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

To: Wayners who wrote (218)	1/18/1999 7:37:00 PM
From: SpongeBrain	Read Replies (6) \| Respond to of 611

A scalping daytrader does this all day long, and so can a 3rd grader: This is what I've read: ..."company Excite, opened at around $50 per share. After a few minutes of trading it pulled back so that its bid was 49 3/8 and its offer was 49 3/4, a 3/8 spread. Taking advantage of the wide spread between bid and offer, he bid 49 7/16 for 1,000 sharesa 16th over the best marketmaker bid. Having topped the marketmakers' bid, Milman got first in line to execute an order at market. The first 1,000 shares for sale at market went to him at 49 7/16. Almost immediately he offered to sell for 49 11/16—still lower than the asked price posted by the big marketmakers. Milman guessed right, and the stock was taken off his hands in just 12 seconds. In a few strokes of the keyboard he netted $210 and cut the spread by 1/8 of a point. " People make a 7 figure income doing this, and playing THIS short term is analgous to playing video games, IMHO. No emotion, no research, no finance knowledge, no nothing! Just find a spread an cut into it! I can train my retarded chimp to do this, but I think he he's busy running a few mutual funds on his spare time. I'm off to buy him some new darts and some rabies shots, bye!