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>Daytrading the SP (IMHO) is THE hardest game in town. It takes a >special type of person to succeed at it. Those who've "survived" know that >it takes much more than a mechanical trading system or some software >package to give you the "edge". The MOST important factor is inside the >trader. If s/he survives, even makes a little $$ while paying their tuition >in the mkt, then usually you can say it's because they've learned a little >something of the NATURE of the market.
There's a strong debate currently about day trading: someone push it, looking at a new area where make business (magazines, books, tapes, seminars, etc.), while other perceive a new trading dimension, given the possibility to avoid overnight exposure by definition. But almost all agree day trading is a difficult task, more difficult and risky than position trading. If day trading is difficult, profiting from day trading the S&P's appears to be almost impossible: the trader's success factor of 10% (90 over 100 lose their money trading futures) cut down dramatically to single digits. If this is true, why so many people challenge this beast? If there are other place where money can be done easier, why don't move there? maybe trading pork bellies is less honourable than trading s&p, also considering the higher margin required in this case, and worse trade execution (i.e. huge slippage)? Sometimes, I believe trading is a matter of ego gratification, rather than a way to reach a better position in the society: maybe gaining 1 million $ on frost chiken (or other less noble item, my apologize to these kind of traders!) has less value then gaining the tenth part of it on the snp? Which is the mission of trader? To make money, or to exhibit its preys to his aristocratic friends? in the latter case, forgive me, I prefer making money and eating in the kitchen... :-)
ciao
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% Gaetano Arnaldo Evangelista - BARI (Italy) E-mail: ageitaly@xxxxxx URL: http://www.geocities.com/wallstreet/8492 %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
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