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In a recent post (sorry, lost the exact thread), it was mentioned that Gary
Smith, author of "Living the Dream by Profitably Day Trading Stock Futures",
had stated that it was not possible for a home-based/off-floor trader to
profitably day trade stock index futures. I believe this is a
misunderstanding stemming from a letter Gary wrote to Club 3000 (Issue 97.10)
titled "The great myth of scalping the S&P for a living". In the letter,
Gary refers specifically to SCALPING the S&P, which he defines as multiple
trades per day with tight stops of 50 to 60 points and small profit
objectives. The system that Gary used to sell for S&P day trading involved a
single trade per day and had stops on the order of 100 to 200 points.
According to his letter to Club 3000, Gary is still a trading (presumably
still from home) and consistently profitable.
I have no financial interest in any of this--just a point of clarification so
as not to unduly depress aspiring day traders.
Regards,
Walter Baker
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