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What do you guys think about making a living as a day trader? What investments do you think are wisest and where do you foresee the market headed? Anyone here an avid trader? If so, what are your experiences?
Investing...your thoughts?
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you need a good chunk of change to start daytrading. i used to do it for my dad's account. i personally wouldn't start with any less than 60-70,000 bucks. i don't recommend going into this type of lifestyle. i was under tremendous stress and devouted all my time to studying charts, reading 10-q's, 10-k's, and researching many individual stocks. if you want to be successful you must put in the time. daytrading isn't considered to be a conservative style of investing, but to be somewhat successful, you have to show prudence doing it. it's not a get rich quick scheme. it can be a get broke fast tho. i learned many things - mostly the market shouldn't be thought of as a casino
i say stick with your other job. i sleep much better at night now with the companies i own, knowing they won't be going out of business tomorrow and most likely there won't be any big surprises for me or my dad
i say stick with your other job. i sleep much better at night now with the companies i own, knowing they won't be going out of business tomorrow and most likely there won't be any big surprises for me or my dad
Heahy Minister
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Thanks for the reply.
Isn't there an actual "science" behind daytrading though? I mean you look at it from strictly a mathemtical standpoint, correct? What exactly did you learn about the market in your experience? Were you working with a firm or daytrading privately on your own?
Isn't there an actual "science" behind daytrading though? I mean you look at it from strictly a mathemtical standpoint, correct? What exactly did you learn about the market in your experience? Were you working with a firm or daytrading privately on your own?
I`ve learned the market does EXACTLY the opposite of what everybody expects it to do.
There are many definitions of daytrading. or just "trading" The real daytrader goes in and out in seconds or minutes I`m not sure that`s what you`re referring to.
Devastation has got it right. It`s a full time job and very stressful. I used to dabble in it but now the time contsraints have stopped me.
I just concentrated on a handful of stocks. I made sure they were very high volume traded stocks to get in and out at any time without a problem. You get to know these stocks very well. Their patterns and charts, The way they react to certain news. Some go up with the market, some go up when the market goes DOWN. You could trade stuff like QQQ a Nasdaq (100) equivalent you could say.
There`s a million things to learn
You will never stop learning. It is MUCH easier to lose 10k than to make it. lol
A couple of things ... NEVER marry a stock. and KNOW when you`re going to sell and SELL. That is one of the biggest mistakes people make, Holding a stock too long with a loss.
I`m not done, but I want tiger to read this. It`s getting too long.
There are many definitions of daytrading. or just "trading" The real daytrader goes in and out in seconds or minutes I`m not sure that`s what you`re referring to.
Devastation has got it right. It`s a full time job and very stressful. I used to dabble in it but now the time contsraints have stopped me.
I just concentrated on a handful of stocks. I made sure they were very high volume traded stocks to get in and out at any time without a problem. You get to know these stocks very well. Their patterns and charts, The way they react to certain news. Some go up with the market, some go up when the market goes DOWN. You could trade stuff like QQQ a Nasdaq (100) equivalent you could say.
There`s a million things to learn
You will never stop learning. It is MUCH easier to lose 10k than to make it. lol
A couple of things ... NEVER marry a stock. and KNOW when you`re going to sell and SELL. That is one of the biggest mistakes people make, Holding a stock too long with a loss.
I`m not done, but I want tiger to read this. It`s getting too long.
The money you need to start depends on what your trading if your trading stuff the QQQ's or anything over 20 you need a min of 50k....i think though its better to start off trading penny stocks(under $5) where you can better leverage your money and there are greater % price swings....for example check out BCON, GOAM.....WTSW today.....its not too hard to average 1-3k a day trading pennystocks.....best thing to do is to paper trade for about 6-7 months
OMGWTFBBQ
brobe
OTC scares me - I traded it a lot in 1999/2000 and with the lower regulation on it there are a lot of scams (boiler room style).
You can be riding an upswing one day, and then later that week the company has changed ticker symbols, reversed split, and then gone under.
Penny stocks are still nerve racking even on the major exchanges, but at least they are more regulated in terms of the sleaze factor.
You can be riding an upswing one day, and then later that week the company has changed ticker symbols, reversed split, and then gone under.
Penny stocks are still nerve racking even on the major exchanges, but at least they are more regulated in terms of the sleaze factor.
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