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Author: Sundrop Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 158833  
Subject: Day Trading Wannabees Date: 10/5/1999 10:51 PM
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Warning: Long Post

So many questions. Multiples answer for each I suspect. I was just telling someone that I intended to post something on this topic and was encouraged by her comment to "go ahead" and "you are good".

Well, maybe. We shall all see. In the past year, I've made so many mistakes. I've used market orders, bought spikes, bought market tops, made bad entries and exits; regretted leaving money on the table. I've been fraught with panic and fear in the midst of a trade. I've had phone lines to go dead, power to go out, ISP and broker failures. I've stepped to the bathroom ahead and returned to huge losses. I've lacked patience with winning trades and taken too much risk on losers. I've watched buy orders kick in and have been frozen like a deer in a car's head lights. I've made some mistakes more than once. Once I even blamed a bad short of RNWK on one of those chain emails that gives you bad luck if you don't send it to 10 people.

A few minutes ago I decided to go back to our FAQ to see if I could find something and was overwelmed by the amount of information there. I was specifically looking for something Jazbo said about the use of tools. I didn't find his quote, but he said something about having the right tools to daytrade. As I remember he was referring to level II quotes, but he could have been referring to all tools, including the magic one within your head.

Well, I've graduated from real time ad hoc quotes to Datek's streamer (it's now much better than the original version) to level II quotes and one minute charts. I've studied technical analysis, relied on fundamental analysis. I've surrounded myself by some of the best individuals in the business; those in this room. I attempt to do what 1ncbitin says, "Be a sponge". I read everything about a stock that might have my interest. I try to stay aware of market sentiment and it's reactions to influences. I watch Market Makers show one, sell many.

So let me try to tie all this together. There are no easy answers. Trading is the most complex function I've ever attempted. You will lose more often than you will win. You will pay your tuition in real dollars. Most will fail. I too may fail. But if you put some time and effort into the fundamental art/science of trading; not of making money, you may be richly rewarded.

Good trading to you...and Rock on!(tm)

Jim



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