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

To: Sam LBI nj who wrote (309)	1/20/1999 11:52:00 AM
From: Kevin McKenzie	Respond to of 611

A less-risk alternative. Here's a lower risk alternative to relying soley on your day-trading income to run your household. If you are married and both of you work, one can quit to daytrade while the other earns money for the house. Ideally, you live within your working spouses earnings. That's the arrangement we have at my house. It has several obvious advantages: (1) You can start with a lower level of trading capital, since you don't have to make enough to pay the bills. (2) You are under less pressure (for the same reason as #1) However, don't assume there is no pressure. Daytrading is high stress, regardless of the circumstances. (3) You can more freely take a "break" from trading for a day or two, when necessary, without feeling so much pressure. (4) If you have kids at home, you get to stay home with the kids. Another warning -- kids will cloud your judgement at times during the trading day. I sometimes have to exit a position at an inappropriate time because of a minor kid crises. (5) You do actual day trading, rather than paper trading from your full time job. I agree with the other traders that paper trading is practically useless except to give you a rough idea of how stocks move and how you will react to such movements. There are of course disadvantages. Probably the most important is: it is the pressure of having to earn a living that drives many day traders to excell. But overall, I think this method is the best of both worlds.