Submitted March 8, 2003, 11:05 AM
During what years were you an active day trader?
I've been trading on paper for over 10 years and started short-term trading full-time in Sept 2002.
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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?
I have been a computer user for most of my life. I would consider myself an expert.
I have an Ameritrade account and I use their software for most of my trades. I use Yahoos! Market Tracker for monitoring my stocks (Ameritrade's Streamer limits the number of stocks you can track.) I have stayed away fro software programs like E-Signal because they are not cost effective for the amount of money that I trade.
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What was your employment status before, and during the time you day traded?
I am a 9 year veteran of the USMC and US Army. I limited my trading during this time period because of the work load (100 hour work weeks and too many deployments).
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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 do most of my trading at home. I occasionally look at my positions at school and make trades there if it is necessary. Most of the time I spend is done on research. I spend between 4-10 hours a day doing research.
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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 am a member of a few Internet groups. Internet message boards are the most unreliable sources of information. I read every magazine and newspaper (both online and offline) that I can get my hands on. All of my trading decisions are based on by my observations, not by what other say. Objective and reliable news sources are the best source of information.
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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?
It has been a very rewarding experience. I work fewer hours and make 5 times the money that I would if I worked a full-time job paying the minimum wage. It hasn't affected my professional or personal life. Most people, especially my teachers, do not believe that I am making money doing it. People are very skeptical because of all of the bad press that day-traders and short term traders have received.
80% of traders fail. This is because they are unaware of the risks involved or they have a limited idea of how the markets function. I treat this like it is a business. I count every cost I incur (i.e. buying magazine subscriptions etc.) Everything is factored into my cost structure. I also reinvest 100% of all my profits. I also read lots of books on statistics, technical analysis, and economics and so on. Many factors are involved when trading stocks. The more you know the greater the chances are that you will succeed.
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