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| mrbradg |
 Posted: Wed Feb 01, 2006 4:04 pm Post subject: Day Traders or Wannabes |
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Investing Sr. Associate
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| If there are any Day Traders or Wannabes out there I would love to talk with you. I know there are a lot of long-term investors here which is great and should be a mind set of everyone. But I'm looking to do this as a living and would like to get with the same type of people thinking the same way I am. I'm about to start out sort of small in 2 weeks and open a Scottrade account. Send me a PM or lets thread and talk about your ideas and mine. If I'm not mistaken LadyVegas is wanting to head in that direction also. Ideas, comments, advice, dreams.....bring it. |
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| DKnightSr |
| Posted: Wed Feb 01, 2006 4:32 pm Post subject: Re: Day Traders or Wannabes |
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Member of the Month
May
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| mrbradg wrote: | | If there are any Day Traders or Wannabes out there I would love to talk with you. I know there are a lot of long-term investors here which is great and should be a mind set of everyone. But I'm looking to do this as a living and would like to get with the same type of people thinking the same way I am. I'm about to start out sort of small in 2 weeks and open a Scottrade account. Send me a PM or lets thread and talk about your ideas and mine. If I'm not mistaken LadyVegas is wanting to head in that direction also. Ideas, comments, advice, dreams.....bring it. |
Stock Bandit- I've tried it twice. Got burned bad the first time, and worse the 2nd. What throws you the curve is when some large institution decides to walk. They flood the market with shares, and... you're in the toilette. Another thing I found was day trading takes a large bankroll. If you can afford to shrug off your "burns" and not let it get to your head, it really helps. But if you're on a limited budget... "burns" get to your psyche and your dead. If you choose to go there, good luck! Sincerely! I hope you make a killing. But for me, I'm too old for that. Not only will my bankroll not take it, my stress level won't either  |
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| geb9696 |
| Posted: Wed Feb 01, 2006 4:44 pm Post subject: |
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Investing VP
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| I know people who day trade and right now they have been on the winning side of it but I think it is a gamble to a certain degree. When I first got to einvesting I was experimenting with daytrading and was up over 15% for a little while. But the gains went away and I went back to what I started with. Maybe you will be a better day trader then me. Goodluck. |
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| Dave Rathbun |
| Posted: Wed Feb 01, 2006 5:04 pm Post subject: |
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CFO
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I would perfer to see things discussed in open, rather than by PM, to be honest. Otherwise how will the rest of us learn what secrets you're sharing? 
You're looking at a hard road, from all accounts. This isn't just my opinion, it's backed up by tons of articles on the web. I'll share one personal experience. A guy I worked with made a big bet on Intel options. Options really let you leverage your investment. He dropped his entire 401K on a bet on earnings, and it worked. I think he walked away with nearly 200K from that one investment. He quit his job, using that as his bankroll, and went into day-trading. He did the whole shebang, got the high-speed market monitor, streaming quotes, tv's tuned to CNN, CNN-FN, all that stuff.
A year later he was broke.
It's just really hard. From what I've read, the best advice is to hit a lot of singles and avoid big losses. Don't go for the home-run. |
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| ladyvegas |
| Posted: Thu Feb 02, 2006 6:41 am Post subject: Re: Day Traders or Wannabes |
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Investing Sr. Associate
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| mrbradg wrote: | | If there are any Day Traders or Wannabes out there I would love to talk with you. I know there are a lot of long-term investors here which is great and should be a mind set of everyone. But I'm looking to do this as a living and would like to get with the same type of people thinking the same way I am. I'm about to start out sort of small in 2 weeks and open a Scottrade account. Send me a PM or lets thread and talk about your ideas and mine. If I'm not mistaken LadyVegas is wanting to head in that direction also. Ideas, comments, advice, dreams.....bring it. |
Hey Bandit!!! Morning!! Actually you are right I want to ultimately day trade as a main source of income. I'm sure some others here have heard my sob story about how my best friend in high school her dad was/is a big wig daytrader. I've seen him millions up and on the flip I've seen him loose EVERTHING in a day!!! The sob story part is that his ego was/is as big as his wins or loses. He used to talk to me like I was a idiot and made me believe that unless you have a IQ over genius level then there is NO possible way that you would be successful in the markets. The fast $$$ to be made is in day trading, they deal mainly with commodities and HIGH risk paper. Now that I am older I realize that with the proper research and commitment that it can be done by anyone!! Imagine that?!?! "Bob Almighty" was just blowing smoke up our a**!! I have to agree with what Cramer said in his show last night, "Being successful in the market is 50% luck and 50% education. If ANYONE tries to give you better odds then they are liars!!! "
So lets go for it!! I would suggest, without knowing how long you have been at it, that you get lots of practice here, learn as much as possible then take a reasonable amount of $$$ to give it a shot. Me...I'm not ready to go full boar into real $$$ yet. I'm still learning!! That and I have to come to terms with the scars that the above referenced idiot has left. I have much to learn before I jump in with both feet, I want to make sure I'm ready and that my mental state will not effect my decisions. My main focus is to trade with my head and leave emotions out of it. Just like here in Vegas, if you chase scared $$$ then you have a guarntee that it is GONE. |
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| BallJacker |
| Posted: Thu Feb 02, 2006 7:12 am Post subject: |
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Investing Manager
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I don't quite consider myself a day trader, but I do buy and sell stocks within a given period. Day Traders, by definition buy and sell the same day, hence "day traders". I have a few friends that day trader full time and the do quite well. I'm tempted to try it, but I need a bit more practice, at least part -time.
One another board, one person pointed out that if you start with $10,000 you can make about $1.42 million, after 52 week, if you re-invest your profits, and manage to make 10% gains per week. I know it sound almost impossible to make 10% gains per week, for 52 weeks straight, but that is just a benchmark. But if you reduce that gain to a reasonable 5% gain, it sounds more reasonable and make about $126,000 after 52 weeks.
Easier said than done, right? Yes, but with a good understanding of stocks and the market, one if not many can do it. Research is key and a good sence of market trends. One part is have the the right tools and fundimentals.
Personally, I've been using Candlesticks and Bollinger Bands to hone my skills and pick my stocks. I'm also checking out some tools to aid me in research and find some good picks.
I'd like to hear from you guys and gals, on your theorys of day trading fundimentals.
Last edited by BallJacker on Thu Feb 02, 2006 7:24 am; edited 2 times in total |
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| zerolikedis |
| Posted: Thu Feb 02, 2006 7:13 am Post subject: |
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Investing Manager
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| sounds good but im a scaredy cat |
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| vetelmo |
| Posted: Thu Feb 02, 2006 8:10 am Post subject: |
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If your going to do thid for a living, you need a lot more cash. Of the day traders I know (only 4 of them) only one has been able to maitain as a day trader. It's not easy making a living off the stock market and also provide for yourself. Not trying to knock you down, just telling you it aint easy. Good Luck!  |
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| BallJacker |
| Posted: Thu Feb 02, 2006 8:36 am Post subject: |
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Investing Manager
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| an8skate wrote: | | If your going to do thid for a living, you need a lot more cash. Of the day traders I know (only 4 of them) only one has been able to maitain as a day trader. It's not easy making a living off the stock market and also provide for yourself. Not trying to knock you down, just telling you it aint easy. Good Luck! |
Of course you need to pay for your expenses. There is no one proven technique, in fact there are many. Finding the one that works for your style of investing, err trading, is the hard part.
If you reasonable goals and gains, you can live off what you do. As for me, I'm accomplished most of my life goals, and I'm finanacially secure. So it's easy for me to say, you can make a living at this. This type of career is not for the faint hearted, and I don't recomend it for any one.
I think instead of discussing the pros and cons, let's talk about what is exactly needed to start. TALK IS CHEAP!!!
Who ready to start? |
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| mrbradg |
| Posted: Thu Feb 02, 2006 1:44 pm Post subject: |
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Investing Sr. Associate
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| BallJacker wrote: | | an8skate wrote: | | If your going to do thid for a living, you need a lot more cash. Of the day traders I know (only 4 of them) only one has been able to maitain as a day trader. It's not easy making a living off the stock market and also provide for yourself. Not trying to knock you down, just telling you it aint easy. Good Luck! |
Of course you need to pay for your expenses. There is no one proven technique, in fact there are many. Finding the one that works for your style of investing, err trading, is the hard part.
If you reasonable goals and gains, you can live off what you do. As for me, I'm accomplished most of my life goals, and I'm finanacially secure. So it's easy for me to say, you can make a living at this. This type of career is not for the faint hearted, and I don't recomend it for any one.
I think instead of discussing the pros and cons, let's talk about what is exactly needed to start. TALK IS CHEAP!!!
Who ready to start? |
Talk is cheap. I'm using QuoteTracker and other software to find trends and run with it. I have also found a way of trading that seems to work for me. http://www.investopedia.com/articles/trading/02/081902.asp
Scapling. That link should explain futher if you don't know what I mean. I find stocks, normally under $20 dollars, that fluxuate often. I make money (well fake money) on the same type of stock over and over. Is this a trend many of you know? I would like to get some feedback on this. I think it is safer than what most people say daytrading is all about. You take small profits and it adds up. I don't do this kind of trading here because of the % factor on this site but found others that cater more to that type of trading. This is my plan when I go live here in 2 to 3 weeks. I think nothing great will happen unless I try. Willing to take the risk for the reward. Would love some feed back on all of this. |
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| poornewb |
| Posted: Thu Feb 02, 2006 6:32 pm Post subject: |
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Investing Manager
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| mrbradg wrote: | | BallJacker wrote: | | an8skate wrote: | | If your going to do thid for a living, you need a lot more cash. Of the day traders I know (only 4 of them) only one has been able to maitain as a day trader. It's not easy making a living off the stock market and also provide for yourself. Not trying to knock you down, just telling you it aint easy. Good Luck! |
Of course you need to pay for your expenses. There is no one proven technique, in fact there are many. Finding the one that works for your style of investing, err trading, is the hard part.
If you reasonable goals and gains, you can live off what you do. As for me, I'm accomplished most of my life goals, and I'm finanacially secure. So it's easy for me to say, you can make a living at this. This type of career is not for the faint hearted, and I don't recomend it for any one.
I think instead of discussing the pros and cons, let's talk about what is exactly needed to start. TALK IS CHEAP!!!
Who ready to start? |
Talk is cheap. I'm using QuoteTracker and other software to find trends and run with it. I have also found a way of trading that seems to work for me. http://www.investopedia.com/articles/trading/02/081902.asp
Scapling. That link should explain futher if you don't know what I mean. I find stocks, normally under $20 dollars, that fluxuate often. I make money (well fake money) on the same type of stock over and over. Is this a trend many of you know? I would like to get some feedback on this. I think it is safer than what most people say daytrading is all about. You take small profits and it adds up. I don't do this kind of trading here because of the % factor on this site but found others that cater more to that type of trading. This is my plan when I go live here in 2 to 3 weeks. I think nothing great will happen unless I try. Willing to take the risk for the reward. Would love some feed back on all of this. |
Yes YEs YESS this is probably the best way OR the best way that Ive heard people do and stay successfull! On another forum im on theres a guy that has 5 stock and he constantly watch's them. He rides them up for like 50 or 75 cents then sells waits for them to drop and then does it again. You may want to stay away from stocks that are TOO volatile and go with something that just fluctuate's a buck or two and just learn its pattern and start ridding it. If you have a small amount of stocks say 5 you can easily stay ontop of them research wise, and then learn there trends and start making money.
One more thing is you HAVE to leave you ego at the door and take your modest gains everytime and never swing for the fences. Thats why ladyvegas may have a better chance than most of us men, smaller ego.  |
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| geb9696 |
| Posted: Fri Feb 03, 2006 10:51 am Post subject: |
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Investing VP
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| mrbradg wrote: | Talk is cheap. I'm using QuoteTracker and other software to find trends and run with it. I have also found a way of trading that seems to work for me. http://www.investopedia.com/articles/trading/02/081902.asp
Scapling. That link should explain futher if you don't know what I mean. I find stocks, normally under $20 dollars, that fluxuate often. I make money (well fake money) on the same type of stock over and over. Is this a trend many of you know? I would like to get some feedback on this. I think it is safer than what most people say daytrading is all about. You take small profits and it adds up. I don't do this kind of trading here because of the % factor on this site but found others that cater more to that type of trading. This is my plan when I go live here in 2 to 3 weeks. I think nothing great will happen unless I try. Willing to take the risk for the reward. Would love some feed back on all of this. |
I have a quick question about what you are saying you want to do. Do you plan to ride short waves up let it drop and then do it again? |
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| mrbradg |
| Posted: Fri Feb 03, 2006 11:07 am Post subject: |
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Investing Sr. Associate
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| geb9696 wrote: | | mrbradg wrote: | Talk is cheap. I'm using QuoteTracker and other software to find trends and run with it. I have also found a way of trading that seems to work for me. http://www.investopedia.com/articles/trading/02/081902.asp
Scapling. That link should explain futher if you don't know what I mean. I find stocks, normally under $20 dollars, that fluxuate often. I make money (well fake money) on the same type of stock over and over. Is this a trend many of you know? I would like to get some feedback on this. I think it is safer than what most people say daytrading is all about. You take small profits and it adds up. I don't do this kind of trading here because of the % factor on this site but found others that cater more to that type of trading. This is my plan when I go live here in 2 to 3 weeks. I think nothing great will happen unless I try. Willing to take the risk for the reward. Would love some feed back on all of this. |
I have a quick question about what you are saying you want to do. Do you plan to ride short waves up let it drop and then do it again? |
If you checked out that link, it's just like that. You read a pattern just on technical data not on who got fired as CEO, etc. And more than often there less that $20 bucks. That away of course the smaller the change (which it will be) the better profit as in higher priced ones. This way I can play 20 or so stocks and get to know them well. It has worked for me VERY well on other sites. I was up 85% at the end of last month on this site. Seems to work for me. |
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| stoogepid |
| Posted: Tue Feb 07, 2006 6:35 am Post subject: |
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Investing Sr. Associate
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| zerolikedis wrote: | | sounds good but im a scaredy cat |
I dont think I would ever day trade. |
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| scampf |
| Posted: Tue Mar 07, 2006 4:44 am Post subject: |
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Investing Sr. Associate
Joined: 15 Feb 2006
Posts: 90
This Month: 0
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Portfolio Value: 13,777.00
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| im practicing at it now. My longterm investments are dragging down my overall (GOOG) |
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