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With all due respect,Bryan,where could interested parties contact the
person you mentioned in this brief excerpt from your message below?
[1st time poster re this thread]
"
> I have explained it before, and there is no need to go over the math again. It is >quite simple.I don't have a 200 IQ, but my CPA sure does, and we worked out all the
> options before I even thought of going professional.
"
******************
"Bryan K. Mulholland" wrote:
>
> I guess that leaves out the starting or aspiring daytraders from your
> standpoint. There is no argument about your input about being successful.
> Not everyone starts out with a golden egg in there lap with a gift to trade.
> I sure didn't get it when I started. Hell, I got into the field with $2800
> and worked that up to $30,000 to apply to be professional. I would call that
> successful wouldn't you. By the time I got my license (Series7) and was
> hire, or shall I say accepted, I had a lot more capitol to trade. But my
> point is that it was a tool that I used, a great tool for that matter, that
> allowed me to achieve what my account is today. I don't care how good you
> are with your money management and trading, true capital conquers all.
> Trading successfully will bring you a nice account, trading with large
> capitol will bring it faster.
>
> What rules, as they have not changed for me. Oh, there is one. I get fined
> a $100 if I short a stock on a downtick, and only after my third warning. I
> guess that the software has not put a block in that problem. The only
> disadvantage that I see as being a broker is that I pay $200 more dollars in
> data fees, as required by NASDAQ and NYSE. I see no argument what so ever
> about paying such little amounts to gain so much. Lets squabble over dollars
> so we can earn pennies. Let us pay $17.99 a trade, or be a Series7 and pay
> $1.50. I think the math speaks for itself. I guess I feel that pain all the
> way to the bank. For all that are interested, you do learn a few things
> while studying for this test. It is called financial planning for the rest
> of your life. Learning about bonds for you retirement, options, history,
> rules of the road so when you retire, you know what to look for in hiring a
> professional to manage your retirement capital.
>
> Holding a long term position can be good and bad. Depends how right you
> are. My average position lasts 6-10 bars. That would be close to 1-2 days.
> But if you hold the long term position, then why are you a Daytrader? Why
> would you need to classify yourself as a 'Mark to Market" trader when you
> are holding for weeks or months a time. This email was directed towards
> those quick positions, with ultimate tax benefits. I have explained it
> before, and there is no need to go over the math again. It is quite simple.
> I don't have a 200 IQ, but my CPA sure does, and we worked out all the
> options before I even thought of going professional. Let's not forget a
> business expense is a loss as much as a bad stock trade is a loss.
>
> Successful daytraders, financially wealthy and experienced, as we all are
> on this list, need every tool that they can grab. If you have millions in
> the bank, then I bet you are chuckling at this moment about several traders
> saying "Do it my way! I got the best route!" Hey,,,,, to each is his own.
> But for the volume of personal emails that I have gotten over this ( I do
> apologize if I have not gotten back to you, as I cannot answer everyone, I
> would be here all day typing on the computer), there seems to be quite an
> interest. Don't listen to my positive input, don't listen to the bashing or
> the negative input. Take the time to research this yourself as I did, and
> choose the right path for your trading style and motivation. You would learn
> some things, and maybe find something interesting. A person would get
> nowhere if he was told that everything was a pain in the ass to
> accomplish.......
>
> -----Original Message-----
> From: Sigstroker@xxxxxxx [mailto:Sigstroker@xxxxxxx]
> Sent: Tuesday, July 24, 2001 10:35 PM
> To: Omega-list@xxxxxxxxxx
> Subject: Re: looking for retail day traders
>
> By the rquirements given, successful documented track record etc., the
> typical trader that meets those requirements doesn't need the capital. They
> have, by definition, been successful enough to have built their account.
> Most
> stocks that are the best for daytrading aren't liquid enough to move more
> than 2 to 5 thousand shares at a time anyway. A Series 7 is not only a pain
> to get, but it can be a detriment in a lot of situations because of the
> rules
> you have to follow. Trader tax status can be declared by most daytraders
> anyway, and as someone pointed out, is a disadvantage if you keep any long
> term stuff. The ability to claim losses is moot, because we're talking about
> successful daytraders.
>
> In a message dated 7/22/01 10:13:56 PM Pacific Daylight Time, Sethw2@xxxxxxx
> writes:
>
> > It is nice to see someone finally post a positive response to what I have
> > been commenting on. I have received more positive responses than negative
> > ones, but it is funny that only the people that want to be critical feel
> the
> >
> > need to cc the list with their responses EVERY time.
> >
> > Good luck trading,
> >
> > Seth
> >
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