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interesting observations, Mark.
Thanks
Clint
-----Original Message-----
From: Mark Brown <markbrown@xxxxxxxxxxxxx>
To: Omega List <omega-list@xxxxxxxxxx>; Olin O. Filyaw
<Filyaw@xxxxxxxxxxxxxxxx>; Clint Chastain <flag@xxxxxxxxxxxx>
Date: Friday, January 01, 1999 9:39 PM
Subject: Re: Day Trading
>>If so, then how does that happen? What are they doing that's different?
Are
>all the successful daytraders just incredibly lucky?
>>
>>Clint
>
>
>Clint, I believe there are a few reasons why some make it.
>
>
>1. They start in a position to not need to make a living from it. The
>need for steady money like a weekly paycheck will corrupt your thinking and
>force you to deviate from your plan of action that was so well thought out
>prior to the heat of the battle.
>
>2. They do not need the money that they loose. The enormous amounts of
>money that it requires to learn to daytrade would exceed most people's
>lifetime income. What makes the number of successful daytraders so low is
>that even the few who could make it, dont have enough capital to endure
the
>learning curve.
>
>3. They do not give a flying _uck about anything or anyones opinions of
>what the market will or might do. The very news and opinions that
surround
>them becomes the mortar for their brick wall of defense that protects their
>completely independent thinking.
>
>4. They do not follow the crowd, and there is no pressure on them to
>conform or perform. One absolutely must not be in a position to be held
>responsible for anything that you do. Total freedom from both personal and
>monetary obligations are a MUST, this alone eliminates 99.9%.
>
>5. They have incredible discipline to not buckle under pressure. They
have
>a perfectly clear head and understand fully what they do and how they do
it.
>Battle wounds and memories of defeat are more valuable to them than the
>money.
>
>6. They do not daytrade with the goal of making money. Quite the
>opposite, they would be just as happy in any type of intellectual challenge
>that requires the extraordinary inverted thinking and brilliance required
to
>win at an individualized sport.
>
>Mark Brown
>
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