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The real issue is not the time it takes to execute your method, but
the constant quest for new money-making methodologies that are
compatible with your personality, as the markets constantly change.
The bubble created a class of daytraders who limit themselves to a
world of eye-shifting between level II screens, daytrading chat
rooms, and Joe K on CNBC. They hope to scalp teenies and ride the
momentum to riches, and then go off to racket ball as soon as the
market closes.
Many did well back in 1999-2000. Some are still doing well at it. If
you're doing this and your capital is slowly bleeding to death, then
you better start looking for a new strategy that will save your
capital and newfound career, and this search takes a lot of
TIME.
Trading is a practice, and it requires time and effort to find new methodologies
that work as the markets change. The methods themselves may require
10 minutes a day, or 80 hours a week to generate trades, but plan to reserve several
hours for your quest for new ideas that you can put into action when
your current system turns to poop.
A> Color me lazy!
A> This month's Active Trader magazine has an article, "A Trader Checklist." It
A> says, "In most cases though, being a successful trader requires anywhere
A> between 50 and 70 hours of work per week."
A> Doing what?
A> The active markets are only open about 30 hours a week if you stare at the
A> screen the whole time. How much "study" does it take before you learn something
A> simple that you feel comfortable with? Then what? An hour a day reading trading
A> books and magazines to see what other people are playing with? It takes 10
A> seconds to put on a trade and 10 seconds to close a trade. It takes 10 minutes
A> to figure out where to get in, where to get out wrong and a target. Every
A> software and web package has alarms.
A> I'm just a beginner and maybe a fool but just what are you experienced
A> successful people doing all that time? Or does that 50-70 hours include yoga,
A> watching daytime TV, emails to friends, washing dishes, web surfing, making
A> dates, clipping toenails?
A> alexander the lifestyle-challenged
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