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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: robnhood who wrote (18564)	5/15/1998 9:00:00 PM
From: Kip518	Read Replies (1) \| Respond to of 94695

dailyrocket.com

To: robnhood who wrote (18564)	5/15/1998 10:54:00 PM
From: Bilow	Read Replies (1) \| Respond to of 94695

Hi rrman; I'm now done paper trading (paper training?) and am live as a day trader. Managed to end up with enough net my first week to approximately cover commissions. This was despite my generally trading only 100 to 200 shares. I also managed to make my first "stick" or a profit of $1 on a thousand shares of stock (for a day trade on a nasdaq workstation.) And I managed to arrange to profitably own 100 shares of CFON for only 2 seconds. I also managed to buy at the bid then profitably sell at the ask three times in a single minute, also on CFON. That stock was a total feeding frenzy early on Thursday. I quickly gave up trying to record my transactions, and just let the computer keep track. This was the source of most of my profits this week. I need to learn better to sit on my hands when there isn't such a big fat target in my sights. All that money spent buying stupid computer games may pay off yet, as fast reactions seem to be very useful. Especially on news plays. Had a great time, made mistakes that I won't make again, and am getting more and more comfortable with the somewhat complicated rules for getting into and (more importantly) out of trades. So who knows, maybe I will be in the 10% who are able to do this and survive... I've been very good about cutting losses quickly, but am still a little nervous and am taking profits too fast. Or at least that is what analysis of my past trades is indicating. Discovered that it really doesn't take much guts to buy a couple thousand shares of a stock you have researched, and then hold it for a week. On the other hand, to hold even 500 shares of a stock you know nothing about (except, perhaps, that it is radically over-priced) and then watch for 30 seconds while Goldman Sachs sells it off by five teenies (i.e. 5/16ths) required more guts than I came to the party with. I had to reduce my share size to 100 before I could trade the market like I had paper traded it. P.S. Wish me luck, it is at least as useful as all the other skills new traders need to have. -- Carl