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Linda
I know what you are saying...I have a method that I have developed and
has had good success. I have traded it on the equities side and have
traded it on the futures side using "out of the money options". It has
worked out well.
The key is when trading options is to trade as if you were trading the
out right contract. Put stops in and everything. Don't be greedy, be
happy with a 100% return, don't look for the 500-900% returns.
I also love to scalp, that is my bread and butter. I found having a
good broker watch the moves for you to be a great help.
--- Linda Swope <lswope@xxxxxxxxxxx> wrote:
> Regarding Norm's and others' suggestion of longer
> terms trades:
>
> I'm coming around to that point! I sure was ready to
> give up the stress of
> scalping! My new system sees the trades. I believe
> this system will suit
> my personality. All things point to go, but I've
> been afraid to pull the
> trigger for one reason. I'm afraid to hold anything
> overnight. A stop
> won't protect me from a major move overnight against
> me.
>
> Help me face that fear and I'll be ready to go!
>
> > The bottomline is that the daytrader must
> undergo many times the
> stress
> >than does a longer term trader in quest for a return
> on capital that is
> attained
> >by very few and that probably more likely would be
> attained if they
> lengthened
> >their time horizon. Additionally, if one has a
> successful long term trading
> >strategy, there is no reason that one couldn't keep
> another job or
> profession,
> >entering orders before the market opens, and
> therefore maintain another
> income.
> >So the cost of daytrading is potentially loss of an
> income from another
> job,
> >business, or profession, paying high fees and
> commissions for quotes and
> >brokerage, and unknown and unlimited personal and
> health costs due to the
> very
> >high stress.
> >
> > I was a floor trader in Chicago for 12 years,
> so I know about
> >daytrading.. It was alot of fun when I was in my
> 20s. It was less fun in my
> 30s.
> >It was then, in anticipation of where I wanted to be
> in my 40s, that I
> started
> >to train myself to trade from off the floor and
> started a long journey
> toward
> >learning how to trade on a longer term basis. I had
> studied many traders
> and
> >money managers and concluded that the really big
> money was made from off
> the
> >trading floor on longer term positions. I don't
> think George Soros or
> Warren
> >Buffet do very much daytrading. Yet, they both
> started with relative small
> sums
> >of capital and have built up their capital far
> beyond what most daytraders
> would
> >ever dream.
> >
> > I have spent the last dozen years on a path
> that has taken me from
> holding
> >positions for as little as a few seconds to a few
> hours to now taking
> positions
> >that I sometimes hold for weeks or months. I am very
> happy in my current
> trading
> >and life style. I am now away from the trading
> floor, the high stress of
> short
> >term trading, and I live in a paradisic part of the
> world. I find it very
> ironic
> >that the rest of the world seems to be rushing in
> the opposite direction.
> They
> >remind me of the moth wanting to fly toward the
> flame, a brilliant but
> short
> >existence.
> >
> >Relaxedly,
> >
> >Norman
> >
> >
> >
> >
> >>
> >>
> >> linda@xxxxxxxxxxxxxx
> >> Climb the mountains & get their glad tidings:
> Peace will flow into you as
> >> sunshine into flower; the winds will blow their
> freshness into you &
> storms
> >> their energy, & cares will drop off you like
> autumn leaves. John Muir
> 1838 -
> >> 1914
> >>
> >> -----Original Message-----
> >> From: Dtrader <dan@xxxxxxxxxxxxxxxxx>
> >> To: RealTraders Discussion Group
> <realtraders@xxxxxxxxxxxxxx>
> >> Date: Thursday, April 01, 1999 12:19 PM
> >> Subject: was [Bull Market]
> >>
> >> >
> >> >
> >> >on the other hand, so do 90% of artists,
> musicians and most new
> businesses.
> >> >
> >> >i'm not real sure this statistic has much
> relevance.
> >> >
> >> >dan
> >> >
> >> >
> >> >
> >> >-----Original Message-----
> >> >From: Norman Phair <ericrogers@xxxxxxxxxxxxx>
> >> >To: RealTraders Discussion Group
> <realtraders@xxxxxxxxxxxxxx>
> >> >Date: Thursday, April 01, 1999 1:59 PM
> >> >Subject: Re: Bull Market
> >> >
> >> >
> >> >:I have heard figures as high as 90% of the
> people that do day trading
> >> >:fail. No work, no reward.
> >> >:
> >> >:Norman E,
> >> >:
> >> >:> "Peter M. Beckwith" wrote:
> >> >:>
> >> >:> Great post, Ira.
> >> >:>
> >> >:> Not only are there more on-line trading
> commercials than beer and
> auto
> >> >:> commercials, but the content and substance of
> these commercials is
> >> >:> completely off-line. The firms that sponsor
> these commercials hire
> >> >:> teams of lawyers to settle suitability of
> investment lawsuits and
> >> >:> arbitration suits all them time from people
> who lost their shirts(not
> >> >:> to mention their homes) after daytrading on
> the internet for a couple
> >> >:> of months. You would think that after all of
> the horror stories out
> >> >:> there about people who didn't understand what
> margin was or that if
> >> >:> the stock goes against you x percent you have
> to meet the cash
> >> >:> requirement, the firms themselves would take a
> more responsible
> >> >:> stance. Instead, most of us who keep CNBC on
> in the background have
> >> >:> to watch an Ameritrade commercial about a mom
> and housewive who can
> >> >:> take the kids to school and throw some money
> in a biotech company to
> >> >:> the tune of $1700/day or the guy who owns his
> own island, etc...
> >> >:>
> >> >:> I don't know what we are going to see with
> this market, but one day(I
> >> >:> hope) we can look back and just laugh at how
> absurd those commercials
> >> >:> really were. I am hoping it is sooner rather
> than later and then
> >> >:> maybe, just maybe the public will understand
> that trading is a
> >> >:> profession, not a hobby that you take up in
> your spare time...
> >> >:>
> >> >:> Pete Beckwith
> >> >:>
> >> >:>
> >> >:
> >> >
> >
>
=== message truncated ===
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