Wednesday, July 06, 2005

The Passion

In the past a market like this one would make me cranky all day. When it went on like this one has, day after day of chop chop, I would be cranky all week, all month at times. Well all things must past and this market too, shall pass.

The DOW was down 101 points today. But I was up, twenty trades in six and a half hours, a good day trading, profitable and fun. But mention daytrading to anyone these days and they are likely to turn up their noses, treat you like a disease, not like you have a disease, like you are a disease. A friend of mine is going through a very nasty divorce. When she told her lawyer she daytraded for a living, a six-figure living, he told her to go get a job waitressing, she'll get a better shake in court. Daytrading is not a real job.

Not a real job?

I make more money daytrading then I ever did buying and holding, or position trading. I make more money daytrading then I ever did as an attorney. I love what I do and I do it well. I curse three-day weekends, holidays where the market is closed. My rhythm is thrown and I become cranky. Take away my trading and you take away my spirit, my raison d'etre.

Do what you love, or love what you do.

A

5 comments:

Michael said...

Well said. That 'real job' stuff kills me. Most people have no respect for how challenging trading is.

Marty Safir said...

A,

No kidding. I'm in the middle of a 'divorce' of my business partner of 21 years. When I tell people what I'm now doing, I say that I'm working out of my home office building a business with my wife selling her art prints online, that I'm continuing to do graphic design, and I'm, nah, I don't tell them I'm trading for portfolio income. Most still believe in buy and hope, buy mutual funds for the long haul and diversify. They'd look at me like I'm a bug if I told them about my trading. So I don't.

Marty

Anonymous said...

Alright Allan. Stop your teasing. When am I going to get an oppurtunity to test drive your system?

Skipper

Allan said...

Skipper, test drive this out:
http://allallan.blogspot.com/2004/12/insider-buying.html

It's a description of how I daytrade insider buys. These trades account for maybe 10-15% of my trading, but the other daytrades follow similar techniques, just not anything to do with insider trading, nor anything I have yet to reveal on this blog. So you have to keep coming back, in hope that I blurt out something proprietary in a drunken stupor, or have accumulated enough in my accounts so I don't care anymore.

A

Anonymous said...

Thanks Allan. AMLN was my only purchase based upon your mention over at Gilder but not as a day trade.

I have little to no time to day trade but have thought my wife who is a stay at home mother with more time on her hands nowadays would make an excellent "experiment".

What kind of initial investment would one need to start with to expect a decent enough monthy return ($1000) to keep my wife interested?

Skipper