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Strategies & Market Trends : Are you considering quitting your dayjob to daytrade?! -- Ignore unavailable to you. Want to Upgrade?

To: SpongeBrain who wrote (3)	1/17/1999 12:56:00 AM
From: TA2K	Read Replies (3) \| Respond to of 611

"....It seems like its worth a try, instead of wondering 'What if?....' for the rest of your life." Yes, I agree. But that's equally true with any profession. And with trading, entry costs are fairly minimal. Unlike saying, "I'd like to try out being a doctor, or a lawyer...." However, I've lost more trading than the total tuition costs of both combined, though expect to make it back, and more. We'll see. If you are going to try for real, not just playing around, I think you've got to be extremely serious about it, and treat yourself as hard as, and have expectations of yourself equal to, what a good employer would have of you -- on time, diligence, trustworthiness, being self-motivated, continuous learning, being a lot better than average, etc. In Market Wizards, someone said that you shouldn't put much money into trading (and I'd think this applies equally well to tending toward trading as a career), until you are able to take your original investment and triple it. After you triple it, then you can start to think about expanding. Best of luck.

To: SpongeBrain who wrote (3)	1/17/1999 8:11:00 AM
From: Ken Adams	Respond to of 611

SB, Interesting thread. About 20 years ago I went full time. Before computers, before instant executions, before level 2, etc. Over the course of 2 years, we took a few trips, ate well, spent a lot of time together... and lost about $50K to the market. I went back to work full time. Fortunately, I have a job in outside sales in the Graphics field. My day is my own and I'm in the car most of the time (with a cell phone) or at home in front of the computer. As long as my sales are at or above quota, no one says a word to me about my time. This allows me to trade without pressure. I now take somewhat smaller trades, get out quicker and am satisfied with 2-5 trades a month of 2-7 day duration. Many times I only get 3-5% on the winners, but I only pay $9.95 each way, no matter what. So far this year I've had 2 trades. One is closed with a solid 10% gain in just one day. The other is still open and up about 4-1/2%. I doubt I'll ever go back to the full time pressure trading. Ken

To: SpongeBrain who wrote (3)	1/17/1999 8:54:00 AM
From: Ron McKinnon	Read Replies (3) \| Respond to of 611

Mr Brain good idea for a thread; hope everyone stays on subject first, a perspective the last few months with the internut frenzy where a stock moves 10% in minutes or 30% to 500% in a day is like nothing ever seen before and the over market for the last 4 years with 20-30%+ annual returns is also unique in market history thise WILL change; just a matter of when ---------------------------------------- you are 26; have a degree, Double Major: Computer Science & Math, which you say was a waste of time my son is 24, graduated last year, honors, BA Economics/Math, BS Computer Science he was hunted down like an animal by companies looking to hire him started out at a salary at least twice the national average income, wears jeans to work, is on flex time, works a 4 day week during the summer, has unreal benefits his 5 year education was not a waste of time but being in the high tech field, he has no conception of what "reality" is in the work force by all traditional definitions something like the lack of reality in this market in Jan 1995 he got a modest trust fund when his grandmother died a portion is sitting in INTC from a pre split cost of $15 some went into Magellen when it was in the dumps and some into a S+P Index fund I wonder how many full time daytraders have the same % returns over the last 5 years as he has enjoyed with NO time expended ------------------------------------ you say >>>>You can ALWAYS go back or get another job, so it seems like its worth a try well that is true in this low unemployment time, and in your field of Computer Science; but it is far from true for all; being "flippant" about a job can cost a price and at 26 you have a good half century ahead of you that will require an income ---------------------------------------- I posted this on another thread a while back; and think it is true Jan 9, 1999>>> everybody and their brother tries their hand at daytrading 30% lose all/most and quit 30% lose and keep on trying, throwing good money after bad 30% ebb and flow; make less than they would in a in a decent mutual fund; much less 5% do ok; maybe squeek out a living; less than a day job and an Index Fund for their funds, combined 5% do well, beat the market; make more than they would in a day job; have some fun and freedom; get a lot of grey hairs (those that they have not torn out) 1% take the fortune they made daytrading; put it an index fund and tax free muni's; kick back and enjoy life and 80% lie about how they do 99% bitch about their broker and the market makers -------------------- I am not trying to talk anyone out of trying their hand at this maybe I'm just an old fashioned fuddy duddy who is over cautious but I have dabbled in the market since your birth year give or take so have a small concept of what this war is all about I think there are two times in ones life when trying this makes sense when you are young, can live on a shoestring; have little or no debt, few obligations, and no family depending on a weekly paycheck or later in life, when you have set aside a resonable asset base and have most obligations behind you I may post some more thoughts later; just wanted to toss out a few cents this morning best of luck to all

To: SpongeBrain who wrote (3)	1/17/1999 4:04:00 PM
From: HoodBuilder	Respond to of 611

What you might not realize is that it is totally impractical to think you can trade for 1 or 2 hours a day. The market doesn't always work on your schedule and a trade entered in the morning may take more than 1 hour to turn to profit.

To: SpongeBrain who wrote (3)	1/19/1999 11:34:00 PM
From: Pruguy	Read Replies (2) \| Respond to of 611

As a professional investment advisor who preaches prudence over greed,i think anyone who quits a job to day trade, no evil intended, deserves what they get, which will be less money than when they started....Sure some people can do it successfully, but that is true of vegas and the lottery. Every approach has its percentage of winners, but day traders are a group who are hopefully having fun and not loosing their retirement money, just their play money.