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Well our daytrader is on his 10th day winning streak gross 8,000* per
day the last two days while this old chicken dog barely eke 1,000
(hey,its a living!) What he is doing right now is raising our standards
even our kids (24 year old traders) are making money more consistently.
No we/they all trade different methods even me am a hardcore techical
purist(and he is not)**....what we can do is only inspire people that
there are individual holy grail in each one of us....if only we has the
tenacity and perseverance to find it. I don't think it is teachable,we
can only observe how others do it and adapt/adjust what fits our own
trading personality. Actually my daily buy prices is really far from my
daily sell prices (maybe because i do my homework,haha)
especially compared to him,on average he makes less than one fluctuation
yet the total net after the day is a few thousand dollars for him,me,
even withg daily better/bigger/superior (haha) margin price of buy and
sell i make less because i don't have the balls to play the position
sizes he does....so its different for each person.we can only be
inspired and do the market only at our very own style.
BUT......its like eating sausages..those who likes to eat should see how
they are made.....he buy a million dollars worth 6-7 different shares
and got out 1,008,000.00..and its normal for him to lose around 1,000
(on average)(this might be an important key to tell his where the
strength of the market is intraday) in the first hour...his style is to
double up reverse when he is wrong (something i myself can't stomach to
do).
Another funny thing is...since the guy trades his terminal at the
trading floor...its normal for 6-7 people from other brokerages watch as
he do his daily thing. its like a circus in our trading booth at the
exchnage. I also notice (am not sure whether he did it consciously)
there are fixed times of the day to buy or sell,cut loss or
cover...something like what Geogre Angell teaches but don't think it has
anything to do with fibonacci,but just simply daily intraday cycle.
Am doing this to show that some people can really do it,nope am not one
of them
one thing about this trader (he's my cousin),he didn't even graduate
from college and was a crackhead....running around years before with the
kid of a notorious drug dealer*,and my cousin (not being rich) gets his
supply picking up pieces from the carpet of his friends's house..haha
*a 300+ pound 60+ year old guy who was half blind after a storke and can
hardly speak and walk....the police arrested him one day and on the way
to police station..shot the old man while trying to "escape"..haha a
half blind old overweight cripple....yeah..right..tsk..tsk
after that my cousin rehabilitated himself cold turkey in his own room
for about a week since he got scared...(.our rehab centers are more like
glorified jails),maybe its part of his personality strength and
character.
he started making money regularly last year.....1998 he was still losing
money and getting a salary,these days,since our exchange trading session
is only 9:30 AM to 12:10...Mon-Fri,.by lunch time he goes home for the
day....
**i kinda hate him these days..haha, funny thing is i gave him his job
here...we were hiring people and i called up his mom trying to hire any
of his 3 sisters....but their mom told me they all already got jobs
except.....him....who was bumming at home for months doing
nothing.....haha
**another funny thing is...lets say he trade a certain stocks today..
entering exiting at different price and times of the trading
session...he told me,he doesn't give a shit about what is yesterdays'
price,.high or low.....he said if someone even ask him what is the
closing price of the stock he played around 10-20 entry and exits
yesterday..he might not remember..so its a fresh new session
everyday...no opinions no biases....and its true...daytrading really
does minimize risk,as time itself is risk,also since i studied US
futures market,i can't stomach the daily gaps ups or gap downs onmy
positions. and assuming my cousin has 1500 dollars capital (his maximum
loss limit per day from what i notice),if we assume this is his
capital.......the returns annually must be tens of thousands of
percent......
will report again next time when he's winning streak ends.hahaha
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