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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade -- Ignore unavailable to you. Want to Upgrade?

To: Brentsky who wrote (1101)	6/9/1998 7:20:00 AM
From: TATRADER	Respond to of 2120

Brentsky, I say two words and it moves the world...I think I should run for president...I am a technical trader and do quite well...However, I have seen many traders try to walk the rode that Steve outlines, and fail miserably...They fail because of lack of discipline, and cutting losses quickly...They follow the words of gurus, and do not develop their own trading strategies..."The number one factor in determining whether or not one reached the highest levels in their field was the amount of time these individuals spent on deliberate practice."(Larry Connors) Deliberate practice is defined as the amount of time one spends in attempting to improve their performance..To be a top trader you have to have a passion to constantly improve, you must push yourself further, you must read, you must study.....Concentrated effort.... I too did not like the comment on Fool's Gold, because if you have the passion to follow deliberate practice, you can succeed...However, I think Steve was trying to shake many into reality that you are up against great odds and you'd better be prepared for combat... Here is what I liked about his comments... Some do make it. I have known many good day traders and all have the following: 1. Rock solid discipline 2. Emotionless about losing 1/8s and 1/4, never loses more than 1/2 or more 3. Great eye for movement. 4. Understands execution systems up and back 5. Understands that losing is part of the game. 6. Knows when they have gotten it wrong, sells the positions and would go the other way in a blink. 8. Has that intangible gift which makes them successful, meaning I have known people who have 1 through 6 but just don't get it done..usually because of some falter in #1 and #6. The daytraders that fail usually have 3,4 and 5 but when losses come, they see it acting well, they think 'oh, it just has to turn somewhere' and then they slip on 2 and never execute 6. Regards, Mark

To: Brentsky who wrote (1101)	6/9/1998 8:00:00 AM
From: steve goldman	Read Replies (2) \| Respond to of 2120

Brentsky, I particularly like your comments about how 'it was hard to tell' what my argument was, and as well, your insulting comment that my comments come from a frustrated broker unsure of the markets direction...cute! Argue the merits. Argue the points. Leave the offhanded personal attacks out of it. I will tell you this, when I analyze any company, any business model, any 'scheme', I look at it in the most negative light. I assume the worst in my analysis so I fully know the absolute downside (if you can everknow with certainty) but I dont whitewash it as something its not. You can of course target the best scenario and work diligently for it, but if you end up realizing the worst, atleast you wont be disappointed. If any broker or trader or 'stock guru' ever said they had some scheme, I would probably turn and run the other way immediately. And I must tell you, there is very little up here in the way of commentary about the downside, the losses, the missed opportunities that come from such endeavors. "Sure it doesn't work for everybody. Does every person that starts a business succeed? Can anybody be a manger or a baseball player or a real estate agent? " You are 100% right, and the odds of being successful at daytrading are probably somewhat better than being a ballplayer. Look, in now way am I saying that someone can not be successful daytrading. I have seen it happen many times, great traders, well disciplined individuals make wonderful money doing something they love. I have also seen many lose and many lose miserably. As well, successful day traders also tend to move on to things more significant. Afterall, you don't Houtkin daytrading, Ken Wolfe is making his money running a daytrading chat room, The block brothers, i betyou they arent' trading for 1/4s any more. Brentsky, lets argue the points, its much more meaningful to readers. Didn't mean to offend anyone with the Fool's Gold comment...those who are successful at it, I am sure you are confident in your skills and you haven't let a comment like that derail you <gg>. Regards, Steve@yamner.com