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Jeff I do but I'd hate to start from a position of having to. By this I
mean the learning curve can be a minimum of a year and if you don't give
yourself enough time to fail you will never succeed. Trading is like
playing cards read all the books you want but you don't learn it until you
do it. You must expect failure to survive. Day trading is tough for the
following reason you do it more than position trading and its like flipping
a coin the more you do to more changes you have to be wrong. I know this
and I'm a poor math student and the transaction costs become a factor,
slippage usually works out to be about even unless you get burned like you
could have of late in the S&P. If your getting scared you are learning the
first lesson of day trading that Jeff is healthy fear. The only cure to
your fear comes from you and your own built confidence trading. I always
say never boldly go into these markets go like a sacred lamb in a den of
lions. Survive baby no matter who tells you what or if doesn't work as long
as it the same for everybody its acceptable to trade. Your enemy is the
floor trader and your victim are people like yourself. You learn to think
as the victim does and react like a predator if the floor trader doesn't
get you first. When you win your alone and when you lose your alone. Maybe
not begin to make this a tool to earn a living but as a way to increase
income until the day comes you feel you can beat the odds an survive. Day
Trading is hard work and its is a mental strain until you get use to it as
the ups and downs are extreme. One bad trade years ago could effect me with
severe depression and one good trade made me feel like a genius took a
while to find my balance. If I had to do it over again, don't know its hard
then its the easiest thing in the world but the constant pressure to make a
living never leaves until my next trade. Money isn't everything in this
world is my point neither is day trading. So do what Jeff says to do not
this list no matter what we say.
Robert
>
>____________________Reply Separator____________________
>Subject: Who makes money?
>Author: Jeff Caplan
>Date: 10/24/98 5:51 AM
>
>Hi folks..
>
>I'm getting scared. I'm just getting into S&Ps and Bonds after a long,
>long layoff from the futures business. I've delved into trading enough
>times that I'm cured of indicator fascination.
>
>Within the last two days, a newbie posted a request for all the closet
>profiteers to come out of the woodwork and let him know whether they making
>a living off day trading, and day-trading alone.
>
>I eagerly waited for the responses from all the "pro's" I keep reading
>messages from.
>
>But, I think I've seen ....
> *150 posts on how evil Bill Cruz is
> *10 posts on how heavenly WoW is
> *10 posts on whether all trading S/W companies are run by crooks and
>infidels.
> *A lengthy semantic discussion of momentum and velocity.
> *Some discussion of ELA code (!)
>
>...and not a single response from anyone saying "I make a living by
>daytrading."
>
>I'm starting to seriously wonder whether trading leads not to profits, but
>to bitterness, and a lot of free time for cranky message writing.
>
>So I'll ask again on the newbie's behalf:
>
>Is anybody making their *primary* living daytrading? (Not designing/selling
> futures related products/services while trading)
>How do you pass the time during the day while trading?
>To what do you attribute your success?
>Is your trading mechanical or discretionary?
>Do you think you're one-in-a-million, or can your success be emulated?
>
>Thanks for any responses. They're greatly appreciated...
>
>Jeff
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> |X|
> |X|
> |X| Jeff Caplan WCBS Newsradio 88, New York
> |X| http://www.newsradio88.com/behindmic/jeffpat.html
>
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