Submitted March 1, 2003, 4:50 AM
During what years were you an active day trader?
09/01/2002 through current 02/28/2003
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How developed were your computer skills before you day traded? What software did you use to trade? Did day trading affect your use of computers for things other than personal finance?
My computer skills are razors edge, have been in the computer field 30yrs. Last corporate position with IBM.
Use Netscape browser initially, am now using internet Explorer, Yahoo, Lycos, Excel spreadsheets and Microsoft word.
Day trading has caused me to upgrade my equipment to attain faster and more effective trading. I have also upgraded my communications from dialup modem to faster DSL modem.
This equipment upgrade and day trading from home, as opposed to working in an office, has allowed me to also perform personal business online and to run an online business.
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What was your employment status before, and during the time you day traded?
Prior to day trading my trading style was to buy and hold, and to buy stock based on the fundamentals and value aspects of a company. I traded in this manner while employed at IBM in a computer related position. I traded this way from 1976 through 2002. However after nearly two years of a vicious bear market , which ran from 2000 through 2002 and beyond, I had given back all of my profits and a good part of my principal. I was then downsized by IBM in June of 2002 and began an intensive job search. While job searching and out of necessity to pay my bills and expenses, I began trading more frequently, still utilizing the methods I had learned over the years, well I quickly learned through losses that those methods were no longer effective. And my trading funds were quickly being depleted.
Realizing I needed to learn methods that would work, and that would allow me to make daily returns to get the bills paid, I began to read a day trading book and to seek out chat rooms where traders would meet. I was un-employed 90days when I began to day trade using the current methods. It has been my only source of income for the past 6months, and I sincerely believe I will never return to the computer field.
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Did you day trade at work, at home, or in a trading office? How many hours a day did you trade?
I never day traded from my office with my employer.
I day trade from home and have found the work from home lifestyle outstanding.
I work on my trading from 7am central time through 6pm central time. 7am - 8:30am = portfolio building and planning.
8:30am - 3pm = market is open, and actively trading, 3pm - 6pm = after hours trading and bookkeeping/recording trade activities of the day.
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Where did you access information for your day trading? Online or offline? From chat groups, message boards, websites, or other sources?
I used all sources of information; online sites, chat rooms, online brokerages, people and face to face business discussions, message boards, newspapers, magazines, television business news, email stock alerts.
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What has been the result of your day trading? Were you financially successful? How has trading affected your professional and personal life? What are your thoughts about your experience?
My learning curve, to retrain myself from a buy and hold investor into a day trader by career was very quick. I have had some losses, however I have been able to earn enough to support my family and to pay the bills using a relatively small some of money; ranging between $8,000. and $12,000.00.
Although my work day is eleven hours long, it goes by rapidly
and is often very exciting and rewarding.
Daytrading is riskier than my corporate positions have ever been from a financial standpoint, but is also more rewarding and the potential for a larger income appears to be within my grasp.
I am often afraid day trading will not sustain me over the long haul, and there are days when no trading opportunities are found; those become days of working without pay.
I am also self employed, something I am not accustomed to, but have always desired.
I am resisting learning the new skills I need in order to succeed, but have managed to grasp the key day trading methods and analysis skills. I will continue to study in order to protect what has quickly become my desired method of earning an income. I will also fight hard to avoid being forced to return to my corporate career.
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