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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 (231)	1/19/1999 12:18:00 AM
From: Candle stick	Read Replies (2) \| Respond to of 611

I have to laugh...you try it....what are you going to do when you buy XCIT at 48 7/16, cut the spread, BUT the next bid suddenly drops to 47 1/2 the offer goes to 48 and then it starts dropping points at a second...12 seconds later it is 43-44.....now what? You think you can just bid and offer inside a wide spread and get hit and paid all day? There are 25,000 so called "daytraders" trying to do this and 24,500 of them are losing their shirts ...there may have been a time 5 years ago when this could be done, with just 500 traders out there in the baby stages of the business...now you better know the stock you are trading, how it trades , the levels it tends to cling to, who the hammer is in the stock, what the rest of the industry is doing, relative strength of the stock you trade compared to the rest of the industry and the SP 500 that day, etc. etc. etc......no trained chimps in this business....just lots of plucked turkeys........;^)