Word: liu
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...Divided between a career in business or medicine, Jimmy Liu '01 took his sophomore year off to make his decision. Because of his interest in business, he bought a satelite dish to receive stock quotes in Forest Hills, KY. He started day trading with a small piece of his future tuition. When his parents saw how successful he was, they raked over the funds for the remaining three years...
...Most would call Jimmy crazy, perceiving day trading as a small step above gambling. It's high risk, high stake and equally addictive. People who try it expect to make their retirement savings from a month of day trading. Ninety percent lose everything. But, Liu is a calm, rational person. The fact that he's back at Harvard is testament to the fact that he's amongst the top 10 percent who succeeded. From 1997 to now he has profited around 250 percent. At his high, he had a 300-400 percent gross profit. That's after he paid...
...With these numbers, Liu should write a book, "The Secret to My Success," unless that name's already taken. What is the secret to Liu's success? At first, Liu admits, he got slammed. He soon learned the trick: if you want to make sweet profits you need to sell, quickly. Liu holds stock for the "ultra short term" and to maximize profit, he sells as soon as possible. "The less time you hold it the more profit, but also the less sure you are of your trade." Purchased stock is "baggage" to Liu, because it ties you down until...
...Greed often runs people into debt, Liu says. People see their stock value increase by 100 or 200 percent in a day and think their good fortune is forever. Liu, wisely, would take his gains and sell, regardless of whether the stock was on the rise. After a while, Liu says, the money is just numbers on the screen. You forget the value of a dollar. Since the New York Stock Exchange runs from 9:30 a.m. to 4 p.m., day trading is a full-time job. "It takes nerves of steel, and you can't be shy about losing...
...Back at school, Liu still trades, but he thinks more in the long-term. Liu is not the only Harvard undergraduate quietly making profits through long-term trading. Founded in 1996, The Cambridge World Fund is a student-run organization that invests students' money, giving them early hands-on experience in the market. With 80 shareholders, the fund has about $20,000 invested. Any student can invest a minimum amount of $100, or about six shares, to become a stockholder. This year to date, the fund is up 75 percent. While less lucrative than day trading, CWF is also less...