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Non-Tech : CYBERTRADER -- Ignore unavailable to you. Want to Upgrade?

To: BrooksR who wrote (484)	5/5/1998 1:36:00 PM
From: William W. Dwyer, Jr.	Read Replies (3) \| Respond to of 3216

Brooks, You picked a bad day to ask me such a question <g>. With all the trouble and expense and risk, I have serious questions at this point if remote daytrading is the right way to go at this point in time. I am, starting today, taking some time off from daytrading in order to re-consider my approach to trading. I do not want to deal with those jerks at World Com anymore and get a dedicated frame connection (very expensive and they want a minimum one-year contract, and their service does not impress me anyway). And there are some other major issues I need to think about at this time as well. Don't make me elaborate. Regardless of what anyone says, though (Woogie included), I personally feel quite strongly that level 2 quotes (and more stuff, too) are absolutely essential if one is day-trading. Heck, the market makers (our enemy) use Level 3, don't they? Do you really want to fight a battle and start off with less tools than your enemy? Maybe Ken can (but he doesn't), but I wouldn't even think about it. Day trading can be very profitable, obviously, but it is also extremely risky (ask your broker why he calls it "speculative"). I have yet to find a broker that can consistently provide the tools and other things one needs to day trade properly. At this point, I have serious doubts about it. I may change my mind at some point, however <g>, so don't take my comments to literally. You asked, and I answered. By the way, I have never used TradeStation but have studied it a bit. Did you find it particularly useful in daytrading other than to get quotes? You really need software that allows you to execute directly from your quote screen (e.g., CyberTrader and other similar platforms). TradeStation doesn't do that, I believe, so I don't see how it would be necessary or helpful for daytrading, other than to look at charts and stuff for a longer term approach ("long" meaning holding for a few days maybe, or more). I use AIQ for studying the market, and I like it very much. Finally, if you are really setting up from scratch as you indicated, I personally and in all sincerity suggest that, unless you are already very very good at daytrading, you consider waiting a few months until it becomes clear that some broker will develop a way to day trade properly, safely,and successfully. I truly do not currently know of one I could recommend. That may sound a bit negative, but it's my honest feeling and I assume that's what you wanted. Good luck, though, however you go at it. Bill

To: BrooksR who wrote (484)	5/5/1998 10:06:00 PM
From: David E. Henry	Read Replies (2) \| Respond to of 3216

<<KW says he doesn't look at them. Of course, I don't think he's actually trading, just calling out the trades >> Really??? Are you talking about Kenneth Wolff?? Why do you say that he does not trade?? Many people swear by his methods and I am myself has leanrt much from him. Please explain why you are making this incredible statement! Dave

To: BrooksR who wrote (484)	5/8/1998 2:06:00 PM
From: Dave Block	Respond to of 3216

Is Level II necessary?? It all depends on what kind of trader you are. Do you do numerous trades per day(10-15) or are you like the average person who likes to play the market as a hobby. If you are a serious day trader and it is a full time job for you LEVEL II is a must. If you are not, an execution system is all you need with the inside quote(top bid and ask). I have been reading a lot of great day trading books that I found on the www.blocktrading.com web page. It really helped my trading. maybe you need to read up on the business a little more.