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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: sherry who wrote (64)	6/6/1999 12:03:00 PM
From: Eric P	Read Replies (3) \| Respond to of 18137

Personally, I don't have any experience with the daytrading chat rooms that are popping up. I confess to being intrigued about them, but have yet to set up IRQ on my computer. I suspect that much of the chat is designed to lure the sheep to slaughter, though. I wouldn't even consider making a trade from chat advice until I was extremely confident in the integrity of the poster. If I were to go into a chat room, I would probably try the Final Frontier chat room first, the one started by Taf. -Eric

To: sherry who wrote (64)	6/6/1999 12:20:00 PM
From: KM	Respond to of 18137

I don't like them because often they're talking about stocks I've never heard of and know nothing about. I have a small basket of about fifteen stocks which I know the fundamentals and charts of, watch and trade every day, day in and day out. It's not sexy, like chasing the RBAKs, NTBKs, etc. but I feel like I'm on familiar ground in these. The worst losses I've had have been playing news stories, backdoor ipo stories or other things in stocks I am not familiar with. So, I have decided to stick with my little basket. It makes a nice living. Sometimes, I'll do 200 shares of something like YHOO or something like that if it's really got heavy momentum but I always sell out of those early. I played the YHOO earnings run and sold for the last time at 232, missing ~12 more points. I would recommend that you look at Alan's site though at his daily scans (7 Bells). I have traded some of those and done well, even when I didn't know the stocks: hardrightedge.com Re the loneliness of being at home trading alone, I do that too and have two trading partners who I communicate with on ICQ all day. That helps. This is why I am so intrigued by Eric's scanning of all the Nasdaq stocks.

To: sherry who wrote (64)	6/6/1999 12:25:00 PM
From: sam	Respond to of 18137

I have been to several chat rooms. I find that it is good for several things: 1. Getting a read on general market perception. 2. Getting a heads up on stock movements you are NOT following that day (i.e. momentum trades). 3. Feeling out others' thoughts on particular stocks, sectors, news releases, etc... 4. Companionship. But it is not good for getting picks in real time imo. That said, know your fellow posters. There will be those you trust, and those you don't. Most, unfortunately, are not to be trusted. Not that they are looking to screw you, but more likely (as with SI) they will only admit selective info. Thus, it goes without saying, don't ever follow the hype. Remember, if someone has made a move, you are already late to the party. Don't allow yourself to be buying their shares as they corral you into a foolish move. You are not in business to bail them out. But, IF YOU CAN TRUST THEM, you can see what they are playing on any given day AND WHY. But don't let it rule your day. That's just plain lazy. It is a learning tool -- that's all. There's work to be done all day long. Research and analysis (as well as actual trading). Getting other people's picks should never be a priority.