— BUSINESS

:

2a

NEWS photo Julie Iverson

Day traders need conirol

°He knew that the tinys abend
would be difficult.
. There were questions to be
faced and a plan of action to
be prepared. He knew that he
_ Should think about it. He knew
also that he would not think,
because everything was clear to
hin already, because the plan
had. been set long ago, and
because he wanted ta laugh.”
— Ayn Rand, — The
Fountainhead
IGNORE the tantaliz-
ing lure of stock tzad-
ing if you are at all
faint.of heart or fuzzy
of thinking.

: This goes doubly so for
day traders who do not have
the option of blaming their
brokers for any nasty loses
encountered.

Along with that fat and
superfluous sack of coin to

. - toss about, you should also
’ have your head screwed on

right.”

~ The market demands
respect and fear. It is the
natural by: product of under-

standing the group psyche at
play on any given day in the
tumultuous fife of a securi-
ties exchange.

In the fluid space
between best bid and ask,
any market assumes the
aggregate personality of
those who drive it.

Student day traders at
Swift Trade, Vancouver’s
first day-trading facility and
trading schoo], learn that

. the mental bag of tricks

brought to the table is cru-
cial.

Lose control of your
emotions and you give up
your edge. Trades not based
on logic but on wishful
thinking are dangerous.

You can’t will the market
to act the way you want it
to.

The trouble is that for
most of us, dealing with
money is an emotional busi-
ness. Traders need self-confi-
dence, discipline and flexibil-
ity to find balance.

The hard truth is that
you can lose money even
when you think you did the
right thing.

Arrogance and stubborn-
ness can cost. Good traders
who find themselves in lousy
positions are confident
enough to admit they were
wrong and reverse their deci-
sions.

Effective traders remem-
ber well and have the ability
to focus. The activity on a
Nasdaq Level II screen
appears complicated and can
move very quickly.

Traders simultancously
watch the flow of market-
maker quotes, chart their
stock or stocks of the
moment, the S&P 500
index, top gainers and losers
and a plethora of other pos-

sible indicators. The price
action can change by the
second.

The traders who manage
to remain in the game crave
the win, the intensity of
action and the challenge of
competition.

Day traders are capitalists
in the purest form. They are
wholly focused upon the
pursuit of self-interest. The
task is simple: grind out the
trading profits, ride the wins,
cut losses quickly and
remember to laugh.

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Wednesday, May 3, 2000 —- North Shore News - 17

Dam filming

BRAD Hodson adds a remote camera head to a
Phoenix camera crane in preparation for fifming
Along Came A Spider last month at Cleveland Dam.

A workplace-based, consensus
model of disability management can
save money and help safely return
valued employees back to work.

To learn how to implement a
successful program, two day
workshops are being offered in:

North Vancouver * May 15/16
Burnaby e June 12/13
Nanaimo e June 26/27

Pana EPS 2 eT a EUR DOTY OTS eR a A ES a