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

To: JParker who wrote (1593)	4/19/1999 2:03:00 PM
From: William W. Dwyer, Jr.	Read Replies (2) \| Respond to of 1729

"....but in the back of my mind I still think I can do this, and I don't want this to beat me!" Jeff, I said that exact same thing for darn near two years. And it beat me anyway, in addition to wasting about half my trading account in the process. Had I given up on it sooner, I'd be way ahead. I truly believe there are reasons why most traders cannot win consistently over time with daytrading, and the reasons have little or nothing to do with one's being intelligent. In fact, I believe the intelligent ones see early on that it's a loser's game, not unlike the casinos in Vegas. Bill

To: JParker who wrote (1593)	4/22/1999 10:29:00 PM
From: Gary Metzer	Read Replies (2) \| Respond to of 1729

JParker et al, Re: I am uneasy, I think, because of the career uncertainty. I traded initially with Schwab, and at the end was profitable 11 out of my last 12 days. However, the slow execution and reporting killed me in a trade, so I switched to a day trading firm with level II data, etc. I tried doing exactly the same thing of swithing most of my trading from Schwab to a day trading firm (MB Trading). After trying it out for a couple months, just closed out my account at MBT and am now doing 100% of my trading through Schwab again and am profitable nearly every day, usually in the 5 figures. While I'm spending more in commissions and don't have the pleasure of seeing my order filled instantly, my stress level has been greatly reduced. Schwab continuousely improves their system, have phone access, and are creditable enough to handle a large balance. In addition, I get preference for the IPOs they handle which has more than paid for my commissions so far this year. The final straw for me came when I tried to reconcile my statements from Southwest Securities (MB Trading's clearing house). Schwab's statements are clear and concise and I can update my records in less than 1 hour a month. Wish you luck in your switch, but if you were profitable 11 of 12 days it must not have been that bad. When you think long and hard, maybe Schwab is okay after all. Happy Investing. Gary