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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade -- Ignore unavailable to you. Want to Upgrade?

To: Ken Wolff who wrote (1954)	5/17/1999 5:52:00 PM
From: Ken Wolff	Read Replies (1) \| Respond to of 2120

In my position at MTrader, I have the opportunity to work with many traders, and people learning to trade. This has given me some insight into the problems confronting people as they learn, and the areas where they go wrong. It also has given me some insight into the kinds of people attracted to daytrading as a career. I see two groups attracted to daytrading: I. "Get rich quickers" II. "Freedom seekers" The first group dream of making millions. They take high risks. They generally have separate careers, and are not depending on daytrading for their survival. This group takes large risks, makes large gains, and takes large losses, often putting them later out of the game. They generally don't pay too much attention to theory or methods. They have guts and not alot of method to their madness. The second group I see are the ones who dream of making a living at daytrading. They are the retired executives, realizing they have had nothing from their family,and want to now stay home. They are the moms who don't want their kids to grow up in daycare. They are the families that want to live in less densely populated areas, where jobs are scarce. This group wants the freedom that daytrading affords, with the benefits of a nice living. This group generally puts more effort into learning, but is plagued by the fact that their money has been hard earned, and they are scared. They are also often put under the added pressure that they are trying to live off of this money. (cont...) Ken www.mtrader.com