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

To: Impristine who wrote (104)	1/17/1999 6:26:00 PM
From: Daniel Miller	Read Replies (1) \| Respond to of 611

This is an interesting email that I just recieved about someone who wanted to go into daytrading full time... A good friend of Bernie's has owned a Chinese restaurant for many years. It was a well known establishment in the New Jersey area. This friend has done very well in the markets over the past few years, taking good care of his family and employees. Roughly three months ago, the client informed Bernie he wished to sell his business to raise money to trade stocks. If you know Bernie or I, we gave him an earful about the imprudence of such a decision. Against all our best guidance and sincere advice, the client did in fact sell his business for nearly $800,000 in cash. The results show how little 22 years in the industry can teach you about market irrationality. His first purchase two months ago included several thousand YHOO and AMZN shares. When he called on Monday and we told him that YHOO was up 102 points, he thought we were kidding. $800,000 to several million in just a few months! So much for prudent investing. This client might have gotten it right. We'd call it a bit lucky, but we hope he doesn't give it all back on other similarly hopeful plays. I thought that was an interesting story. -Daniel Miller