daytraders after market lounge tuesday 29/11, page-7

Hey Lib.

Perhaps I should change my nic to "chardy"! Hiccup.

Weather is mixed here in the North Island of N.Z. We're mostly in the early 20's now but today, quite cool and very windy (give me the rain any day!), so OK to be inside with square eyes and radiation. ;-)

It's a VERY testing market Lib! I've taken comfort in recent months, from reading some of the very experienced posters saying that these are the toughest trading conditions they've experienced for years (even before the GFC).

The SS had the goods today! A very positive close above 60.

Here's a wee gem from another share-trading website, that I saved 18 months ago, from a poster called Footsie .....

"You don't need 10 screens, you don't need to be good at maths, you don't even need to understand what it is the company you are trading does.

However, you do need from the market:

1) Liquidity.
2) Volatility.
3) Low brokerage of 0.1%.

From yourself:

1) Minimum $30-$40k to start trading.
2) A good work ethic. You will need to spend 3-4 hrs doing research each day before the open and stay in front of your screen the whole time the market is open. THIS IS NO WALK IN THE PARK. YOU NEED TO WORK HARD.
3) Discipline, Discipline, Discipline.
4) You are not right, the market is right.
4) A plan. What are you going to trade. How and why. STICK TO THE PLAN.

If you don't have all of the above ingredients, YOU WILL FAIL.

This is my lot, But I would not recommend it as a career choice. Every day you run the gauntlet. Sleep like a baby? That's about to change. Welcome to sleepless nights, hair loss and waking up every fricking day and the first thing on your mind is ..... what has the DOW done while I slept."

If you're out there "Footsie", this post of yours has stuck with me for the last 18 months and will continue to do so, as long as I have the funds to trade. Thank you for the wise words. :-)