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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?
- Thread starter Heahy Minister
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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
New member
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.
yeah tell me about, in 97 I bought an OTC at .05 and rode it all the way to 1.60 in 1 wk then 2 wks later it was halted and opened on the pinks @ .005 LOL....i learned my lesson from that when picked some up at .008 out the next morning at .25 on 100k shares....number one thing as mentioned before is not to marry a stock especially if its a penny unless its breaking out of course
HG Pennypacker
New member
Just remember that you need $25K equity, minimum, in a margin account or else you can only make 3 daytrades within a 4 day period.
I think someone may have said that already.
Poops.
I think someone may have said that already.
Poops.
I bought 400 shares of ENGA at $80. I sold it for $2. Beat that.
My defense is I was building my house and had NO access to my positions or news... anything.
bastards.
My defense is I was building my house and had NO access to my positions or news... anything.
bastards.
collegiateLifter
New member
im interested in investing, but not at all in day trading. Buy and hold... and work on the side to raise money as i need it
collegiateLifter said:
Dollar cost average, Putting money every week out of your paycheck or every month wether the market goes up or down. When you have a long time for it to grow you`ll be a happy man.
If you can put it in a tax deferred or tax free acount it`s even better. Like a 401k or IRA. 401k`s are good because you`r employer matches what you put in for a percentage. AND it goes in before taxes are taken out.
VitalRemains
New member
beastboy said:
JuniorMint
New member
My dad invests, and we all pray before making a choice on stock.
Jesus leads his flock with a steady hand!
Jesus leads his flock with a steady hand!
collegiateLifter
New member
gonelifting said:
rather, save up my money on short term things like savings accounts or what not, find some real good companies, and when the price is right, buy as much as i can.
collegiateLifter said:
If they ARE god companies like you say... Then while you`re saving your money the price of the companies will grow FASTER than your CD or savings account.
collegiateLifter
New member
gonelifting said:
hmmm. It is true that their intrinsic value may grow while i'm sitting out, but that doesn't neccessarily mean the market value will always work against me. That is I wait till the market under values the company and boom pick up some stocks. Still working on evaluating the companies though.
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collegiateLifter said:
I understand. While we`re talking about value... I think the market does`nt have that much upside left in it. Approx 10% or so. So the risk/reward ratio at this time is not huge.
Heahy Minister
New member
collegiateLifter said:
Dollar cost averaging like Gonelifting said. In the LONG-RUN you'll yield way more than a regular savings account can ever match.
I don't know the right term for this method of trading (I think it might be called technical analysis) but it is based on investing by looking at, not the actual intrinsic value of the company, but by analyzing the flow of the share price.
Basically every stock gains a high and low everyday. The point of investing this way is to analyze the daily price fluctuations, so it involves a lot of mathmatical formulas and charts and whatnot. You basically don't look at the company value at all.
Purpose of this method is to buy at the low trading point in the day and and sell at the trading high.
collegiateLifter
New member
Hey Mister said:
This is NOT something that interests me. Nor do I think that it's a very sound way to invest-- just my young humble opinion. However, if you can over time make good money doin this, more power to you.
Buy a mutual fund and also diversify.
Check out the Charts ! !
the charts tell a story in itself. IMO the fundamentals can't measure the emotions of the market as well as the Charts.
become more familiar with terms like: resistance, support, trendline, Moving averages, MACD, Vix Charts...etc !
I can suggest a good book to start if you like. but don't just read one. there are many available...as you may know.
Bottom line, Daytrading, swing trading or any other form of trading is easy to learn, yet difficult and very time consuming to master.
the charts tell a story in itself. IMO the fundamentals can't measure the emotions of the market as well as the Charts.
become more familiar with terms like: resistance, support, trendline, Moving averages, MACD, Vix Charts...etc !
I can suggest a good book to start if you like. but don't just read one. there are many available...as you may know.
Bottom line, Daytrading, swing trading or any other form of trading is easy to learn, yet difficult and very time consuming to master.
