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I'm a day trader but I'm also a position trader and I can tell you right
now that I have always made more money from the position trades than from
the day trades. When I began this, I had $85,000 and I lost right at
$50,000 before I got it turned around. (Every dime lost via day trades).
Part of getting it turned was the realization that regardless of how many
years I'd been an investor, I was woefully unqualified to be a short term
trader. Once I began to make position trades which were much the same as
my investments, I began to do a lot better and with the confidence gained,
I began to do daytrades with a new perspective which worked and continues
to work although never creating as much return as the longer position trades.
As to my success as a trader, I have averaged between 40-50% each of the
past several years which is not earth shattering but was done totally in
equities and without ever once being in AMZN, YHOO, SEEK, or any of the
other Inet flyers. Even for a trade of a few minutes, I invest... I do my
gambling in Las Vegas. Finally, to put it all in perspective, I currently
trade an account of slightly over 1 mil although I have 2,000 shares of LU
and 2,000 of T which would still fall under the "investment" catagory as I
intend to hold them for a very long time regardless of market fluxuations.
(Unless if it looks like Gore is going to be elected, .. then, all
investments will be short. :))
Best trading to everyone and sorry if this got a bit long .. I just wanted
to be specific since few have.
Bob
At 11:20 AM 7/18/99 -0600, BrentinUtahsDixie wrote:
>I don't have a real answer but it may be "right" because of a couple of
>things.
>
>Since joining this forum I have seen 2 persons state that they make a good
>living from day trading on this forum. There have been many implied
>statements but only 2 have laid it out plainly. Secondary (or primary other)
>incomes blur the picture for many traders because you can't be certain of
>the actual trading success.
>
>Also I suspect that most day traders go into it underfunded. They get a tax
>refund and decide to become a day trader with a few thousand dollars. There
>must be millions of these 'temporary" traders so all in all the number may
>not be too far off. Now of those traders that a well funded, seriously
>prepare to trade, have emotional stability, can execute well, and lastly
>educate themselves on how to proceed the percent is probably much better in
>a group like that.
>
>I think that most traders that have even the best trading plan or system
>lose it in the mechanics. I hesitate to say trade management because that
>means almost nothing but how you actually put on the trade and exit it makes
>a world of difference.
>
>
>Brent
>
>-----Original Message-----
>From: T-Bondtrader <t-bondtrader@xxxxxxxxxxxxx>
>To: RealTraders Discussion <realtraders@xxxxxxxxxxxx>
>Date: Sunday, July 18, 1999 3:18 AM
>Subject: Re: FUT: Stats on Day Traders
>
>
>>There seem to be some silly statistics being bandied around (on other
>>forums) showing the success of day traders being as little as one tenth of
>>one percent (the of what is not alluded to!). While most of the
>>propounders of such figures seem to be position traders or vendors of such
>>systems or services, it would be useful to know of the reliability or
>>otherwise of such statements. Does anyone know if there are any creditable
>>figures, concerning day trading or indeed position trading of individuals -
>>not professional houses, which will always be a mixture. I imagine it is
>>probably impossible to garner any figures that mean much, but it would be
>>interesting to know if there are any, at all.
>>
>>In hope rather than anticipation
>>
>>Bill Eykyn
>>www.t-bondtrader.com
>>
>>
>>
>>
>>
>
>
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