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I have a client who ran 20K to 160K in six weeks Daytrading SP and YX using
very simple patterns. But it was such hard work he couldn't keep doing it.
That is the key: most people do not have a clue how much work, even with a
good system, it is to effectively daytrade the S&P. AND THE STRESS :-[ !
There are over 400 one minute bars in a day, so it is like over a year and
half of daily data (in terms of bar counts) compressed into seven hours. Many
newbies aren't satisfied with one minute bars: they go to tick bars to get
even more and faster signals.
Agreed, most people lose. But many of those new traders are so poorly
prepared they do not even really know what a stop is, much less how to use
one.
Bill Wynne
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