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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: Richard Estes who wrote (2421)	1/13/1998 9:13:00 PM
From: dpl	Respond to of 12617

The point I was making is most treaders are very independent in their thinking.If they are doing well then they don't want to even know what someone else is trading.I have a trader/friend I talk to everyday on the phone.We never,never tell each other what we are in until we are out. David

To: Richard Estes who wrote (2421)	1/13/1998 10:24:00 PM
From: ExCane	Read Replies (3) \| Respond to of 12617

Richard- Couldn't resist getting into this one--- I work at a "daytrading" hedge-fund with about 50 or so traders. I see these people every day, and, though each have their own style, they have alot in common. They all can read the tape, trade the groups, follow the futures and have guts (put lightly). These people sometimes make in one day more than the average annual salary in this country. We don't have "lightning fast" execution. We sometimes hold positions overnite. I just started trading there recently, after "interning" there for 3 months and after trading my own account at a firm for 1-1/2 years. My opinion is that the ones here who posted that "most daytraders lose" is correct. If they think that buying 1000 shares in the hopes of consistently scalping enough to make a good living in competition with the other daytraders, they are believing the hype of the ticketshops. SOES, I assume, is used by most of these daytraders. This is not meant to be a trading tool to frontrun legitimate institutional and retail orders. SOES was designed to give the small investor a quick exit in the event of a panic like 1987. These rules will probably change to make this loophole less profitable, causing more competition. As for a system, what is a system? If you can taperead, monitor the groups and the market, is that a system? I use charting and software scans as one of my tools to find stocks to "taperead". Alot of the people at my place think I'm nuts for this. We also use brokers for research, and I have found that a GOOD one can provide good calls, contrary to popular belief here. As for trading method, no stock goes straight up or down, if you have read the tape/group/futures correctly, a small dip (pop) gives you the opportunity to buy more cheaper (short more higher). The rewards can be great. Sometimes you are selling your stock profitably at the level you made the first tick. That is my observation of "trading". This is not to say average down just cause your stock tanked. We "trade around" our positions. Buying 1000 shares in the hopes that it will go your way immediately seems like a pyramid game, last guy in gets crushed. Today my desk was long the oils and banks, other desks the techs. Tomorrow may be different or the same. Who knows? Trade the tape! If there was a true system, who would share it, and once shared would it work? Sorry if I bored anyone with this rambling response. -Alex