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Strategies & Market Trends : Day Trading Rules -- Ignore unavailable to you. Want to Upgrade?

To: BrianL who wrote (9)	5/2/1998 2:36:00 AM
From: Mikey	Read Replies (2) \| Respond to of 40

BrianL, Thanks for Response. What I was hoping to do was buy a stock and sell it again in the same day, day trading (I think). I am not trying to do anything shady, but sometimes I am happy with the profit I make in a partial day. Since I am so inexperienced, I am kinda chicken to do it with my online broker quoting rules like that. I am very new to all of this, but I have never found anything that is so addictive. One of my roommates was a stockbroker and I never understood what he liked about it. But since I have been watching these boards for the last several weeks on and off and the last few days constantly, I really love the stock market (and I still don't understand it). My sister says it's because we just got back from Las Vegas winners and the stock market is the next best thing to the Craps tables. I have to disagree with her, in LV we still had the odds against us, and here there seem to be alot of people that know what they are doing (and don't mid sharing it). I have started trying to recognize the hypsters from the real-deals. Some of the guys I have been watching seems to get a consistent over 60% - 70% profit average. Even with their ups and downs but the downs can only go down 100% while the ups can go as high as 1000%. If I take into count that I will not get the max profit hardly ever, and settle for half of that, 30%. Say for example that we start with $5000 today and follow these guys. I invest $1000 each day of the week into the pick of the day. I hold these for 5 days, 50% profit, or I feel (or hear) they have maxed. Once through the cycle I start investing all of the profits back into the mix. Maybe once the daily investment goes above $10k, invest in several per day. By the end of June, on paper, I have $150K and in September am become a millionaire. I know statistics are easy and might not always apply, but I tried to back off of the 60%-70% margin back down to 30% (65% yields $100K by the June 6). Some of these guys (and ladies) messages speak of the islands and the good life. What am I missing? Thanks Mikey ...Naive but eager to learn..