether one needs to count their money every day, or once a month, or not at all, trading "right" as you say is the only way to win in the long run. I know, for example, that I have had losing days when I traded better than I did on winning days. "Better" meaning making entries for better reasons, and cutting losses before incurring serious damage. Some days you are just lucky, and on some days that can pay better than being good, but not in the long run. I didn't interpret the original question as a daily goal, only as a reasonable expectation of the average daily gain for someone who gains proficiency as a trader. I seem to recall posting another reply several months ago to someone who made a remark about 6% daily returns. In fact I offered the fellow $100,000,000 at the end of the year if he would send me $1,000,000 along with a foolproof system for making those 6% daily gains. The offer stands. I'll even sweeten the deal. Forget the $1,000,000 up front. Just send me the system and in 1 year I'll send the payoff. Dan

To: dpl who wrote (7942)	4/23/2000 1:57:00 PM
From: Tai Jin	Respond to of 18137

That's absolutely right. Just concentrate on good trading and the money follows. Never focus on profits as that will only derail your good trading (at least it has in my experience). Just focus on the current trade. As dpl says, treat it like a job. Good trading with about 100k in equity can result in about 5k in daily gains. A more aggressive approach could yield about 10k. If you are thinking about making a certain percentage on a daily basis, note that the more equity you trade with the more difficult it will be to maintain a percentage gain. So although it may be possible to get 10% on 100k, I think it would be difficult to get 10% on 1M with a strict day trading system. ...tai