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Strategies & Market Trends : Level II Trading -- Ignore unavailable to you. Want to Upgrade?

To: Jay Morrison who wrote (139)	2/9/1998 9:08:00 PM
From: ExCane	Read Replies (2) \| Respond to of 1086

Jay- In your post -"Sucessful daytraders are simply people who can focus for long periods of time" - There's alot more to it than that, risk evaluation, intelligence, experience, testicles (estrogen?), information sources and systems, research, execution and a host of other things if I really thought hard. You aren't serious are you? If you are, you're not giving yourself much credit. There is also a difference between daytrading and soes-scalping, maybe you were referring to scalping. -Alex

To: Jay Morrison who wrote (139)	2/9/1998 10:09:00 PM
From: Dan Duchardt	Respond to of 1086

Jay, It is impossible to encapsulate the activity of a short term trader using the tools of level 2, time and sales, real time charts, etc., in a few words. But based on my limited experience, you have hit upon a problem that trips up many would-be traders who try, and fail. There is an enormous amount of information available, and a certain amount of integration is required. However, it is not a matter of sitting there reading all the numbers, identifying all the market makers, and following their individual moves. When things are slow, you might do some of that, but when things are ripping, and believe me there are times when they do, it's a matter of sensing the flow and getting on board before you get left behind. You don't have to watch individual drops of water to know when the river is raging. It does require some concentration, but it is a skill that can be developed, like riding a bike. You stop thinking of all the individual actions and concentrate on where you are trying to get. More than anything it requires discipline to wait for conditions to be right before jumping in, and to accept when you have made a mistake, or things just turn against you, and get out before you take a big hurt. Dan