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To: JWest0926 who wrote (32923)	3/23/2002 12:44:12 PM
From: Catman	Respond to of 52237

OT...Jwest....if you're truly passionate about trading, my opinion is to follow your heart. You are young, so now is the time to take a chance....and no matter how much you read, the best lessons are learned when real money is on the line. All the technical analysis in the world will have little good if you cannot deal with the psychology of trading....and that experience will only come from the real thing.... Good luck Scott

To: JWest0926 who wrote (32923)	3/23/2002 5:06:58 PM
From: Susan G	Read Replies (3) \| Respond to of 52237

your heart : ) That's why we are all here. If everyone who trades full time posted their former profession you'd be amazed at the careers that were left behind due to the passion for trading. I only wish I started when I was younger. The passion for it is a requirement, because only then will you have the strength for the emotional battle and the trading demons that will haunt you daily <g> And you have a lot more education in the world of finance than many of us here...

To: JWest0926 who wrote (32923)	3/24/2002 3:07:52 AM
From: FR1	Respond to of 52237

Do both. Take the safe job because you will be astounded at how fast the years go by. Working at a safe place will provide for retirement. You can still trade on a daily (as opposed to a minute by minute) basis. Make two portfolios - one for the long term keepers (like WMT and the blue chips) and the other for day to day trading. Follow that and, if things go bad, you only lose part of your money. If things go really bad (911 etc) you still have the security of a job in a large firm that will care for you. Your biggest possible mistake is to think that you have lots of time - time goes by in a flash.

To: JWest0926 who wrote (32923)	3/24/2002 10:34:36 AM
From: sam_o	Respond to of 52237

Well... I'd say Passion.. will always feed your heart, but many times not your stomach... Sooo I'd suggest you acquire an off-trading time job to eat on!!, and save every nickel big time.. etc, Ask your folks to help you buy a house in a great neighborhood etc., get a decent foundation/platform on which to launch, and continue to follow your passion with small (very small) positions until .... diversify your stock selections !! (ala) never put all your eggs in one basket etc.. I think a lot of us got wiser with age.... Go for it !!

To: JWest0926 who wrote (32923)	3/24/2002 12:25:55 PM
From: Stephen	Read Replies (1) \| Respond to of 52237

JWest0926, OT - You shouldn't really be looking to strangers to answer your question as none of us knows you or your background well enough to provide any meaningful input. Any answers will only reflect that particular individuals psychology, experience and situation. One exercise which can help is plotting a decision tree. Start with you at the top with 2 lines (similar to geneology) and label them the 2 different job opportunites. Pick a period for the exercise ... say 5 years ... and then think about where you want to be in your life at the end of that period. Envisage / calculate what each job would likely bring you during that time. Take the daytrading job for instance ... how long would you give it to work out. 1 year ??... 2 years ??. What would make you consider that choice a success ... lots of money ...happiness ... a lot of dating ... buying hard assets ?? ... where does your own personal 'balance' of life reside ??. If you're not happy after 1 year ... what direction would you go in ?? ... plot alternatives.... and don't be too conservative. Are there things you are looking to do for your parents ?? ... Will they need taking care of in 5 years time??. You probably get a rough idea. Then ask yourself some questions ... and this has only to do with you. Envisage yourself 5 years out and imagine how you'd feel if you took the steady job and were successful... would you be happy or would not trying out the trading route be gnawing at you ??. If you take the trading route and hammer away at it for 2-3 years and can't succeed, would your self-esteem be damaged ....or would you just shrug it off and put it down to experience ??. If you take the steady job ... do you think you will never try the trading route ..??. At the end of the day ... only you can answer your question ... but organise your thoughts and priorities and plot scenario's based upon where you want to get to .... Good luck ... Best regards Stephen

To: JWest0926 who wrote (32923)	3/24/2002 1:09:41 PM
From: Chris	Read Replies (1) \| Respond to of 52237

OT: couple things on the daytrading firm: 1) how much is percent pay out? 2) how do they calculate the payout? e.g., one month, you might have a bad month. Does that bad month, carry foward? Or are you able to clear the slate at a certain level? (very important) 3) do you have to pay for the quotes/tools? 4) Do they force you to follow their own stock list to play? Do they impose a certain type of trading strategy? 5) Are you able to short? What stocks do they allow you to play? 6) What is the margin buying power? 7) They probably start you off at a low-share amount to "test you out". How do they move you up to higher share amounts? 8) Do they provide "critiquing" of your performance? Do you work with a mentor trader to learn from? 9) How much are ticket charges? Do they force you to do a certain amount of trades? 10) Do they get PAYMENT OF ORDER FLOW for the trader's trades? (IMPORTANT). Some firms say, "you have to do 10 trades a day, regardless of profit or loss". Thus, they give it to their own market makers to make money off the trades. The firm actually survives b/c of the payment of order flow, however, your gain is that you're trading the firm's money, not yours. (win/win situation, i guess) ------------------------------ 11) What licenses do you need? 12) Can you carry positions overnight? Can you trade via ECN's? 13) Finally, at what point do they "fire you"? 14) If you trade on TA, do they provide with good charting system? 15) If you trade on Level 2, do they provide that for you? 16) How are execution times? Can you direct orders? 17) Remember, you have to pay taxes on the gains too. ------------------------------ HAVE ANSWERS BEFORE YOU DECIDE. YES! PASSION AND YOUR HEART FIRST. BUT MAKE SURE YOU HAVE A WINNING CHANCE TO DO YOUR "JOB" EFFECTIVELY. TOO MANY RESTRICTIONS FROM THE FIRM ITSELF CAN HURT PERFORMANCE.

To: JWest0926 who wrote (32923)	3/25/2002 7:27:03 AM
From: Jerry Olson	Read Replies (1) \| Respond to of 52237

Jwest Pass on that daytrading firm in Vegas....this is not the kind of set up for a newbie... you'd be much better off getting your series 7 & 63 and heading to Wall Street where young bright people are being pulled into the game at nice salaries with bright futures.. daytrading is for the tough, the crazy, the hypo manic's that crave the action...don't go there... now on the other hand<VBG>...you'll need 2-3 years to really understand how to be a successful daytrader..i sat in one of those places in NYC..it was chaotic... i never trade that way...you need to be relaxed and confident...that was nothing of the sort..you'll make NO money..it will only cost you.. pass... best regards OJ