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The following is just my experience about daytrading.
I was a floor trader from 1989 to 1996. Yes, I was making some money, but won't
be becoming rich in anyway. But the daily stress is killing me, as in burned out
and
high blood pressure, thats why go to move upstairs, or I just drpped dead on the
floor one day. I am happy right now as off floor and position trading. My off
floor
daytrading activities is a joke these days. Willaim Eng wrote that 34 years old is
already an old timer in the floor trader business.
Maybe for the newer traders, they need excitement also, and wants instant
gratification
for their "work". Hope they last long enough and mature/evolve to become,
aaahhh....
slower/more boring but definitely more profitable traders.
KIMBOLEGSA@xxxxxxx wrote:
> In a message dated 98-10-25 11:10:24 EST, FelixTY wrote:
>
> << Here's something I just picked up from the newsgroups. Not bad.....
>
> -----------------------------------------------------------------------------
> ---
>
> What is the best way to trade futures? There is none. There are so many
> ways
> to trade, and so many successful traders trading in different ways with
> different strategies. What it boils down to is the individual. >>
>
> I have come to the same conclusion and agree with the above. It has raised
> another, related, question in my mind.
>
> If it is indeed possible for anyone to be a successful trader, I'm not sure
> that everyone can do it on any timeframe.
>
> Is it possible that successful short term/day traders have a different
> temperament, attention span and self-discipline profile from successful
> position traders?
>
> It seems that those attracted to daytrading tend to be more impatient. It's
> ironic that the stronger this attraction, the more likely it is that it may
> not be the best choice for these individuals.
>
> I also see a correlation between the psychological make up of traders
> employing a discretionary/intuitive approach and the ones who prefer a
> mechanical system.
>
> I'm puzzled when I read someone as experienced as Felix write that money can't
> be made day trading - position trading is the only way to go etc. (apologies
> for the para-phrasing).
>
> Did anyone give any thought to their own personal psyche before choosing
> trading timeframes/methodologies or do most of us just dive in, somewhere,
> anywhere, suck it and see?
>
> Then, if it doesn't work out for us, do we immediately (perhaps, too soon)
> assume that the loss was inevitable because of the timeframe or methodology?
>
> Rgds,
> Kim
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