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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: Brentsky who wrote (3178)	6/7/1998 3:23:00 PM
From: steve goldman	Respond to of 4969

Brentsky, re: "Things sound so bad maybe we should all go out and slit our wrists. It seems like you always post this message when you are looking for new customers. " - Where did that come from? I post up sincerely and honestly because I enjoy, regardless of what attention our firm might get. Information age finally arriving - absolutely, I agree entirely and appreciate it as a tech-minded individual. Needing a broker - Noone ever said you did. I dont think I mentioned that you had to do business with such and such a firm (you implied I said Yamner) to be successful. I was simply commenting on the imprudence of daytrading for a career or giving up other opportunities to daytrade. I work at home, have zero to little overhead and hey, guess what, a few successful trades a day and I'm doing very well! - Congrats! and truly, I wish you best and continued success, but most do not find that kind of success or have that kind of success for 6 months, then make a few mistakes and choke on a Dell down 20 points. please don't suggest it isn't possible, because I believe it is very possible to be successful; = noone said it wasnt. The odds of being a good trader are better than being a pro basketball player or hockey player, yet they are not in the individuals favor. Failure also can mean significant loss. Noninternet type of trader - somewhere in here you made an assumption that I feel a person cannot do as well or even better than most brokers. Most probably could if they can put their time and mind into it. Yet, there still are those (probably 90%) of the public that needs prudent sincere investment advice and within the 10% that do most their own, probably 9% of that 10% don't have the resources, time or desire to execute trades themselves, watching a Level2 screen all day. That 1%, those that perhaps have all the requisites to take advantage of the tech revolution, they are probably reading the threads up here. Trust me, this bunch, they aren't running to do business with Yamner. So please dont assume I post up here for business purposes. If business comes our way, fine, yet I post here becaues I enjoy it and find the level of discussion significant. -Steve@yamner.com

To: Brentsky who wrote (3178)	6/7/1998 3:45:00 PM
From: steve goldman	Read Replies (3) \| Respond to of 4969

While there are a tremendous number of threads on SI of high value, there are a few which I spend my time reading and contributing to: 1. This one, the Trading Desk 2. Cyverbtrader Thread Subject 13095 Good thread dedicated to Internet trading systems, nice comparisons of Cyber and Mtrading, Dwyer is always willing to help newcomers with any questions they have about the systems. 2. Momentum Trading Thread - Subject 18748 Mainly regarding Ken Wolfe's site. Ken has a disciplined, well regarded chat room and helps individuals understand momentum investing. 3. Irby's Final Frontier -https://www.siliconinvestor.com/subject.aspx?subjectid=16961 This is probably the most useful thread on SI as it offers an incredible database of internet URLs for financial resources, comparisons of various sites and services, quote vendors, and good insight into daytrading practices. A must have for your bookmarks. One last thread I would bookmark is the Tax thread, Subject 5727 which could come in useful when you have tax questions regarding market activities. There are also some other wonderful threads depending on what you are looking for. Lizzard has a nice thread for stock selection related topics. If someone has the url, posting it would be useful. -Steve@yamner.com

To: Brentsky who wrote (3178)	6/9/1998 9:55:00 AM
From: Robert Graham	Read Replies (2) \| Respond to of 4969

A person who is not in touch with the risks involved in their pursuit is IMO destined for failure. Evidently you are not a successful yet day trader otherwise you would not be posting saying your feeling that 1 in 30 odds are too pessimistic. How do you know when you do not know what it takes to be a good day trader and have not succeeded? You apparently have little experience to base this feeling on. I hope you do not trade on these "feelings" of yours too. Reading between the lines, I think what you actually are saying is that this is an unfair assessment because this means you many not succeed at day trading. Welcome to the real world! Furthermore, I suggest not to expect honest and accurate information from many who post here at SI claiming to be a successful day trader. If you believe people when the proclaim themselves here to be successful and making allot of money, I have a bridge to sell you. The only way to gauge the competence of a trader on these posting boards is to follow them over a longer period of time, look at the specifics of their comments and the picks they post, and follow them through changes in the market. Interact with them and challenge their assertions. Then over time you may get a good idea as to how knowledgeable and successful they are. I have followed in this way people like Steve, Ira, Jenna, LastShadow, Christopher Smith, and others. Believe me when I say the some of the well-known "experts" here at SI are no experts at all. Please note that I have chosen not to name those who I am thinking about when I make this last statement. They end up revealing themselves over time. Matter of fact, I daresay that many if not most portray an exaggerated view of their competency. This afflicts even those who have demonstrated skill. Some even call themselves MMs when they are obviously not. One self-proclaimed MM did not know that there are some NASDAQ stocks that make up the S&P 500 index, and he claims to be a 20 year professional MM on an exchange. Huh??? Hello??? Another talks about shorting penny stocks. This I am skeptical about, but since I have never shorted a stock, I do not know. You apparently are a person who wants to succeed in day trading who is struggling with understanding the risks of what you have chosen to pursue. Just do not be too disappointed if you do not succeed. Over the past year, from everything I have been able to research on this topic, including talks with successful day traders that I have followed over a long period of time, the odds are substantially against you succeeding. It is as simple as that. This has nothing to do with "fairness" and anything to do with who you are as a person. There is no such word "fairness" as far as the markets are concerned. From everything that I can see, the markets can eat you alive as a day trader. If you are trading the more liquid stocks, you are trading against some of the best in the country, those who have been at this much longer than you, who have a large amount of money for their stake, and many very successful at what they do. Not being in touch with the risks involved in this pursuit would be very unfair to yourself, and definitely very foolish, for this is not a workable approach to success. And you think your electronic execution system changes everything? It is only a tool and nothing more: a tool that can get you into allot of financial trouble just as it can be used in your success. Anyone who has told you different has sold you a "bill of goods". Just some thoughts to ponder on. Good luck. Bob Graham