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To: CountofMoneyCristo who wrote (1369)7/3/2003 3:42:49 PM
From: Jon Tara  Read Replies (1) | Respond to of 3143
 
OK, Count, here's a serious response.

I day-traded during the same time period that you did. Not nearly as big an account. I opened an account at Preferred Trade with $5000. At some point I added another $1000.

I started out trading options (which is why I used Preferred) and moved toward trading underlying, mostly NASDAQ. Actually, my initial (option) trading was not day-trading, but more typically 1-4 week trades.

I ran the account up to $70,000 in February, 2000. By July or August, it was down to $35,000, and that's when I bailed-out, certain that I had waited way too long.

As it turned out, I bailed out in plenty of time. :)

I didn't use any advisory service or source of "trading ideas". Why? Who needed "trading ideas"? There were plenty of free chat rooms that were probably just as good as anything you might pay for. You got to know who had a track record, and if you were lazy and wanted to follow somebody, you could easily find somebody to follow.

Frankly, I think anybody could have thrown darts, picked any arbitrary entry point and any arbitrary holding period, and made money.

I use some basic TA techniques, primarily out of the classic McGee Technical Analysis of Stock Trends.