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With all due respect, just because you were not successful at daytrading
doesn't mean that nobody can succeed at it. I know several exceedingly
successful daytraders.
In a message dated 2/10/99 4:29:52 PM Pacific Standard Time,
paradigm-1@xxxxxxxx writes:
> Let me add my two cents worth!!
>
> In my opinion there is a great difference between daytrading and
> position
> trading. it's all about the law of averages and those who Daytrader, will
> eventually lose or break even. Because remember we are all humans and
> discount the human emotional factor as much as you want, it usually turns
> around against us. I have been on both sides of the fence, daytrading as
> well
> as position trading. let me define position trading in my context,
position
> trading means holding a position no longer than 1 week and can be short as
1
> day. Also, I only engage in the futures markets and stay away from the
> indexes, including the E-Mini.
> During my years as a daytrader, my results fluctuated all over the
place!
> !
> some weeks I was making a killing and other weeks I was complete dead.
This
> meant, that this style of trading had no consistency, and when there is no
> consistency in your trading, your basically heading down the road to
> destruction in the longterm. By analyzing all my trades during daytrading
> and
> then comparing them with my position trading years, there is a clear trend
> visible. The best thing to do, and all traders must live by this is that
you
> never BUCK THE TREND!!!, always ride the trend.
> In hindsight, only my position trades generated sufficient capital to
> sustain my account as well as provide any clear form of consistency in my
> trading strategy. On average my trades where more profitable as compared
to
> daytrading where on average my profit ranged from $100 to $500.00 per day.
> In
> contrast the losses were equal if not greater.
>
> My only advice is if you understand the market and have the experience
> and
> emotional disclipine, then Daytrading is the right move. Otherwise you
> might
> as well as flush your money down the toilet, and this would less stressful.
>
> Regards,
> Adam
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