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Strategies & Market Trends : Trading For A Living -- Ignore unavailable to you. Want to Upgrade?

To: Robert Graham who wrote (686)	7/4/1998 2:43:00 AM
From: jawd	Read Replies (5) \| Respond to of 1729

I started with $200k - lost $100k by the end of the second month (in one day) and being a quick learner came up with a method that now nets me over $1000/day on a $100k play money. I'm fine with that, and right now I don't even miss or think about the $100k I lost. I think about the $1000+ per day I'm making instead. A very large part of my strategy is this: As soon as I've made anything over $1000 I STOP! Be satisfied. Finish for the day. If I continue, a few things happen. I get bored. I get tired. I get greedy. I make huge mistakes. I normally trade for less than 2 hours per day. Every day is a winning day for me. So far :))

To: Robert Graham who wrote (686)	7/4/1998 2:56:00 AM
From: Brentsky	Read Replies (1) \| Respond to of 1729

Bob, While I'm not an expert, I would suggest the key to understanding daytrading is to forget everything you currently understand about investing. Your understanding and experiences related to risk, leverage, etc., etc., are completely different for daytrading. For example, risk in daytrading is holding a stock overnight, while long-term investing would suggest the opposite. As far as everybody wanting to get into daytrading because it's an addiction to money? Couldn't disagree more. I don't need the money. What I like about daytrading is the freedom it brings to my life. I'm tired of managing people, dealing with personnel issue after personnel issue. Daytrading allows one to work as hard as one wants, depending on the level of money one needs. Me, I have no debt, live in a cabin on Puget Sound and life is good. I can enter the world of daytrading at a slow pace and learn as I go. Oh, also if daytrading p*sses off a few fat guys in three-piece suits in some brokerage firm (who have been hogging all of the investment profits), then I'm really happy. The fact is, the world is changing big time. The information age is just beginning. More and more people will be working as independent contractors out of their homes, middle-men will disappear. Better get on board! Brent

To: Robert Graham who wrote (686)	7/4/1998 11:18:00 AM
From: Rick Faurot	Respond to of 1729

Bob- It sounds as if you are secretly itching to try daytrading but are scared to death of the whole idea. This is normal :) I would make one point that you may not be clear on: serious day traders use Level 2 quotes and execution systems that allow almost instantaneous entry to and exit from trades. This is way different from calling your broker or making a trade on a level one system like Schwab or Datek. The old trading systems WOULD be a tough way to succeed. With Level 2, somebody who has trained himself and pays attention can bail out when a deal goes south faster than you can say boo. The good traders do this almost every time. So losses really do get "stopped" and this moves the odds of winning way up. There are lots of resources to check out Level 2. Try www.phactor.com for openers. Rick