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

To: William W. Dwyer, Jr. who wrote (1612)	1/9/1999 11:44:00 AM
From: The Devil Dog	Respond to of 3216

Bill, that is one of the most sincere honest post telling it like it is that I have seen. It certainly is intended to keep potentials like myself grounded, and realistic. Thanks for sharing. Best Regards WB

To: William W. Dwyer, Jr. who wrote (1612)	1/9/1999 11:47:00 AM
From: funk	Respond to of 3216

WD your post is going down as one of the all time greatest. I have two friends here in town that are both getting emails today with your words in it. I have to tip my hat to you, I think you really are putting together a great approach. A winners approach. You left out one thing in your post though: I have seen traders with very modest-looking I.Q.'s do quite well. I may not be doing quite well, but I got the modest looking IQ for sure! Oh well you had your opportunity to get me and you missed it! <ggggggg> good luck, not that you need it, funk

To: William W. Dwyer, Jr. who wrote (1612)	1/9/1999 2:46:00 PM
From: Mad Bomber	Read Replies (1) \| Respond to of 3216

[Thanks again] That is the kind of brass tax experience I have been trying to uncover. I have dabbled a bit in some short term technical trading myself and did rather poorly. I stopped very quickly and took my tax loss. I usually do better forming a vision and sticking with companies that will benefit from that vision. I will probably wait until I don't need the money because it would probably be idiotic to quit now as I stated earlier. Here was my plan: 1. I have been following day trading brokers for maybe 2 years now. I liked the capability of M.B. Trading at first because the quotes could be read from TA for personal trading systems. Being a computer consultant, I have some experience in AI concepts and wanted to supplement any broker's tools with my own. I been watching the progress of Cybertrader for a while now and am impressed by the software from what I have read. The price server addition convinced me that I would prob. go with Cyber. BY the way, I also checked out currency trading but was scared off because it just didn't seem that the vendors were truly giving the traders transaperent access to the markets. The commissions calculate diffrerently and I did some paper trading with some sample software which made it apparent that the commissions made it unlikely to produce a profit. It sure was cool being open 24 hrs though! 2. I planned to paper trade for at least a month full time just to get the feel of how things worked, the pace of the market, develop some rules, etc. 3. I planned on doing 1000 share trades because smaller shares would make it difficult to beat transaction costs but I like your idea of basically taking 10000 "learning money" for a test run with smaller lots. Any difference in executions with smaller lots?? I have read books concerning day trading "styles" and gravitated to grinding. I know that may be harder but I like the idea of having no tolerance for losses and just trying to make small gains over and over. I like getting out and moving on rather than being emotionally attatched. Is that still possible to do that (i.e. how fast can you really get out of a stock?). I planned to avoid the really fast movers and pick large cap, high volume, volatile but not hectic stocks. 4. Reviewing the trading days activity every day to analyze mistakes, lessons, etc. I read that MB TRading had a tool that actually let you record the entire trading day and replay for post analysis. Does Cyber have this kind of functionality? 5. Continue to read as many books as possible to try and find out what makes a successful trader and imitate it. 6. Give it a year or two and let go of the dream if I did not progree satisfactorily. Anyway, I will save your post and keep biding time.. Good Luck. MB

To: William W. Dwyer, Jr. who wrote (1612)	1/9/1999 6:56:00 PM
From: Scott Moore	Read Replies (2) \| Respond to of 3216

Mr. Bill, Words from a wagerer (I use to own a poker parlor). You also pegged the strategy of the better poker players, ie: Play fewer hands which statistically have a success rate relative to your board position. Make better starting hand selections as stated in text books. Reading people/the situation is a vastly better trait than nerves of steel or IQ. BTW, I believe there is no such thing as a discipline gambler. There are gamblers and then there are wagerers. Gamblers are in the game for the action and almost always go home broke or in debt. Wagerers know when to cut losses and have resources to come back for the day when everything sync's-up. And, then on the winning days, the wagerer looks at his profits versus time invested. I mean if you are up $300 after sitting in the game for 30 minutes, call it a day. That is $600/hr, if you sit there another six hours the odds are tremendously against you improving that relationship of time vs. money. I have mixed feelings on the use of stop-losses, but then I haven't daytraded for about a year. And I always only take a trade knowing I'm willing to average down if necessary during a longer hold period. Regards Scott

To: William W. Dwyer, Jr. who wrote (1612)	1/9/1999 9:36:00 PM
From: KM	Read Replies (1) \| Respond to of 3216

Hi Bill. Interesting post. I'm a woman daytrader (as you know) and I have to say I agree with your comments on that subject. I've made money consistently from day one and live totally on my daytrading income. It's sort of a cliche, but there's that old "woman's intuition" which has really been useful in trading, of all things. It directed me to a really nice short trade this week in WCOM. In all fairness to the guys, though, I did have many years of experience in position trading prior to starting. Anyway, hope you and yours had a great holiday season. T

To: William W. Dwyer, Jr. who wrote (1612)	1/9/1999 10:54:00 PM
From: Logistics	Read Replies (4) \| Respond to of 3216

WOMAN DAYTRADER HERE - Yes there are fewer of us but we are more successful = it has been statistically proven. Reason is that woman are more likely to take their small loss and move on to the next one. Men are stubborn and hold longer therefore, missing out on the important trading rule - smaller losses / bigger gains (just a generalization not all men). Furthermore, I noticed on the boards that men spend an awful lot of time arguing with each other over whether or not a pick is good, who had the best pick, who made the most money blah blah blah.... Total waste of time which could be spend searching out the next trade etc.. Ok guys - let me have it. JL