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LHonigAtl@xxxxxxx wrote:
>
> Well, I deleted all the messages about whether or not one could make money
> daytrading; as I recall, there was a challenge from someone who sold me and
> others his system (would that his epiphany came before his advertisements),
> and someone wrote a good note about what you need to have (money, stops,
> patience, methods). I would add two things that you need to have:
> motivation, and an approach that works for you. Sounds obvious, doesn't it?
> Let me explain.
>
> I make money day-trading. Didn't always. (Bought a lot of crap, subscribed
> to everything, traded all over the lot, no stops, made every f*****g mistake
> EVEN IN THE FACE OF READING WARNINGS ABOUT THOSE MISTAKES.) So what
> happened? Lost too much. Woke up. Figured out my aunt wasn't going to die,
> the markets were not going to come to me, I wasn't going to win the lottery,
> and the bank would indeed sell my house for me if necessary. So I got
> motivated. Really motivated. The way I haven't been since I had to jump out
> of an airplane with a parachute on. That I didn't pack.
>
> And what about the approach? As this group knows, I like Bressert's
> CycleTrader, and I like Corn and Soybeans. So that's what I do. I day-trade
> the S&P, using Walter's cycles, and I've already revealed my win-loss ratio
> and approximate earnings. If and when I get more money in the account, I'll
> move to two contracts and try to make more. I day-trade options and futures
> on Corn and Soybeans. A good option day-trade is a double, and it happens.
> Often. Okay, so some are not day-trades, they are overnight or over-weekend
> trades, but I view them as daytrades because you absolutely have to watch the
> market tick by tick and cannot put in open or close orders (unless you want
> to die).
>
> The Bressert "success" has come, I believe, because I like the method. I
> have a feel for it. It talks to me. I like the way it rolls. So I trade
> it. I have no doubt that many methods are better.
>
> The options trading has appeal because I have worked my tail off to
> understand the grain markets I trade. I have traveled to the midwest many
> times, talked to scores of farmers, gone to countless seminars for farmers,
> and have pored over all the data. I love it. I love getting a feel for
> something from a unique perspective. That is, unlike Cargill or ConAgra or
> ADM, I don't have to use the product. And unlike the farmer, I don't have to
> sweat the price to buy clothes for my family. I really enjoy the trading.
> So, my method - forecasting future prices based on fundamentals, and then
> trading quickly on contra-trend moves intraday - works for me.
>
> I tried (and was smart enough just in time to stop) several other ways of
> making money, including stock options trading, index options trading, bonds,
> currencies, and so forth. Just couldn't get excited. And had no method
> other than "several advisory services say to do such-and-such."
>
> Yeah, I make money day-trading. Not a lot, yet. But this is my livelihood.
>
> Good luck.
>
> Larry
Larry: I liked your responses on the other forum even before I read
this one. Best wishes and keep up the good posts. dr marty
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