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

To: TraderAlan who wrote (12270)	3/10/2001 9:17:40 PM
From: dli	Read Replies (1) \| Respond to of 18137

Alan, if they were a pure retail broker I'd agree. However, they've been in business as an institutional broker for almost a decade and have added their retail operations only one and a half years ago. Besides being self-clearing what is probably keeping their costs down is that retail customers are basically just piggybacking on the infrastructure they've already in place for their institutional customers. From what I've heard they figure among the three largest NYSE agency program traders and their Timber Hill division is a major market maker on US and international options exchanges. Dave

To: TraderAlan who wrote (12270)	3/11/2001 2:07:44 AM
From: Steve_GTS	Read Replies (5) \| Respond to of 18137

As a new daytrader, I would like to add my experience to this thread. 1) I am starting with 10K cash only. I am self employed, so I have the opportunity to trade without the pressure of success. My investment is risk capital. I probably have less pressure to succeed because I am not relying on the results to feed the family. I started in the market almost 1 year ago with covered calls, unfortunately, I got in at the top and lost about $10K - but I had no clue about TA. Now I know more after a whole year of study. 2) I am using IB because of the fast fills and low cost. Fast fills at the ask, well maybe I should be buying below the ask, but still learning. 3) I have no hang-ups with going short as most new traders do. I think my first trade was short. 4) I am learning scalping from Undergoundtrader.com. I do believe I read some negative postings in this thread about them. I am to new to trading to know any other more successful techniques. - ANY SUGGESTIONS WOULD BE WELCOMED. 5) After 2 weeks of trading with real money I am up $34.00 Max account value was $400 in profits. ZERO account drawdown. Super conservative trading right now. I would be up more if not for poor money management with stops and profits turning into losses. I am making 10-20 trades per day - too many and 50% in the dead zone - big mistake. I started trading qqq and did well, then I got cocky and tried JNPR, big mistake, to fast for me. I have been trading 100 shares primarily, when I go more, the stress level goes up and I make bad decisions. Overall 2 out of 3 days have been profitable, but larger drawdowns on the losing days. 6) My biggest problem is getting in on the MSL or MSH - I end up predicting instead of reacting. BUT when I see a strong move, I hesitate, thinking the surge will end and I ended up buying at the MSH. Can anyone recommend how to improve on the entries. Most my wins are after consolidation and sym. triangle breakouts. So my question is, should I become familiar with a basket of stocks and how they move or scan the market for consolidation breakouts, and play a stock I have no experience with. 7) My long term goal (2-4 years) is to make 10K per day - Is that a pipe dream??? I know I would need a bigger account around $100K of risk capital. Is this goal unrealistic? 8) Most of my trading ideas come from this site: enthios.com Can someone recommend similar sites for more hard core day trading TA? 9) I read your "Swing Trader" book. It was like a textbook, you should have added some homework problems. I enjoyed it and use it as great reference. 10) Last comment, how long have the traders here been looking for the "Holy Grail". I spend too much time looking for the perfect system, and it kills my social / family life. Is this what I have to look forward to as a full time trader someday? Thanks for listening to my ramblings. Steve