ts ofactivity. Some of the European markets also make good day-trad-ing vehicles. As you can see, the number of vehicles open to theday trader is rather small. But this, I assure you, is a blessing indisguise.
Don’t Run with the
Lemmings
Some of the largest intraday moves occur when they are leastexpected. The general trading public and a vast majority of profes-sionals will be on the wrong side of the market when these moveshappen simply because they get blindsided by their collectivelemming instincts. Mob psychology is a very important factor thatmay be used to the advantage of the day trader. If you find thatthe market sentiment is skewed to one side of the market oranother, then watch closely for timing indicators that will give youmarket entry on the opposite side of majority opinion.
Watch for Day-TradingOpportunities FollowingMajor Events or News
Many outstanding day-trading opportunities occur on the heels ofa major news event such as a political upset, a financial panic,unexpected news, natural disasters, the threat or actuality ofThe Day Trader's Rules for Success 211
armed conflict, or other emotion-provoking news. When theseevents occur, the markets are highly emotional, and opportunitiesfor the disciplined day trader abound.
The Value of Correct andTimely Price Data
Some traders will attempt to save money by subscribing todelayed price quotes or to low-cost real-time quotes. My advice:don’t do it. Day trading is difficult enough with good data. Whydecrease your odds of success by using incorrect data or delayedprice quotations?
A Few Thoughts aboutCommissions and Brokers
Traders have a choice of dealing with either full-service or dis-count brokers. The price difference between dealing with a full-service broker and a discount broker can be significant. But so canthe service. If you’re an experienced trader who is skilled at orderplacement and who is trading a system that does not requireimmediate reporting back of price executions, then a discount bro-ker will suite your purposes well. However, if you’re a newcomerto trading and if you require instruction, hand-holding, andcoaching, then the additional service you'll get from a full-servicebroker may be well worth your while. Once you have learnedyour lessons well, you can graduate to a discount broker if youlike. Note also that some discount brokers are not particularlyprompt in reporting your price executions to you. Some of the sys-tems presented herein require you to know where you have beenfilled so that you may place your stop loss, training stop loss, orreversing stop. In such cases you will need to make certain thatyour broker, whether discount or full-service, understands theimportance of reporting your price executions to you promptly. Inmost cases, trading only active markets will minimize the delay inreporting order fills.
While these are just a few of the important rules to rememberwhen you trade, they are by no means the only prerequisites tosuccess. Develop and maintain your own list or rules. Your listshould be based on your own experiences as a day trader, since212 = Chapter Sixteen
Summary
your personal list will be more meaningful to you. The rules Ihave give you are merely a beginning, a base upon which I sug-gest you build and expand.
This chapter highlighted the rules I consider important for successas a day trader. While you may disagree with some of my rules atfirst, I can assure you that in the long run you will come around tomy way of thinking and doing. You may want to keep a list ofyour own rules as your experience with day trading develops.Note that the rules in this chapter have been gleaned not onlyfrom years of experience in trading but also from the observationof other traders. Every loss you take as a trader is an expensivelesson from which much can be learned. However, in the absenceof attention and study, nothing will be learned from your lossesand there will be no progress. Success can often teach you as well;however, as in the case of failure, lack of attention to the reason(s)for your success will mean that valuable information has been lostor not recognized.What Equipment Will I Needto Day Trade?
FAQs
(Frequently Asked Questions
In much wisdom is much grief: and he thatincreaseth knowledge increaseth sorrow.ECCLESIASTES 1:18
The type of equipment, software, and price quotations you wilneed are a function of the trading methods you have selected. Alof the methods that I have discussed in this book that require eithe10-minute, 20-minute, or 30-minute data will require you to have |live, tick-by-tick data feed as well as a computer and software tprocess the data and indicators. I have often been asked if delayecdata can be used. My answer is a categorical and emphatic no. Tiday trade with delayed data is to begin with a handicap. For threlatively small amount of money you will save by using delaye:data, the limitations you will experience will not be worthwhile.
I have also been asked if data delivered via Internet is acceptable. My answer is yes, as long as the time delay is not significantThe longer the lag behind the data that comes off the trading floo:the less likely your chances of success. It’s that simple. So if you’:like to begin day trading with your best foot forward, do it righand get live data that is not delayed. There are a number of ven
21:214 ~= Chapter Seventeen
dors who provide such data. Note that unless you plan to trade onall of the exchanges or in all of the markets, you won't need to buylive data for all markets. And this could save you a considerableamount of money.
Several excellent software programs are available for processingthe tick-by-tick data. You will need to do some homework in orderto find out which one of them is best for you. Costs can vary consid-erably, so take your time and decide. Some software vendors offer afree trial period. Take advantage of it. This is an important andoften expensive decision, so please don’t take it lightly. The comput-er hardware you'll need depends on the software you buy, so makethat decision last, not first, unless you plan to buy a top of the linehigh-speed computer that is loaded with memory and disk space.
What Methods or Systems
Should I Use?
The systems or methods you will use in day trading should bechosen by you, not by me. Only you know how much you canrisk, how attentive you can be to the markets, how you relate todifferent systems, and how much discipline you have. So takeyour time before you decide what method or methods to trade.Evaluate them. Watch them in real time. Paper-trade them for awhile if you like. Take a test-drive and trade them briefly in realtime. Then decide what works best for you.
Wouldn't It Be Best to Tradethe Most Accurate Systems?
Accuracy is not nearly as important as most traders believe it tobe. More important than accuracy are drawdown, maximum con-secutive losing trades, and average profit or loss per trade. If yoursystem has reasonably low drawdown, a small number of consec-utive losers, and a high average profit per trade, then the accuracywon't matter too much. Trading systems with a low accuracy ratecan make money if the average profit per trade is high and if therisk is managed effectively. As a rule of thumb, try to avoid sys-tems that have an accuracy rate of less than 55 percent. Note thatthere are many systems whose accuracy falls in the 40 percent to54 percent range that have shown excellent overall profits withlarge average profit per trade.FAQs (Frequently Asked Questions) 215
There is nothing wrong with such systems provided you havethe discipline to follow them. They will lose more often than theywin, but when they win they'll win big for you. Just rememberthat one of the things that causes a trader to lose his or her disci-pline is a string of losing trades. Low-accuracy systems tend tohave long strings of losing trades. And this will test the resolveand discipline of even the best traders. Be forewarned! You may bebetter off trading a system that has a relatively small average prof-it per trade but high accuracy than a system that has a large profitper trade but relatively low accuracy. A lot depends on your per-sonality and temperament.
I've Heard Traders Say that90 Percent of Their ProfitsAre Made on 10 Percent ofTheir Trades—What ExactlyDoes This Mean?
This is one of the most profound statements you will encounter inthe futures markets. Understand it, internalize it, and believe it.Vl explain it to you as succinctly as I can. The simple fact of lifethat characterizes all commodity trading is that about 90 percentof all trades will eventually balance themselves out as neutral.After subtracting commissions, slippage, small winners, smalllosers, large losers, and medium-sized winners, the net result, orbottom line, will often be zero.
What's left will be 10 percent of the trades whose sum totalmust be profitable if the overall outcome of your trading is to bepositive. It would, of course, be preferable if the 10 percent oftrades consisted of large profits. This is what ultimately makes thedifference between winners and losers. Winning traders are ableto amass a certain number of highly profitable trades. But thesetrades are in the minority. They will nevertheless prove to be thebackbone of the system.
In back-testing trading systems we find that most systems basetheir success on only a relatively few large winning trades eachyear. It is important, therefore, that the position trader or the daytrader ride each winning trade to its maximum potential or itsideal exit point as determined by the system that is being used. Toexit too early may cut your profits short. The idea is to cut yourlosses short while maximizing your profit.216 = Chapter Seventeen
How Much Money Do I Need toBegin Day Trading?
Here is a case in which more is clearly better. The less money youbegin with, the less likely you are to be profitable. The reasons aresimple to understand. If you begin with $3000 and you lose $1000three times in a row, you are out of the game. It is not unusual tolose three times in a row. In fact, it is usual to lose three times in arow or more. Even losing on seven day trades in a row would befairly typical.
In addition, you must also make certain that you have sufficientmargin money for the markets you want to trade. While some bro-kers will allow you to day trade with relatively little capital inyour account, most brokers want to protect themselves frompotentially uncollectable customer deficits and will thereforerequire you to have enough money in your account.
Finally, the amount of money you will need to get started willalso depend on how volatile the markets are. The more volatile amarket, the more money you will need to have, since the priceswings and potential losses will be fairly large. There is, therefore,no quick and easy answer to the question of how much moneyyou need in order to get started. The only thing I ask you to becertain of is that you do not lower your odds of success by startingwith a small amount of capital.
Can I Realistically Competewith the Floor Traders When I
Day Trade?
I do not believe that most day traders compete with the tradingfloor. Pit brokers do not do the same thing we are trying to do. Theirtrading is, for the most part, based on scalping, or shaving a tick ortwo off trades as often as possible each trading day. Since floortraders pay very small commissions, they can make a profit on onetick in many markets. Those of us who trade off the floor can’t dothat. Therefore, we do not compete with the typical floor trader.There are floor traders who attempt to extract larger moves thana few ticks within the day time frame. I do not consider them com-petition either. They tend not to use the same types of systems thatwe are using. Many do not trade based on a system but rather ontheir “read” or intuitive sense of the markets. They judge thedirection of a market based on their sense of what the tradingFAQs (Frequently Asked Questions) 217
floor or large traders are doing, on the source of large orders, or onthe reaction of the pit to news and events. This is not to say thatthere are no systems traders on the floor. There are. But I do notbelieve that their aggregate trading is sufficient to overcome thepower of thousands of off-the-floor day traders.
Why Can’t I Hold a TradeOvernight If I'm a Day Trader?
Note that I am not telling you can’t hold a trade overnight. I’mmerely saying that if you do, then by definition it is not a daytrade, and you therefore open yourself to the potentially negativeinfluence of events and developments that could adversely affectyour positions. I am also not representing that carrying a tradeovernight is always a losing proposition. I have demonstrated inthis book that some of the systems I have developed actually per-form better if carried overnight. But remember that in addition tothe exposure of holding a position overnight, the result may be amargin call due to the increased margin you will have to postsince your positions will have been carried overnight.
How Many Markets Can IRealistically Trade in One Day?
With the assistance of a computer quote system, you can trackmany markets during a day. Realistically, however, you may onlybe able to trade seven different markets a day. If you trade themarkets actively, then you'll know that only a handful of marketscan actually be day traded given volume and volatility. There mayonly be from four to six markets that are worth day trading.
How Flexible Can I Be inFollowing Your Systems?
Many years ago I would have told you that being flexible isimportant. Today I know differently. I suggest that once you haveresearched my systems and once you have worked with them tosee how you fit them and how they fit you, be as inflexible as pos-sible in following the systems. If there are any rules you must notbreak they are the rules governing risk management. Take yourlosses when your system tells you to do so.218 = Chapter Seventeen
Can I Enter a Market with OneSystem and Exit with
Another?
Some traders like to combine systems. I do not consider this goodpractice. A system is a system because its performance is based ona set of rules generated specifically for the conditions and marketsthat were tested. To combine one system with another, pickingand choosing entries and exits based on each system, is not recom-mended. If you trade a system, then trade that system to the exclu-sion of all else.
Do I Have to Trade Every Day?
No. Fortunately, the markets provide many opportunities duringeach week. You do not need to trade every day if, for instance, youtrade on the same weekday or weekdays. Some systems and indi-cators seem to have a day-of-week effect. S&P futures, for exam-ple, tend to close higher on Mondays. Buy signals on Mondays inS&P tend, therefore, to be more accurate. By trading on the sameday or days of the week you will be able to take advantage of suchday-of-week effects where they exist.
Should I Pyramid My Day-Trading Positions?
Pyramiding can be very profitable or can be the tomb of ruin. Alltoo often traders add larger and larger numbers of contracts totheir original position, thereby raising their average cost. Whenthe market makes a small move against them, their profit is gone.A heavily pyramided position can turn from being profitable tobeing a big loser very quickly. Whether a pyramid will work foryou or against you depends on how you build it. The tendency isto begin with one contract, then add 3 more, 5 more, 10 more,and so on. The result is a top-heavy pyramid that can comecrashing down. To profit using a pyramid you must be a goodbuilder. Take your largest position at the beginning, then addsuccessively smaller units as the market continues to move inyour favor. You might begin with five contracts, then add three,then two, then one.218 = Chapter Seventeen
Can I Enter a Market with OneSystem and Exit with
Another?
Some traders like to combine systems. I do not consider this goodpractice. A system is a system because its performance is based ona set of rules generated specifically for the conditions and marketsthat were tested. To combine one system with another, pickingand choosing entries and exits based on each system, is not recom-mended. If you trade a system, then trade that system to the exclu-sion of all else.
Do I Have to Trade Every Day?
No. Fortunately, the markets provide many opportunities duringeach week. You do not need to trade every day if, for instance, youtrade on the same weekday or weekdays. Some systems and indi-cators seem to have a day-of-week effect. S&P futures, for exam-ple, tend to close higher on Mondays. Buy signals on Mondays inS&P tend, therefore, to be more accurate. By trading on the sameday or days of the week you will be able to take advantage of suchday-of-week effects where they exist.
Should I Pyramid My Day-Trading Positions?
Pyramiding can be very profitable or can be the tomb of ruin. Alltoo often traders add larger and larger numbers of contracts totheir original position, thereby raising their average cost. Whenthe market makes a small move against them, their profit is gone.A heavily pyramided position can turn from being profitable tobeing a big loser very quickly. Whether a pyramid will work foryou or against you depends on how you build it. The tendency isto begin with one contract, then add 3 more, 5 more, 10 more,and so on. The result is a top-heavy pyramid that can comecrashing down. To profit using a pyramid you must be a goodbuilder. Take your largest position at the beginning, then addsuccessively smaller units as the market continues to move inyour favor. You might begin with five contracts, then add three,then two, then one.218 = Chapter Seventeen
Can I Enter a Market with OneSystem and Exit with
Another?
Some traders like to combine systems. I do not consider this goodpractice. A system is a system because its performance is based ona set of rules generated specifically for the conditions and marketsthat were tested. To combine one system with another, pickingand choosing entries and exits based on each system, is not recom-mended. If you trade a system, then trade that system to the exclu-sion of all else.
Do I Have to Trade Every Day?
No. Fortunately, the markets provide many opportunities duringeach week. You do not need to trade every day if, for instance, youtrade on the same weekday or weekdays. Some systems and indi-cators seem to have a day-of-week effect. S&P futures, for exam-ple, tend to close higher on Mondays. Buy signals on Mondays inS&P tend, therefore, to be more accurate. By trading on the sameday or days of the week you will be able to take advantage of suchday-of-week effects where they exist.
Should I Pyramid My Day-Trading Positions?
Pyramiding can be very profitable or can be the tomb of ruin. Alltoo often traders add larger and larger numbers of contracts totheir original position, thereby raising their average cost. Whenthe market makes a small move against them, their profit is gone.A heavily pyramided position can turn from being profitable tobeing a big loser very quickly. Whether a pyramid will work foryou or against you depends on how you build it. The tendency isto begin with one contract, then add 3 more, 5 more, 10 more,and so on. The result is a top-heavy pyramid that can comecrashing down. To profit using a pyramid you must be a goodbuilder. Take your largest position at the beginning, then addsuccessively smaller units as the market continues to move inyour favor. You might begin with five contracts, then add three,then two, then one.FAQs (Frequently Asked Questions) 21§
Should I Attempt to Get FlashFills on All of My Trades?
A flash fill is a price fill that occurs within seconds of the trader placing an order. Once the order is placed, it is called down to the trading floor when it is signaled to the pit broker by hand. The pit broker reports back the fill by hand signal, and the client is notifiedThe whole process can take from as little as 1 minute to as long as‘minutes. It is a highly efficient and very prompt way of gettin;market orders executed. Where such fills are possible, use them.
How Do I Know When to Increase theNumber of Contracts I Trade?
There is no hard-and-fast answer to this question. While som:professional traders will give you a formula by which you ma’determine when to begin trading larger positions, I do not believ:that the formula approach is best. What’s more important than iformula is your own sense of comfort. Some traders can feel vercomfortable trading 20 S&P contracts at a time, while others ballat even one contract. But remember that confidence in tradin;can’t be the only variable. False confidence and overconfidenacan both be invitations to failure in day trading (or, in fact, in alforms of trading). In order to be successful in trading more thaione contract and more than one market, you will need to evaluatyour success as well as your desire (or lack thereof) to trade multiple contracts. I know of no concise formula for doing this.
Should I Consider the News orFundamentals in My Day Trading?
If you’re a technical trader, then you must igsore the news. Thi
| news can often lead good traders astray. But the news can also b:your friend by providing you with excellent entry and exit pointfor your trades. A very bearish piece of news followed by a technical buy signal is an important event. The news says one thing, buthe market says another—and the market usually wins. If you us:the news, then do so for the purpose of taking positions oppositfrom the news based on your methods. Obsessing about the newsabout reports, or about anticipated events is not part of technicaday trading.220 ~~ Chapter Seventeen
How Can I Stop My Brokerfrom Talking Me out of or
into Trades?
It’s a sad but true fact that traders are all too often insecure abouttheir day trades (and all other trades as well). They allow them-selves to be talked out of and into trades. But the fault is not thatof the broker. The responsibility belongs entirely with the trader.Naturally the trader will attempt to blame the broker. This is oftenunfair. The best way to avoid such problems is to establish anunderstanding with your broker from the start. Tell your brokerthat you only want advice when you ask for it. Tell your brokerthat you will close your account if the rules you establish at theoutset are violated.
Some of you may decide to work directly with a broker. In suchcases the above would not apply. However, remember that if youwork with a broker and if you respect the broker, then you mustfollow what the broker tells you. But remember that you can justas easily subvert what your broker tells you as you can subvertwhat your system tells you. Without discipline and follow-through nothing is possible.Why I Do This
Afterword
A Few Closing Words about my Work
Now that you have read my words and familiarized yourself withmy work, I feel it is important to bring a few very important issuesto your attention. I address these points for a dual purpose. First, Ithink it’s important for you to understand why I trade, why I pub-lish, and why I research the markets as I do. And second, it isimportant for me to defend, in advance, any criticism that may bedirected at this book, its ideas, its efforts, and its concepts.
There are several things that have prompted me to write this book.First and foremost, I feel that day trading is here to stay. Given theinternational situation and interrelationships of all world economies,the effects of a price change in London, Hong Kong, or Singaporewill have a substantial effect on markets in the United States andvice versa. This has been a growing trend since the early 1970s. It isimportant for the trader to know how to deal with such situationsand, moreover, how to take financial advantage of them.
As the speed of communications continues to increase, substan-tial market moves will likely occur in shorter and shorter timeframes. Speculators will continue to add to market volatility. Theresult will be an even greater increase in short-term and day trad-ing by professionals and the public. Hence, it behooves all tradersto learn some valid methods for day trading. ,
221222 = Afterword
Yet another reason I have written this book is to dispel some ofthe popular myths and methods that are currently consideredvalid as day-trading approaches. I do not mean to imply that themethods and systems discussed in this book are the best methods,nor do I mean to imply that they are the only methods; however, Ido believe that have merit. If you are currently a day trader, thenexamine some of my ideas. They are based not only on a consider-able amount of experience but on a vast amount of research aswell. It is unfortunate that so many traders are willing to acceptmarket myth and conjecture as market fact. Accordingly, I haveattempted to differentiate between the two, indicating what stillneeds to be thoroughly tested and what has already been tested.Hopefully, my work will help steer you away from what is spe-cious and toward what is reasonably factual.
In addition to the above, still another reason for my having writ-ten this book is to direct traders to the study of market patterns asa viable approach to day trading. The current trend toward com-plex trading systems driven by a plethora of inputs is, I feel, coun-terproductive, inasmuch as it does not reflect reality. While it maybe true that the best day-trading systems will ultimately be thosethat can recognize and evaluate a large number of inputs and mar-ket-related factors, the current state of computerized trading tech-nology is not yet at the point where this is a reality. Although con-siderable advances have been made in the areas of artificialintelligence (AI) and neural networks (NN), I see very little hardevidence to support the application of such methods to day trad-ing or even position trading. Note that I am not discarding suchapproaches. In fact, I believe that they are indeed the wave of thefuture. But we are not there as yet. I also feel that effective AI mod-els for day trading will be heavily based on market patterns.Hence, some of the patterns in this book should be seriously con-sidered by traders as potential inputs for AI trading models.
Should you wish to pursue day-trading system development,then I suggest you do so using Al-based models. However, beaware that the critical variable in all Al and NN systems is thelearning model or “brain.” If the learning paradigm is faulty ornot capable of evaluating market variables, then the output will beuseless or worse. Do not confuse the success of AI and NN modelsin industry with what can be achieved in the markets. What workson an assembly line will not necessarily work in the markets,where trader emotion and a host of random events must be con-sidered as valid market inputs.Afterword 223
My last major point in this synopsis relates to public and profes-sional reaction to this book. Having achieved some degree ofname recognition and notoriety given my more than 30 books ontrading and my 30 years as a trader, market analyst, author, publicspeaker, educator, and writer, there are those within the futuresindustry who take pleasure in attacking my ideas because they donot coincide with their market orientation. I have taken great carein this book to avoid throwing stones at any system, method, orindicator. I have maintained a purely objective approach, citingstatistical research where I have it and differentiating opinionfrom fact where necessary. Hopefully, my work will not offendanyone. However, I am a realist. I know that, for one reason oranother, there will be those who take issue with what I have said,with what I have discovered, with how I have applied it, withhow I have written it, with how I have taught it, or with how Ihave suggested you apply it.
There will be those, for instance, who say I have overly opti-mized my results. To them I say that this is not the case. In fact, Ihave intentionally understated the results of my work so as toavoid giving anyone a false sense of what is possible. Some of thesystems I have developed have shown a historical accuracy ofover 80 percent with large average profits per trade as back-tested.I have not included these, since I feel that to do so would be tooflamboyant. Furthermore, I feel that such back-test results wereachieved by heavy optimization and would likely be unattainablein real time. To those who feel I have optimized my results tooheavily I also say that the systems included herein contain nothingmore than the standard variables that are known to be importantinputs for any system. These are as follows:
= A method of entry selection= Arisk management stop lossa Amethod of exit selection
s A method for trailing stop losses once a given profit has beenachieved
The methods I have shared with you are all based on logicalconcepts and have strong face validity. They are therefore reality-based, testable, operational, and subjective. I have been careful topoint out that few systems or methods will have a static set ofindicators over time. As markets change, day traders must adjust224 = Afterword
their systems to such changes. And such changes will always be afunction of market volatility. A fixed $500 stop loss will suffice in arelatively quiet market; however, it will be an invitation todestruction in a volatile market. Accordingly, I have encouragedyou to be flexible in trading your systems, and I have given yousome historical records to show you how differing degrees of mar-ket volatility require different degrees of risk as well as adjust-ments in timing signals. But the underlying concepts are what Istress. In other words, if you understand the concepts of my meth-ods ands indicators, you will find it relatively simple to adjust theactual length of timing variables and the size of stop losses to theinherent characteristics of the markets.
And then there will be those who take issue with my insistencethat day trading is a viable method for today’s times. Know that Iam being very clear when I state that day trading is not right forall traders. In fact, there are many aspiring traders as well as new-comers to trading who have no business trading and who, fromthe outset, are destined for failure. In order to overcome the notionthat day trading is right for everyone or that trading is right foreveryone, I have included my extensive writings on trader psy-chology, discipline, trader behavior, and the art versus the scienceof trading. Read them carefully if you haven’t already done so.
Finally, there will be traders who are angry with me becausethey applied some of my principles and lost money with them. Inmost cases such losses are the fault of the trader and not themethod. The trader who can follow a system or method thorough-ly is a rare trader indeed. The trader who claims to have lostmoney following a system will, upon being questioned, admit thatthe system was not followed consistently. Traders will break rules .no matter how specifically the rules have been stated and no mat-ter how many times they have been warned not to break the rules.While I cannot guarantee that the methods and systems presentedin this book will continue to be profitable, I do feel that the under-lying concepts are valid and will withstand the test of time. Theintelligent trader will take my ideas and adapt them to currentmarkets and conditions. The undisciplined trader will subvert andpervert my ideas, using them willy-nilly, whimsically, and incon-sistently. And I have no control over such abuses.
Although I have done my best to be specific in this book, pre-senting you with concise rules and methods, I urge you to do yourown work in going forward with my methods. The search forcookbook trading methods will never end. Traders will alwaysAfterword 225
seek such approaches. While there is much to be said in favor ofsuch mechanical methods, there is also much to be said in favor ofadapting your system or method to current market conditions andto markets where they may perform optimally. I have discussedthis above and in previous chapters. Please consider my com-ments seriously before you trade.
Perhaps J have spent too much time defending my positionagainst potential attack or in cautioning you against the abuse ofmy ideas and systems. But I do so because I feel that since yourhard-earned money is at stake, you will appreciate my cautions.Day trading is not as difficult as some would have you believe,but it is also not as simple as others would have you believe. To besuccessful at the fastest game in town, you will need to be consis-tent, adaptable to changing market conditions, strict in managingrisk, unemotional