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Non-Tech : MB TRADING -- Ignore unavailable to you. Want to Upgrade?

To: William W. Dwyer, Jr. who wrote (1258)	9/13/1998 3:34:00 AM
From: wallacestevens	Respond to of 7382

I agree with you. Developing good discipline is my greatest challenge.

To: William W. Dwyer, Jr. who wrote (1258)	9/13/1998 8:26:00 AM
From: TraderAlan	Read Replies (1) \| Respond to of 7382

Bill, <believe performance improves as one returns to his original thinking about trading even though now trading with a faster execution system> This is exactly my experience. EDT execution systems are very "sexy". The dealer-brokers push volume through their fee set up and their educational materials (obviously, this is how they make their $$$). Then there is the blitz of day trading and Electronic Day Trader articles in the media, complete with examples of guys who make 100k/day trading a zillion times. Also there are those dangerous Hot Keys which get you on the board in a second. When you get the system in front of you for the first time, the adrenaline hits (and boy, do we males love that rush) and you start chasing the market. In my case, I found out the market hadn't changed much since I left my e Broker and that the old rules still applied. Money is still not being given away in a fire sale and you have to work hard and have an edge in your game to walk away with a profit in your pocket. I've gone full circle back to the strict TA rules that were making my living before and passing on lot of mediocre opportunities. This system does add a whole new range of possibilities to pay off the higher commissions. Executing between the bid/ask spread is the obvious main one. But it also makes short sales a lot easier. And I am looking at scalping FLAT mid day markets when risk is lower. Alan