Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: H-Man who wrote (5135)	9/2/1998 8:57:00 AM
From: agent99	Read Replies (2) \| Respond to of 12617

MARKET'S DAY TRADERS NEVER HAVE A DOWN DAY By BETH PISKORA NY Post 9/2/98 -------------------------------------------------------------------------------- At exactly 4 p.m. yesterday, close to 75 men in a Wall Street office let out whoops of joy and high-fived each other as they celebrated the Dow Jones industrial average's climb of 288.36 points. The scene was no doubt replayed throughout America as investors breathed a sigh of relief after four big down days for the Dow. But there was a difference to this particular scene. The men in this office at 50 Broad had also celebrated at 4 p.m. on Monday, after the Dow's catastrophic 512-point drop. This office, home to Broadway Trading, houses day traders, who don't care which way the market moves, so long as the moves are big and volatile. When other investors panic, we have the opportunity to buy big on the dips and sell big on the relief rallies, said George West, co-author of the best-selling business book, Electronic Day Trader, and co-founder of Broadway Trading. After the closing bell yesterday, many of the day traders at Broadway Trading were reporting their best day ever. Take, for example, Mike Schmatz, who's a relative novice at day trading. He's been at it only nine months. Still, Schmatz made $7,200 in just 6 hours yesterday. At that pace, Schmatz could work just half the year and claim millionaire status. Last night, Schmatz headed out for celebratory drinks withsome of Broadway Trading's existing millionaires, including Serge Milman, who was one of a handful of day traders who had six-figure days yesterday. Milman traded 937,000 shares yesterday on his way to a profit of $100,156. We love a big bounce after a big panic, he said. A more typical day trader's profit yesterday was only five figures, and could be exemplified by Darren Titan, who made $34,000, not even his best day ever. Titan, too, was planning a celebration last night. I always take my cousin and my friend out for a nice dinner when I have a good day, he said. And Titan knows how to celebrate in a bigger way, too. He and several of his colleagues at Broadway Trading just took a week-long luxury vacation to Cancun, Mexico. The trip ended just as market volatility picked up again, allowing him to get right back to what he does best. I was holding 7,000 shares of Dell, but I sold after it moved up 1 point, he said. Typically, day traders hold their shares for only quarter-point or half-point moves. But when the day traders forecast even bigger swings, they are emboldened to hold onto their positions for a big longer. While Titan sold his Dell position after a 1-point gain, some of his colleagues managed to ride the stock up a full 2 points, giving them even bigger profits.