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Since AT LEAST 90% of all traders lose money, and especially daytraders, I
would monitor that group for whatever they are doing and do something
different. I think you will find those who post the most are those losing
the most. Why would anyone who has a successful method want to spend his
time having to explain/defend what he is doing? Sorry, I don't buy the I
want to help others, camaraderie, I want to give something back, etc.
crowd. My experience is that there is ALWAYS another agenda.
Understand, there are people out there who are successful who will for one
reason or another take somebody under their wing. That is a different
situation. Lists and chat rooms can be very, very instructive but seldom in
the obvious way.
Regards,
Tom Alexander
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> From: BrentinUtahsDixie <brente@xxxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Gen: Day Trading aspects.
> Date: Thursday, November 19, 1998 10:47 PM
>
> Hello RT's,
>
> I've been reading a chat channel for a few weeks that has a number of day
> traders on it mostly trading Spoos and Boos. It has been interesting to
say
> the least. It appears to me that most of these traders trade off of
Support
> and Resistance, Fibonacci levels, or pivots within that intra-day data.
Most
> of these traders put on both long and short positions within the same
day. I
> have read a significant amount of grumbling about their trades and the
> quality of that day for day trading.
>
> What I don't understand is not using the prevailing trend and the
developing
> intra-day trend to simply buy/sell pullbacks. For example going into the
> Spoos today we have a super strong upward move that has lasted more then
a
> month. The fed cut rates. The trade is still within an ascending channel
> etc., etc. So why were some of these traders shorting today?
>
> I tried day trading once some time ago and took a beating but with some
> research and careful observation I was thinking of trying it again. Am I
> missing something or is what they are doing an ineffective thing to do?
>
> Brent
>
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