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Strategies & Market Trends : Trading For A Living -- Ignore unavailable to you. Want to Upgrade?

To: Dave O. who wrote (1580)	4/19/1999 8:31:00 AM
From: William W. Dwyer, Jr.	Read Replies (1) \| Respond to of 1729

Dave, I guess the folks who just "played of CNBC movers, internet or MSFT, INTC, DELL, etc." maybe don't do so much work, unless, of course, you want to consider that it's "work" just sitting all day in front of several large video monitors, watching (sweating) every little tick, watching many, many tickers, charts, TOS and Level II windows, scanning the news, maybe watching CNBC and one or more internet chatrooms, all the while betting large sums of money that you can guess that your stock pick du jour will go up and that you will be able to successfully exit with a profit, hoping your software doesn't crash on you for some reason, you don't have a hardware problem, a network connection/data line problem, problem with a busy internet, or your broker doesn't have any one of a number of minor problems that could have a major impact on your portfolio. Anything goes wrong and, depending on which stock you're trading, you could lose in minutes what it took you weeks or months to accumulate. Sitting up half the night reading S.I. threads, Wall Street Journal, and a million other websites, trying to figure out what to trade, how to trade.....all that is work to me...substantial work. The real work comes, however, when trying to follow strategies of your selected stock market guru. I followed Ken Wolff's strategies for over a year, watching the market intensely each and every morning for several hours before the open, all day during trading hours, and more study afterwards. Trying to figure out which stocks are going to go up or down and how much and when, trying to predict "tops" and "bottoms" and trying not to screw up anywhere along the way.....all that adds to the work. It's the most work and the most stress I have ever done in my life and it's all been done for nothing....not only has it been done for nothing, no reward/profits, but I have actually lost money over two years, done all that work and payed for the privilege. Most of the people I know have similar stories. We have all made thousands of dollars in a single day, but at the end of the year that money is no where to be found. Now I position trade only and I find myself working about 80% less and making nice, consistent profits. So, like I said, I know what works best for me. Too bad it took me two years to figure it out. Bill