More from Dr Elder, on those dreaming to day trade (page 141)

Some professional futures traders dispense with computers alto-
gether. They quit their day jobs and go on the floor. Some move to a
city that has an exchange where they buy or lease a seat. Costs are
higher on bigger exchanges that handle high volumes in popular mar-
kets, and cheaper on smaller exchanges in lesser markets. The best
way to learn is to get a job as a clerk on the floor and work for some-
one, but this option is open only to the young—the floor generally
doesn't hire people over 25. They want them young, pliable, and with-
out any preconceived ideas.
Psychology
The great paradox of day-trading is that it demands the highest level of
discipline, while attracting the most impulsive, addictive, and gambling-
prone personalities. If trading is a thrill, then day-trading provides the
best rush. It is a joy to recognize a pattern on your screen, put in an
order, and watch the market explode in a stiff rise, stuffing thousands
of dollars into your pockets. A former military pilot said that day-
trading was more exciting than sex or flying jet aircraft.
Corporate traders are in the market because their companies gave
them jobs. Private traders enter for reasons that are partly rational and
partly irrational. The only rational reason is to make money, but a prof-
itable day-trade delivers such a great high that it sweeps most people
off their feet. Flooded with pleasure, they go looking for the next high
and lose money.
The purpose of any business is to make money. A well-run business
also gratifres many of its owners' and employees' psychological needs,
but money is the pivot of the enterprise. Traders who become hooked
on thrills take their eyes off the money and jump into impulsive trades.
Vendors encourage day-traders because losers spend like drunken
sailors on software, data, systems, and even coaches, most of whom
have never traded or busted out. Go into any port area, and you'll
see plenty of bars, brothels, and tattoo parlors. Go into day-trading,
and you'll see more vendors than you can shake a stick at. There is money
to be made from turkeys whose market life is measured in months
or weeks.
Successful day-traders test patterns and systems, measure risks and
rewards, and focus on building equity. Winners tend to be emotionally
cool. If day-trading attracts you, you must answer several questi