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jenna

05/08/03 9:00 PM

#15734 RE: jenna #15731

The Criteria for a Daytrader as a full-time job.
(This doesn't include calling the dubious title of "master trader" or "master technical analyst".)

1) Trading the fastest moving stocks in the hottest sectors are traded with the objective being to remaining in positions as long as possible intra day and/or overnight to capture substantial gains. Potential trading candidates are identified through analysis of the market environment, sector performance analysis, and technical analysis of the multiple time-frame charts for individual securities.

2) Depending on the market environment, a "professional trader" should know how to trade on the long or short side, or some hybrid of the two, across various market sectors in both the NASDAQ and NYSE.

3) A professional trader can easily digest and diagnose a possible trading 'set up', including the rationale for each trade whether it involves primarily technical criteria (breakouts, gaps, price action, etc) or a hybrid of technical and news-related factors (earnings plays) They can then take the "action" that follows that setup without "freezing".

4) Trading action in the might be fast-paced or a little more leisurely and might turn on a dime, requiring close monitoring and a great deal of agility in managing multiple open positions. Some traders I've seen who are not "masters" can juggle 10, I can manage up to 5 easily, but as I've become more seasoned and trading as a hobby and professional mixture, I like the Long Term Daytrade and the Swing Trade even more but can change my "hats" at a moment's notice.

5) An average of at least two years of previous intensive short-term trading experience is recommended if you want to consider trading as a full time job.

If you consider yourself an "instructor" or "certified trainer" would say at least another 1 1/2 to 2 years actually BEING PAID prior for your services in the trading field by some recognized brokerage house or similar financial enterprise. (references beyond the testimonials that you can get off the "google" search engine.)

There really is no recognized "certification" although there are courses at some universities but anyone can hang up a shingle "Master Trader".. and begin..

6) Beginning traders with limited knowledge and/or technique might want to start out with 1 to 2 trades a day.

7) Marketgems can easily follow and present at least 5 to 7 new long and short trading ideas each trading day (sometimes more), depending upon market conditions and play them through completion which requires multiple INTRADAY UPDATES for those already called or about to 'set up', tracking and reporting on KEY REVERSAL PERIODS.

8) A scalper is NOT exempt from calling intraday entries, exits and stops just because his/her trade is shorter. Actually when I was running the Pristine Techno-Fundamental Room every trade was posted in a separate 'clickable' pop-up page, from start to end. Only very rare exceptions to that rule. We were able to handle easily 8 or more trades a day but that included swing trades as well as daytrades.

More than 8 official calls a day begin to be chaotic.




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jenna

05/09/03 10:24 AM

#15769 RE: jenna #15731

These are still my thoughts in Tech sector:
and the SMH chart I posted was definitely the way to play this sector today (take the gap up for a few bars and short the rally at the 200 or 50 ma)

http://www.investorshub.com/boards/read_msg.asp?message_id=987897

Now this is not what we got what we got was a gap and small snap and then the 10:00 reversal period blew the techs like AMAT, QLGC, NVLS, KLAC down. The point is 10:00 was reversal period and that's the way I trade.