Saturday, May 10, 2008

DayTrading in a tough business ...for sure.

Daytrading has always looked like a get rich quick idea from the word go, you just need a computer and an account. Since you are smarter then everyone else, it's got to be simple, RIGHT? Watch CNBC before the open, listen to Joe and Maria talk about the hot stocks and then buy them, when they go up 5 cents...cover and by using this indicator that Bob the Guru sold you, You'll just buy it again and make another nickel.....ALL DAY LONG.

You really don't have a clue about what a trading plan is, oh yea, you have heard some empty head talk about it, but you don't know what it is or even how to make one.
Since you don't have a solid trading plan, you can't take that and by using money management understand just how many shares to buy today or on this next trade or how many contracts or options to have no clue.

But there you are, with your $10,000.00 account ready to do battle with the rest of us.....then you find some chat room and instead of finding something you could use, when someone says,......"BUYING IBM", you lean into it, with no clue of what the stop loss should be or your target, you just wait for them to say...."Covering HERE."

Your account is not increasing like you want it to, it's actually going down, your wife is all over you for wasting your time. Your kids smile at youu, while they think you have lost your mind at the dinner table as you tell them, "I am this close, Honey, HONEST."


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